6 Credit Card Secrets; Banks dont tell you

6 Credit Card Secrets; Banks dont tell you

If you have money on deposit at a bank, and also have your credit card there,
you may have signed an agreement when you opened the deposit account which
permits the bank to take those funds if you become delinquent on your credit

Bank at separate institutions, or avoid delinquencies You may be paying up to $50 a year or more as an annual fee on your credit card. You may also be subject to finance charges of over 18% If you are a good customer, the bank may be willing to drop the
annual fee, and reduce the interest rate ‹ you only have to ask! Otherwise, you
can switch issuers to a lower- priced card

Interest Rate Hikes Are Retroactive

If you sign up for a credit card with a low “teaser” rate, such as 7.9%, when
the low rate period expires, your existing balance will likely be subject to the
regular and substantially higher interest rate

Pay in full before the rate increase or close the account

Shortened Due Dates

Most card issuers offer a 25 day grace period in which to pay for new purchases
without incurring finance charges. Some banks have shortened the grace period to
20 days‹but only for customers who pay in full monthly

Ask to go back to 25 days



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