Rule to follow to avoid you from credit card traps
Rule #1 Read ALL of the fine print. If you are not clear on something ask someone else what they think it means. Ask an attorney friend, CPA (certified public accountant), financial planner, banker or other person in the financial industry. Chances are they will have several questions about the fine print, too.
Rule #2 Don’t apply for a card unless or until they tell you what your actual rate will be. This is hard because most of them are not set up to tell you. Generally you will need to know your credit scores and have a copy of your credit report handy. Even then you are unlikely to find someone through their telephone maze that will or can actually answer your question. Try to find a card that gives you a confirmed rate before you apply. A reliable company will first request a copy of your credit report from one of the credit bureaus before quoting you a rate. Often smaller banks and companies offer better deals and are not as strict or hard to deal with. Check with your local banks also. At least with a locally issued credit card "you know where they live".
Rule #3 Always mail your payment at least 7 days before it is due. Or try paying through the Internet. Many companies now offer that payment method. It can also save you time and stamps.
Rule #4 Check your statement each month to be sure you are still at the interest rate you signed up for. If your rate has been increased, look for a late payment fee, or some other reason for the increase. Call the company and ask them why they increased your rate.
Source: http://www.simplejoe.com/article-david-berky-credit-card-traps.htm
Rule #2 Don’t apply for a card unless or until they tell you what your actual rate will be. This is hard because most of them are not set up to tell you. Generally you will need to know your credit scores and have a copy of your credit report handy. Even then you are unlikely to find someone through their telephone maze that will or can actually answer your question. Try to find a card that gives you a confirmed rate before you apply. A reliable company will first request a copy of your credit report from one of the credit bureaus before quoting you a rate. Often smaller banks and companies offer better deals and are not as strict or hard to deal with. Check with your local banks also. At least with a locally issued credit card "you know where they live".
Rule #3 Always mail your payment at least 7 days before it is due. Or try paying through the Internet. Many companies now offer that payment method. It can also save you time and stamps.
Rule #4 Check your statement each month to be sure you are still at the interest rate you signed up for. If your rate has been increased, look for a late payment fee, or some other reason for the increase. Call the company and ask them why they increased your rate.
Source: http://www.simplejoe.com/article-david-berky-credit-card-traps.htm
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