Fort Worth Star-Telegram: Credit Card Cautions
July 20, 2008
AFFIL appeared in this article by Dave Lieber on July 20, 2008:
[…]But until any changes come, it’s wise to watch out for pitfalls on your own. Americans for Fairness in Lending says you should:
- Make sure your credit card bill is due the same date each month.
- Watch for early due dates that make the bill due a few days after you receive it.
- Watch for weekend due dates because if your payment arrives the following Monday, you will probably face a late fee.
- Never go over your credit limit because if you do, you might face an extra charge and your interest rate could go up.
- Avoid missing a payment on one card; it might affect the interest rate on an unrelated card.
- Never assume you get to keep the low teaser rate for the entire promotional period.
- Understand that if your card offers two rates (one for purchases and one for cash balances), your payments will always go toward paying off the lower-rate charges before the higher ones.
- Avoid add-on charges like “credit protection” because the fees are probably more than the minimum payment the service would cover if you became sick or lost your job.