Credit card companies have confidential information that they don’t want the public, especially their customers to know. These are sometimes related to hidden charges and accumulating fees for certain transactions. Here are 3 things you might don’t know about credit cards.
- They don’t always offer grace period.Most credit cards offer 20-30 days “grace period”, during which time you could pay your entire balance and not incur any interest or finance fees. It’s becoming more common for credit cards to have a shorter grace period, or none at all.
- 15 days to fees that are unbelievably sky high. A credit card company has the right to increase or change your interest and fees at any time, as long as they give you 15-day notice. Have you ever received an update to your terms in the mail? Most people just toss it in the trash, but keep an eye on these notices because even fixed rate credit cards can change rates if they send you these notices.
- You pay even more when you pay the minimum due.For credit card holders, you know the effects of paying only the minimum amount due as opposed to paying the outstanding balance. It takes a long time to pay off the balance and often the interest and fees are adding up faster than the minimum payment can pay off the card balance. As much as you can, pay the outstanding balance and not the minimum amount due to shorten the payment terms.
Info Trivia Source From: http://www.hsbc.com.qa/1/2/qa