How credit card costs add up.
The convenience is wonderful, however they can also become very inconvenient. Read on to find out how.
By having several cards you can lose track of what the interest rates are. The end result could be a pricier purchase than you can afford at the higher interest rate. One of two cards maximum is all you need. With one or two cards, you can keep track of purchases and make sure you pay each on time.
Cash advances sound so wonderful. What you need to focus on is the disadvantages of the advance. First the interest rate is usually higher than the rate the card is currently charging. Transaction fees are added and then for some cards the grace period on the advance begins at the time of the advance. When you add up these additional charges it can become very expensive.
Perhaps your cash advance may already be waiting for you to claim it. When was the last time you checked to see if you had any unclaimed money? Did you know that unclaimed property and money is in excess of $25 Billion? Do a free money search today.
Don’t sign up for the special services and plans offered by the credit card issuer. Credit card fraud protection plans, life insurance and even travel clubs are usually overpriced and more likely something you do not need.
It pays to be knowledgeable about your bill and watch for errors. Keep all credit card receipts, and reconcile them with your statement each month. Review the statement as soon as you get it. Make sure your monthly purchases fit within your budget. A careful review of your statement is also the only way you can detect mistakes or fraudulent charges. To limit your liability, you must detect and deal with these immediately.
