subject: How To Be Crafty When You Use Your Credit Cards: Part Two [print this page] In the last article I gave you some tips on how to use your credit cards in a smart way. These tips covered education and interest rates. Now I will write about late fees. Credit card late fees can vary from fifteen dollars to as high as thirty nine dollars. And as if this weren't enough, if you are late on a payment, most credit card companies will raise your interest rate on top of your late fee. Analysts reveal to us that almost a third of credit card business revenue comes from collecting late fees. But want to know a secret? Most credit card companies will waive your late fees if you call them up and request that they do so.
If you know ahead of time that you may be late on a bill, call beforehand and ask for a grace period. Ask the person you talk to if they will document your record so that you have proof you called in advance of the bill being late. If you already have been late, call and ask if they can give you a break and waive your late fee. If they agree to, ask for the customer service representative's name and their ID number so you can document your own proof of the call, and be more certain that they will actually waive the fee.
Another thing to keep in mind is that there are large amounts of credit card companies now offering credit cards with a zero percent interest rate. Many offer zero percent for six months, twelve months, and twenty four months, and some companies can offer zero percent on all of the debt that you move or consolidate to them. Sounds enticing? It sure does, but make sure that you read the "fine print." All of these offers have to legally let you know what the catch is. Usually it's that if you are late it could jump up to twenty percent. If you are late two times it might jump up to twenty nine percent. So make sure that you read the fine print closely.
Credit card companies can also charge you annual fees to utilize their services. These fees can range from zero dollars to as much as twenty five hundred dollars. Most credit card companies' yearly fees range from thirty five to one hundred dollars a year. Something useful to bear in mind is that depending on the card, you may be able to get these fees waived by simply calling and asking. Usually, cards that offer rebate offers or frequent flyer programs won't waive the fees. Regular cards with no special offers typically will waive the fees, especially if you have been making your payments and you are in good standing.
It is crucial to keep in mind that credit cards have a tremendous effect on your personal finances and credit score. It is important to utilize the credit card that works best for you and your budget and fits within your means.
