Thursday, January 20, 2011

Another "X" Factor...Credit Cards

Good Day everyone. Some of you folks are starting to look a little fresher, maybe some financial stress leaving you? Alright lets get the goods on that other piece of plastic in your cards. Like a runaway freight train if you don't control it, it will control you; till you have a wreck and ruin your credit rating, relationships, work environment and so on. Again these are huge companies who are out to make a profit, still that doesn't mean you cant use it for your advantage. So when shopping around for a card make it FIT YOUR BUDGET, and look for what fees are included or charged, some examples;  A) Application Fee; a charge to apply   B) Membership/Annual Fee; a charge once a year or broken up per month   C) Set up Fee; to open a new account   D) Cash Advance Fee; could be a flat charge or % of the money you asked for  E) Balance Transfer Fee; a charge to transfer a balance from one CC to another  F) Late Payment Fee; charge for after due account  G) Over the Limit Fee; charge for going over your credit limit. OMG!!  I'm tired of saying the "F" word, as in Fees hahaha. Now the last four of these charges on the list lets just use your common sense, as for the first three this is where you shop around play a little hard ball and get these waived. Credit Card Companies want you to have/use the card and besides what they make off you they also charge the merchant a fee, so its all about the volume principle for them....pennies = big dollars. Now as a card holder you do have some rights, these include;  A) Merchant ( the seller) agreements are such that they have to accept your card no matter what the price is,
no such thing as a minimum purchase required or a maximum allowed  B) Merchants can charge a "convenience fee" if providing a service to bypass long lineups and/or travel to buy the item, but no other surcharges  C) The only time the merchant can ask for identification if the card holder has forgotten to sign the back of the card or isn't ledgable..... if they keep insisting? go to another store. To summarize, you can use these cards to your ADVANTAGE as they are/can be a smart part of your financial planning.

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