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| Beware of the Credit Card Game |
| Posted On 9-Aug-2008 |
| All of us know right from wrong. It is a lesson that was taught to us at an early age. - This lesson continues to be reinforced, as we grow older. By the time we reach adulthood, we all know what is just and what is not. - The question is this, do credit card companies know the difference. Companies have justifiable and questionable practices. - Let\'s look at the things they do right and things that are questionable. * Variable Interest Rates - It is common for companies to give individuals different rates. If you have a high credit score when applying for an account, you will generally receive a lower interest rate when approved. - There is nothing wrong with this. People who have worked hard to maintain a high credit rating should be rewarded. - The problem is that consumers will often not know what rate they will get until they receive the actual card in the mail. - They are not told up front what the rate will be so they do not have the option to decline the account if they do not find the rate to be satisfactory. - The only option they have is to close the account, which can lower their credit score. * Raising Rates - Most credit card companies can raise your rate whenever they want. - Having a fixed rate does not mean that it can never change. - If you miss a payment on your credit card, the first thing that happens is the rate will go up. - This is a justifiable move by the companies since the agreed upon payments were not made. - However, is it justifiable to raise the rate if the payment was late? If it was three weeks late, maybe. However, what if the payment was two hours late? In the company\'s eyes, late is late, regardless of how late it is. - Once the rate goes up you may not be able to have it lowered, even if you have never been late in the past and are not late again in the future. |
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