Credit Card Expenses Are Killing Your Budget! - Credit

Credit Card Expenses Are Killing Your Budget!

Do you know the costs associated with your credit card? Do your really
know? Many people assume they do but aren't aware of the hidden fees that
many credit card companies are charging you month after month. In fact, if
you don't keep a close eye on your credit card, you may end up paying
hundreds of extra dollars per year-without ever knowing it! And if you're
trying to budget your money, those hidden fees can add up!

Let's take a look at some of the most common credit card fees, and then
talk about how you can avoid them.

Late Fees

This is the one that likely gets most people and it's a compounding charge
so it affects several other factors of the total amount of your credit
fees. When is the last time you checked to see what amount your credit
card company charges you for a late fee? The truth is that these fees have
doubled in just the past ten years, and that, combined with the reduced
grace period which I will discuss shortly, means that the credit card
companies are raking in a lot of dough on late fees!

If it's possible, you should try and send off the check (or electronic
transfer) the day that you receive your credit card bill each and every
month. There are three reasons why it's important never to be late and
these are critical to abide by to maintain a good credit score and lower
fees. The first is obvious; you will want to do everything in your power
to avoid a hefty late fee. Next, if you are late, it will likely be
reported to the credit agency and you will have a bad mark on your credit
report which will mean it will be difficult to retain low interest rate
cards until you are able to repair your credit. The third is the interest,
and we'll discuss it below.

Interest Rate Hikes

Did you know that if you are late even once on your credit card payment,
the company will in all likelihood raise your interest rates to
astronomical levels! That's right; one late payment gives them the right
to do it and most times it's written in tiny little letters on the back of
your credit agreement. You read that part right? Yeah me too! What's more,
that isn't just limited to your credit card payment. Any late payments
from any lender that show up on your credit report gives them the
justification to raise your rates, so be careful! Sites like
http:///www.internetcreditcardlist.com clearly list interest rates and
benefits of credit cards in readable text sizes so people like you and I
have no surprises when signing up for a new card.

Grace Periods

We could always count on grace periods before we ever had to start paying
interest in the good old days. For example, if we charged our card to the
limit, and could get it paid off before the grace period expired, and then
it would be like a free loan with no interest.

The credit card companies are making this harder and harder to do and many
of them have reduced the traditional 30 day grace period to 20-25 days or
eliminating it all together. That means you are instantly paying interest
any any charge you make right after you make it.

How about your credit card? You need to take a close look at the fine
print and find out what kind of grace period you have. If your credit card
company has reduced it significantly, or eliminated it altogether, you
should seriously consider canceling it and getting a more user-friendly
card. Also remember the credit card companies need you to profit. Ever
tried canceling a card? They don't like that very much because you bring
in profit so if you don't like your interest rate, or your annual fee, or
your grace period, call them up and tell them your switching. Chances are
they will be very willing to listen!

Jason Jell is the editor and webmaster of
http://www.internetcreditcardlist.com A site geared towards providing
people with clear concise information about credit cards and credit card
offers.

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