Credit Card Interest Rates
April 17th, 2006 by ert
Be sure to pay close
attention to the fine print in your credit card account terms and conditions.
There are some extremely important areas that you need to be aware
of.
attention to the fine print in your credit card account terms and conditions.
There are some extremely important areas that you need to be aware
of.
Most credit cards,
even with a superb introductory interest rate, have a different interest rate
for credit purachases and cash advances. Cash advances are usually higher a few
points from the base interest rate on the account. If you use your credit card
for cash advancement, be sure you can pay that off quickly.
even with a superb introductory interest rate, have a different interest rate
for credit purachases and cash advances. Cash advances are usually higher a few
points from the base interest rate on the account. If you use your credit card
for cash advancement, be sure you can pay that off quickly.
One area of
misguided favor for the credit card company is the fact that most fees or
interest are considered ‘cash’ purchases or charges on the account. There are
usually some stipulations about your interest rates in
general.
misguided favor for the credit card company is the fact that most fees or
interest are considered ‘cash’ purchases or charges on the account. There are
usually some stipulations about your interest rates in
general.
For instance, your
interest rate could be 4% APR but if you get within 20% of your total credit
line your interest rate could be moved to 31.65%. Any credit card company will
move your interest rate to the maximum if you miss one or more payments and all
late charges or over the limit charges are considered cash advances as well.
Pay close attention to the terms and conditions of your credit cards and don’t
find yourself in an interest trap.
interest rate could be 4% APR but if you get within 20% of your total credit
line your interest rate could be moved to 31.65%. Any credit card company will
move your interest rate to the maximum if you miss one or more payments and all
late charges or over the limit charges are considered cash advances as well.
Pay close attention to the terms and conditions of your credit cards and don’t
find yourself in an interest trap.
Posted on Monday, April 17th, 2006 at 10:04 am In Debt Elimination