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On April 24, 1996, in the case of Smiley v Citibank, the Comptroller of Currency defined interest to include late fees. As such,
the National Bank Act of 1864 applies and banks can charge huge amounts on late payments, over the limit fees etc.
5.You can negotiate for lower interest rates.
Pick up the phone and ask your credit card company for a lower interest rate. According to a report by the Massachusetts Public Interest
Research Group in 2002, more than half of consumers who called their credit card company
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to request a lower interest rate were successful. Rates were reduced by
an average of one-third. A high credit score, qualifies for a low interest rate. Check your score, call your credit card company up and negotiate for a lower interest rate.
6.Paying only the minimum on your credit card balance can take years to pay it off.
Use the credit card calculators to estimate how long it will take you to pay off your credit card balance making only minimum payments.
7.Read the fine print.
Using a credit card means you accept the conditions set forth in the contract. Hidden in the fine print is the clause that allows credit card companies increase your APR at any time for any reason as long as you are given 15 days' notice.
8.A card's APR (interest) should not be the only way you compare credit cards.
The method of finance calculation, late fees, over the limit fees, check return fees, if it contains the universal clause should also play a factor in your decision.
A card which has an APR or 18 % and
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