What credit card companies dont want you to know
EVERYTHING IS NEGOTIABLE
When applying for a credit card you can actually negotiate for a lower APR or annual percentage rate. One can also adjust our due date depending upon your cash flow. Though it is in the hands of the credit card company to give you a lower APR, but you can always ask for one as these days the market is very competitive and the customer is the boss.
FIXED RATE ISN’T REALLY FIXED
This is actually fine print which we often tend to miss. Issuers can raise your APR whenever they choose. You should be notified about the increase in interest rate but ensure that you receive your mails on time and remember to check them regularly.
YOUR APR CAN BE RAISED IF YOU ARE LATE ON ANY BILL NOT ONLY ON CREDIT CARD BILL
Don’t forget that your credit card company monitors your credit report regularly and if you are late on any bill or faltered on any payment, your APR will be increased.
CASH ADVANCES ARE NOT WORTH IT
You are sometimes lured by credit card companies that you can take cash advances but what they might not reveal that APR for a cash advance is usually very high. Cash advances often lead to debt and then the issuer makes interest off your balance for a very long time.
PAYING OFF EARLY WILL NOT HARM YOUR CREDIT SCORE
The thumb rule is paying off your balance on time and if possible early. Pay off your due on the same day or at the end of every month whichever is convenient, so that you can keep a track of your transactions and balance in our savings account.
MINIMUM PAYMENT IS NOT FOR YOUR BENEFIT
The minimum payment is to the benefit of the company and not yours. This is the worst secret never disclosed to you. The longer you stay in debt, the more interest credit card companies can charge, and the more money they make. The companies make the maximum profit out of these low payments.
YOUR REWARDS PROGRAM CAN CHANGE ANYTIME
You are at times lured to a particular credit card company because of the attractive credit card offers. But these programs may change anytime and the fine is often confusing to analyse. Moreover, these reward programs might not benefit you in the long run. more
When applying for a credit card you can actually negotiate for a lower APR or annual percentage rate. One can also adjust our due date depending upon your cash flow. Though it is in the hands of the credit card company to give you a lower APR, but you can always ask for one as these days the market is very competitive and the customer is the boss.
FIXED RATE ISN’T REALLY FIXED
This is actually fine print which we often tend to miss. Issuers can raise your APR whenever they choose. You should be notified about the increase in interest rate but ensure that you receive your mails on time and remember to check them regularly.
YOUR APR CAN BE RAISED IF YOU ARE LATE ON ANY BILL NOT ONLY ON CREDIT CARD BILL
Don’t forget that your credit card company monitors your credit report regularly and if you are late on any bill or faltered on any payment, your APR will be increased.
CASH ADVANCES ARE NOT WORTH IT
You are sometimes lured by credit card companies that you can take cash advances but what they might not reveal that APR for a cash advance is usually very high. Cash advances often lead to debt and then the issuer makes interest off your balance for a very long time.
PAYING OFF EARLY WILL NOT HARM YOUR CREDIT SCORE
The thumb rule is paying off your balance on time and if possible early. Pay off your due on the same day or at the end of every month whichever is convenient, so that you can keep a track of your transactions and balance in our savings account.
MINIMUM PAYMENT IS NOT FOR YOUR BENEFIT
The minimum payment is to the benefit of the company and not yours. This is the worst secret never disclosed to you. The longer you stay in debt, the more interest credit card companies can charge, and the more money they make. The companies make the maximum profit out of these low payments.
YOUR REWARDS PROGRAM CAN CHANGE ANYTIME
You are at times lured to a particular credit card company because of the attractive credit card offers. But these programs may change anytime and the fine is often confusing to analyse. Moreover, these reward programs might not benefit you in the long run. more
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View all 21 comments Below 21 comments
Credit cards are truly helpful in emergency but their rates of interest is very high and unreasonable. more
Jun 24
Credit Card is a good instrument and they have been reducing their charges due to competition. There should not be further stretch in the shape of concession or otherwise. more
Jun 24
I have worst experience from SBI credit card; hence since last 20 years I kept myself away from any credit card. more
Jun 23
NOTHING COMES FOR FREE. AFTER ALL THE CREDIT CARD COMPANY HAS COME UP TO EARN PROFIT. WE GET FOOLED BY THE ATTRACTIVE GIMMICKS AND PROMISES. IMAGINE YOU ARE PAYING IN INSTALLMENTS AND OVER ABOVE GETTING CASHBACK. WHO IS FOOLING WHO? IN FACT THE SELLERS LIKE GOLD SMITHS WITH HUGE HUGE MARGINS ARE PAYING TO BOOST THEIR SALES. SIMILARLY CAR AND BIG ITEMS LIKE FRIDGE, LED TV ETC. BOOST SALE BY SUCH OFFERS. THE CASH BACK AND INTEREST ON INSTALLMENTS IS BORNE BY THE SELLERS, WHO MAY PASS OFF LOW SELLING PRODUCTS OR INCLUDE THE EXTRA COSTS IN THE BILL. CREDIT CARD IS NOT IN OUR INTEREST. more
Jun 22
