Helping You Avoid Credit Card Charges

Helping You Avoid Credit Card Charges

Helping You Avoid Credit Card Charges

Steering clear of Credit Card APR Charges

Along with paying interest on the money you borrow when using a credit card, there are an assortment of fees that will start to add up if you are not careful. However by having your cardholder agreement and following some straightforward steps, many of the charges can be avoided.

If You Have Defaulted or Paid Your Credit Card Bills Late Before

Beneath widespread default, financial institution card issuers can make changes to your interest rates (they increase them) if you're late with funds or funds to a different lender (such as your mortgage). To see if frequent default could apply to you, take a look at your cardholder agreement portion of your credit card that discusses default pricing.

When you see any mention of default pricing being based on information in your credit report it's a sign that your card issuer has a standard default policy. For those who are worried about defaults and their charges, make sure you don't carry a balance on this type of credit card.

The Dreaded Double-Cycle Billing Method

Double-cycle billing happens when the credit card issuer adds additional interest charges on your purchases for this and last month's billing periods.

To check if your credit cards APR applies double-cycle billing (generally known as two-cycle billing) check your credit card agreement referring to "average day by day balance" to see how interest is calculated. As with universal default, paying your credit card in full each month is an effective protection against this practice.

Methods To Avoid Late Charges

People who have credit cards may have a good idea of what the late fees are but they may not know one of the best ways to avoid them.

The web could be a great tool for avoiding credit card late fees. One method for cardholders is to set up electronic bank card payments ahead of time. Head over to the credit card issuer's website to make a minimum payment online far in advance on the billing due date. As the due date approaches, they might then have the ability to pay the rest of their month-to-month credit card bill.

If you know that you're unable to pay on time, a phone call to alert the credit card issuer ahead of time may be one way to assist you avoiding an increase in your interest rate.

Transfer Balance Credit Cards May Include Fees

Balance transfer charges may surprise consumers that don't pay attention to all the details. These expenses are usually a small portion of the balance amount but without any cap on the percentage of charges for a large transfer, they might end up being very expensive.

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