Tricks Credit Card Companies Use To Ramp Up Your Bills
Credit cards, like most other areas of finance, can be difficult to fully understand and compare because of the amount of small print hidden away in the credit agreement. Let’s be honest – how many people even take the time to read it, let alone understand it and see how it will apply to the cost of using their cards? Not many do, and the credit card companies know this. By hiding away some ‘features’ in the small print, they can often squeeze a little more profit from their customers, usually without the cardholder knowing or caring.
However, once you know about some of the tricks they use, you’ll be ahead of the game and will be able to make more efficient use of your card, with lower monthly bills and smaller charges to your account.
The first trick, the balance transfer fee, is now very well known, mainly because advertising regulations mean that if it’s present it must feature prominently in marketing material. This fee is charged as a small percentage of any balance transfer you make onto the card, usually after being attracted by a 0% introductory deal or a low...
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