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How to Detect Hidden Fees in New Credit Cards April 12, 2011 - 8:50 amCredit card providers have gotten a bit tricky in recent years. Since the CARD Act went into effect in 2009, there have been many regulation changes which limited the way the card provider could profit from charging consumers varying amounts for different card transactions.
Since the credit card regulations have changed, card providers have become more creative in how they make a profit and typically a common method for procuring more cash from customers is to ‘hide’ the various fees from the consumer. While the card issuer is not being completely secretive about these fees, they are counting on the consumer to fail to read fully the disclosures being provided on the account.
In essence, the card provider is glad that many consumers fail to…
Don’t Be Scammed By Interest Reduction Services February 11, 2011 - 8:53 am
One of the criteria for consumers choosing to apply for a credit card is the interest rate. If you have existing cards that have a higher than average interest rate, you may be tempted to fall for a company’s pitch that for a small fee they can reduce your interest rate. Unfortunately as the rule goes, what appears to be too good to be true usually is.
Understanding the Scam
There are a multitude of scams surrounding credit cards. The interest rate reduction scam involves companies or individuals that solicit their services to reduce the rate of existing card interest rates. The companies will claim they have a long-standing relationship with card providers. They claim that with lowered interest rates, consumers will end up saving…
Sneaky Costs Increases From Credit Card Issuers January 30, 2011 - 8:50 am
The Credit CARD Act passed in 2009 limited many of the ways issuers can charge cardholders. However, that hasn’t stopped them from coming up with other ways to trick consumers out of their money. Credit card companies find the smallest loopholes in the law and use them to charge additional fees. Here’s what you should watch out for.
Due Dates That Fall on the Weekend
The new rules state that issuers can only charge a late fee on days the office can’t receive payments because the mail doesn’t run or on days the office is closed. Otherwise, the card issuer must accept payment on the next due date. Most cardholders would think this meant due dates that fall on the weekend are exempt from late…
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