Do You REALLY Know How Much Each Of Your Credit Cards Is Costing You?

When you turn eighteen and stat establishing credit, it is all too easy to fall for those credit card applications that come in the mail. In many instances, some kids fill them out without even reading the terms and conditions, and don’t have any idea what they are getting themselves into, other than the fact that they are just getting a credit card. It is sad to say, but so many credit cards today have so many fees attached, that the average consumer can really get into trouble by not reading the fine print. Credit card lenders know that few people actually do read that information, which is why they format it the way they do. Once you take the card and use it for a purchase, you can do absolutely nothing about those outrageous fees you have been charged, other than pay them and close the account as soon as possible.

The first thing that you need to be aware of is the grace period. With most credit cards, you have a twenty-five day period after charges are made before you are charged finance charges or fees, so if you can pay your balance off in full during that time, you can only pay what you used, which is a good thing. If you choose not to pay the balance in full, each month you will receive fees, or interest, on that balance, meaning that if you don’t make a fairly large payment, your balance could go up, rather than down. This is one way that so many people get in trouble with credit cards before they even realize what is happening.

Another fee that many people don't think about is the late fee. On average, typical late fees start at $35, and can be applied the day after your payment is due, if it is not posted to your account. All you have to do is miss a statement, or mail your payment a day or so late, and you could potentially be in trouble, especially if you are already close to your credit limit. To avoid late fees, you should get in the habit of sending off your payment as soon as you receive the statement in the mail. If you can, try to pay more than the minimum payment due, even if you only send in an extra $5 or $10, it will help. Remember, that when you payment arrives late, you will be charge late fees, your account will be reported negatively to the credit bureau, and your interest rate could be raised, as high as 40% in some states.

Yes, credit card companies are legally required to tell you about these fees, but they aren’t required to hand you the information in blaring red letters screaming for your attention, which is why it is so important that you learn to read completely all of the fine print on those applications, before you send them in!

4 Tips For Picking The Best Credit Cards - San Francisco Chronicle

MyFinances.co.uk

4 Tips For Picking The Best Credit Cards San Francisco Chronicle (Paying these rates can impact your disposable income and your investment returns. For more information, read Understanding Credit Card Interest. ... Credit-Card Customers: Not So LoyalNewsweek CARD Act Doesn't Help Small BusinessesTheStreet.com Changes will keep companies honest: Consumers faced many hidden fees before.Palm Beach Post Denbighshire Free Press -Boston Globe -Small Business News from Gaebler.com all 290 news articles »

Refinance Mortgage Loans Vary From Lender To Lender So Be Careful - Mortgage11

The Money Times

Refinance Mortgage Loans Vary From Lender To Lender So Be Careful Mortgage11 Search around for the best rate as well as terms on your new loan or bad credit mortgage refinancing loan. Know your restrictions. ... CONSUMER FINANCE: A 15-Year Mortgage Isn't For EveryoneWall Street Journal Refinance Today with our Best Mortgage Interest Rates AvailableMortgage Rates & Trends (blog) Factors to consider before refinancingfwdailynews.com all 279 news articles »

Interest Rate Roundup credit cards - Bankrate.com

Interest Rate Roundup credit cards Bankrate.com Here's a look at the state of credit card rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Sept. 1, 2010. ... and more »

Credit-card rates up, up, up - Chicago Sun-Times

Forbes (blog)

Credit-card rates up, up, up Chicago Sun-Times The difference between credit-card interest rates and the prime rate (what banks charge their best customers) used to remain fairly consistent. ... Credit Card Rates Are RISING In Response To New LawsHuffington Post (blog) Everyday Fees And How To Avoid ThemSan Francisco Chronicle How to Win The Credit Card GameForbes (blog) U.S. News & World Report (blog) -CNNMoney -TIME (blog) all 461 news articles »

How to Make the CARD Act Work for you - TheStreet.com

Forbes (blog)

How to Make the CARD Act Work for you TheStreet.com Don't be afraid to ask the credit card issuer to lower your APR:While interest rates for home buyers continue to tumble, interest rates for credit cards are ... Money Insider: Cut overdraft costs with MBNA credit cardIndependent APR Too High? 3 Steps to Negotiate a Lower Credit Card Interest RateCredit Card Guide News Best ways to pay off credit card debt fasterHelium Healthy Financial Habits -MoneyWeek -PR Newswire (press release) all 700 news articles »