Ok you carry your cards in your wallet, you make the payments and you manage your account well. But these credit card companies can cost you more money if you ignore one crucial thing!
The Change of Terms Notice!
Oh yes, once each year credit card companies will send out this notice to customers. This letter will inform you of changes to your credit card agreement regarding both new clauses, and more importantly new fees! Now it’s true some people just take a brief look at the paperwork and think it won’t affect them too much and then just put it down. But actually some of these changes can be quite hefty. You must read any letter closely and make yourself fully aware of any changes to your credit card agreement and what they may mean.
So What Will They Look at Changing?
Well the biggest thing will probably involve the dreaded rising annual percentage rate. If you don’t pay off your card in full at the end of each month then this change in interest can see you paying a lot more in the long run!
The worrying thing is this could be up to 28 per cent in some cases. Look very closely at the small print for more information on this.
If there’s a sizeable increase then you might like to transfer the balance to another card with a lower APR! Don’t be afraid to play the long financial game!
Look Out for the Clauses!
Let’s say you make late payments on your credit card on two occasions in a 12-month-period. The credit card company can throw a new clause in saying they have the right to increase the interest rate because of this.
This is just such example that could take you by surprise! Look out for the clause changes!
If You’ve Had a Cash Advance Make Sure You’re Aware of This!
Cash advances seem to be a growing trend in recent years, but some credit card companies will charge you for each transaction. Look out for this and possible interest charges on these advances. It has been known for a company to raise APR on the balance from 22 percent to 32 per cent. That’s an enormous hike so beware!
This is Important to Let’s Look at Disputes?
Sometimes companies make mistakes with credit card accounts or balances, and normally they’d put this right as a matter of course. But you may have to tell them first! This can range from a time period from 30 to 90 days.
All of these things can make a big difference to you financially so always read the letters and analyse the small print. Don’t let the credit card companies get ahead of you. It’s so easy just to accept things without asking questions. So take control and enjoy your credit cards!