Smart Strategies To Avoid Extra Credit Card Fees

Credit card companies promote low interest rates to entice prospective customers

. If you are searching for a new credit card, be cautious about the charges! In spite of the a low interest rate, your Issuer could be making up for their loss by imposing expensive fees. How could you evade extra fees? Take a look at the following suggestions for credit card holders:

Pay your bill ahead of time. Do not wait around right up until your last day of payment before paying off your charges. Settle your charges as early as you can. The New Credit Card Law demands all credit card issuers to offer no less than 21 days of grace period which is a crucial feature that consumers should make the most of. Why pay more when you could eliminate late charges by paying on time?

Sign up for automatic payment. If you usually forget or miss your payment dates, a very important thing to do is to arrange for an automatic payment through your bank. Such method is also recommended for those who have a number of credit cards or who are managing various kinds of credit including car loans, personal loans, and mortgage.

Set aside your cash for credit card payment. Be responsible with your spending. As soon as you get your monthly salary, put aside cash for your credit card payment and pay off your balance immediately to avoid the additional interest rate and late penalties. Do the same for all your other accounts to avoid debt accumulation.

Request for waive. In the event that you cannot submit your payment by the due date call your bank or credit card issuer without delay and ask for an extension. Request that the late fee be waived if you can make your next payment on time. If you have been a good payer in the previous months or years, you ought to be confident about making a reasonable request like this one.

Don't go over the limit. Certainly, going beyond your allowable credit limit will cost you additional fees. These are called overdraft or over-the-limit charges. Check your account regularly to make sure that all charges are accurate. Before making a large purchase, make sure that your credit limit will allow you to charge it to your account. Pay off your monthly balance completely to be able to free up your credit line. Of course,overdraft fees can be avoided if you keep you spending minimal.

Don't borrow cash from your card. A lot of credit cards these days allow cash advance transactions. Hence a cardholder can take out cash from his/her account by withdrawing from the ATM. Even though it might seem to be a fantastic feature, particularly at times when you need cash in a hurry, cash advances come with very high rates of interest. Not to mention that these transactions are not covered by the grace period, you instantly incur the additional Interest rate every time you use your credit card to get cash.

by: Liz Roberts

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