Credit Card Companies Are Out for Your Money
You're probably thinking "Tell me something I don't know" but in this time of low interest rates you might be thinking that you've got a great deal since credit card interest rates are low. Wrong. Credit card companies have a cutoff as to how low their interest rates will go.
So when interest rates are low for lending, that doesn't mean your credit card rate will be low as well. If you don't know, or aren't sure, if your credit card company has a minimum interest rate just look at the fine print on your next credit card bill. If you can't read that small of print, and most of us can't, give the customer service a call. If your credit card company does have a minimum interest rate then I'd plan to look around and go with the credit card companies that don't. Because when the interst rates drop, you should get a break on your credit card rate.
The fixed rate on credit cards actually rose in the last twelve months. Why? Because the credit card companies have been actually losing money due to record numbers of delinquencies and bankruptcies. Those who can't pay now for their purchases in the past are sticking their bill to the rest of the credit card holders.
So you may think that you want to get that credit card insurance being pushed by credit card companies that will pay your bill if you become disabled or unemployed. Not so fast. The average payout on a credit insurance policy is 30-50%. The National Association of Insurance Commissions actually recommends a payout of at least 60%. Payouts for debt cancellation and debt suspension is in the 1-3% range. That's definitely not worth the premiums. Get enough regular life insurance and disability insurance to cover your debt as their premiums are much cheaper and have greater payouts.
Beware of a credit card company trick that I recently ran into. I mailed a payment a week early but yet was still charged a late fee. Impossible I say. I found out the payment had to be in the credit card company's processing center by a certain time on the due date.
Think of my credit card payment making it's way through the mail, to a P.O. box, then getting picked up, sorted, sent to the processing center, opened and recorded. And this has to be done by a certain date on the due date. Ouch. I suggest mailing in your payment at least two weeks early.
About The Author
Christine Breen is the owner of the website www.1stop-creditcards.com which helps consumers learn about credit cards and find a card to work for them.
Latest News
SEC delays action on credit rating agency rules Reuters - WASHINGTON (Reuters) - US securities regulators on Wednesday delayed action on adopting stricter rules to rein in the credit rating agencies until December ... SEC puts off vote on rules for rating agencies Nigeria: Investment of Pension Funds - SEC Approves Five Rating ... US SEC adopts rules to improve fund disclosures |
State education board votes to give credit for sports Houston Chronicle, United States - AP AUSTIN — The State Board of Education gave preliminary approval Wednesday to a measure that would allow high school athletes to get four credits toward ... Texas board OKs plan to give high school athletes more credit ... |
Bond Risk Rises to Record in Europe, Credit-Default Swaps Show Bloomberg - 20 (Bloomberg) -- The cost of protecting European corporate bonds from default rose to a record, according to traders of credit-default swaps. ... EURO CORP-Crossover hits record wide; recession fear rises Australia Corporate Bond Risk Rises, Credit-Default Swaps Show Japanese Bond Risk Soars to Record on Concern Banks Weakening |
 International Business Times | Fitch Rates DCP Midstream's $250MM Notes 'BBB+'; Outlook Stable MarketWatch - The proceeds will be used for general corporate purposes, which may include a partial repayment of its 364-day credit agreement entered into in April 2008. ... Fitch Affirms Telmex IDR at 'A-'; Outlook Stable Fitch Rates Alaska's Lease Revs 'AA-'; Outlook Stable Fitch Rates Norwich, Connecticut's 2008 GO BANs 'F1+' |
 Reuters | Best Buy shares down after credit rating cut Reuters - On Tuesday, S&P Ratings Services lowered its corporate credit rating on Best Buy to "BBB-" from "BBB," saying credit metrics would weaken more than ... Best Buy Slides As S&P Sees Credit Picture Deteriorating Downgraded Best Buy shares slide Best Buy falls after debt downgrade |
12 D-FW red kettles will take credit for Salvation Army Dallas Morning News, TX - By KIM HORNER / The Dallas Morning News For the first year, all that empty-pocketed shoppers have to do is swipe their credit cards on scanning technology ... |
Credit Markets Fall to Records as Confidence in Economy Wanes Bloomberg - 19 (Bloomberg) -- Credit markets from commercial mortgages to junk bonds fell to record lows as concerns grew that the slowing economy would overwhelm ... |
 HispanicBusiness.com | Target's Credit-Card Problems Could Lead To JPMorgan Role CNNMoney.com - s (TGT) big drop in credit-card profit in the third quarter has raised questions about whether the retailer may ultimately turn certain parts of the ... ABCPMMMFLF Spells Fed Relief for JPMorgan, Citi Shadow Banking |
DLF May Delay Projects as Credit Crisis Saps Demand (Update1) Bloomberg - By Bernie Lo and Sumit Sharma Nov. 20 (Bloomberg) -- DLF Ltd., India's biggest developer, may delay projects as growth slows in Asia's third biggest economy ... |
lawmakers propose tuition credit Salt Lake Tribune, United States - John Dougall, R-American Fork, proposed legislation Wednesday that would give higher education students a tuition tax credit. In light of the current ... Debt load class issue Economy, debt make college less affordable |
Resources
-
Bad Credit Loans, Bad Credit Credit Cards - YoureApproved.org!
Personal loans, Credit cards from bad Credit lenders including bad Credit loans - high risk unsecured bad Credit cards - debt consolidation loans - payday loans!
-
Bad Credit Loans - Personal Loans - Credit Cards - Home Loans - Auto Loans - Credit Repair
Bad Credit loans and Credit cards - personal loans - high risk loans - Credit repair - free government grants - government auctions - police auctions - debt consolidation - filing bankruptcy
-
No Money Down - Creative Real Estate Investing!
Learn how to control real estate Without Credit checks and no money down! You can Buy With No Credit!
-
Pass Your Class - Pass Your Clep Tests - Guaranteed!
Pass your CLEP tests - Guaranteed! Pass or Pay Nothing. 98% of all students that study our materials PASS!
-
Debt Elimination that Works: Remove All Your Debt, including Credit Cards and Mortgage in 3 to 5 yea
Debt Elimination that Works: Remove All Your Debt, including Credit Cards and Mortgage in 3 to 5 years.
-
Access Loan.
15,000 Cash Loan - Even With Credit Problems.
-
Credit Repair in 1-3 Months!
Credit Repair - Repair bad Credit within 1-3 Months.
-
Profit in Real Estate Without Cash, Credit or Risk!
Profit in real estate without cash, Credit or risk. Learn how to make quick cash in real estate without owning property.
-
Repair Credit Reports
A Downloadable Credit Repair Guide Aff. Make 50% Comm.
-
Credit Repair
Great seller quick turn around. High payout.