Americans are by credit card more than any other time in history, and credit card companies make record profits. One of the reasons that the credit card industry is so lucrative that many of us use our credit cards unwisely.
If you have good credit, you can get a credit card with a reasonable interest rate, say 10% or thereabouts. You can keep this pace, paying the bill onTime. On the other hand, if you pay your bills late or not paying the full amount, then you must pay for overdue taxes and interest rates. Late fees are often between $ 15 and $ 29, can transfer some card issuers even more. Addition to the pain of paying taxes late, however, is the possible change in interest rates on the card if you pay too late. A late payment can trigger a significant increase in the rate of interest on the card, and that "reasonable"Rate of 10% to 20% suddenly or even 25%!
It 'difficult to pay the balance of the credit card when you have late fees and 25% interest, so this something you want to avoid at all costs. If you pay on time, as a rule, and even paying late, and there will be a charge late, ask your company if you want to give credit to the levy. They will often do - again. Some are not at all, but it is always worth taking the time to ask. Ifthey are not willing to help you, then you may be better shopping around for better credit card deal elsewhere.
You can often save money by transferring balances to a credit card lower interest if you have one. The competition has been intense in recent years under the credit card company, and it is quite common to receive "promotional" rates below 5% if you transfer your balance to another card.Sure to read the fine print, but. These low rates are usually only on balances of funds transferred, and not to put the new payment on the map. It is connected, usually a period of time with a promotional rate, and higher rates may apply at the end of the period, perhaps even retroactively!
In summary: if you minimize the cost of credit card, try the following:
Shop for a credit card with a lowInterest rate.
Paying your bills on time. A good way to do this is to pay online. In this way you will not have to worry about your check that is delayed in the mail.
Transfer high interest rate credit cards, cards with lower rates.
Use your cards wisely. If you pay cash, do it.
A few simple steps, you can be a fortune in interest and late penalties save.
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