Avoid These Credit Card Tricks!

Here’s helpful advice to avoid fancy tricks played by some credit card companies. The most common “trick” is the Balance Transfer offers where the company offers you 0% (or a very low interest rate) on any balance you transfer from another credit card. Sounds great...but most of these offers require that you pay off the entire balance by the end of the introductory period. If you don’t, they can charge the standard interest rate on the entire balance...retroactively. Ouch!

Also watch out for the late fees, which have recently skyrocketed. Some people get hit with late fees on their electronic transfers...which can take 2-3 days to process. Make sure to read the notice inserts that arrive with your statements. Policy and rate changes can be made with as little as 15-days notice with some companies. For more information, go to www.fdic.gov.