Updated: Jul 10, 2018
Credit cards have been becoming more and more popular while many financial institutions, insurance companies and other integrating their products to credit cards. This poses challenge on people who are relying on credit cards. This creates other opportunities and chances for increasing debts. There have been many surveys done; suggests minimizing use of credit cards dues to haphthy interest charged on late payments and impacting the credit scores.
Avoiding interest charges on credit cards
As we are getting busier, we often miss payments or traps into delay payments. The credit card provider do not appreciate your business, instead taking advantages. You can manage credit cards the way so that you may not be charged with interest or impacting on your credit score.
Interest charged on late or non minimum payments when credit cards bills not paid regularly. This can be avoided by setting up pre-authorized payment whether it may be the any account which is through credit cards or the payment of credit card it self.
Credit card has charges on overlimit fees and this is again fees charged by bank, if card is used for the amount more than credit limits. To avoid this, credit card has facility to lock overlimit and so once it shoots the overlimit, the card payment is denied. So lock the overlimit by calling customer care.
Credit cards renewal
Everytime credit cards are renewed, above mentioned suggestions have to be taken care otherwise, you may be charged interests.
Credit cards Acts
There are credit cards acts in every consumer bureau for protecting credit card holders. If you may be charged with any late fees, refer to your credit card acts and you may be saved for few things such as If credit cards provider fails to provide bill 21 days before the payment due date or If credit cards terms have been changed and credit card provider fail to inform customers prior the 45 days notice then you can go back and reclaim those charges. The credit card acts and the terms changes frequently and so, whenever you have been given letter of informing credit cards terms changes, do take a look.
Credit cards terms and conditions
The credit card changes may impact on the services provided from one credit card to another. You were enjoying benefits of air miles, vehicle towing service or may be hotel discounts; but in new changes those things are not covered then you would not know until you review terms and conditions of credit cards.