5 Credit Cards Facts You Might Not Know
The credit card industry can be tricky and the lack of financial literacy can create a financial nightmare. There’s tons of great information out there that you can research, but there’s always the “fine print” details that most consumers overlook. How many of these were you aware of?
1) We all know that getting a cash advance on a credit card is a dangerous route. Cash advances often come with unusually high interest rates. Did you know that your payments are applied to your standard purchases first?
2) Have you heard of the universal default clause on your cardholder agreement? The universal default allows credit card companies to increase your interest rates from your original agreement at any given time if you’ve defaulted on other accounts.
3) Did you know that you can ask for a different due dates?
4) Have you ever looked at the return address on your credit card statement? Chances are that it’s based in South Dakota or Delaware. That’s because these two states have weak “usury laws” which means that there is no cap on the interest rate they can charge.
5) Are you paying your bills on time? You’re considered a deadbeat. Yes, a deadbeat. The credit card industry refers to people who carry a balance as a “revolver” and people who pay off their balance in full as “deadbeats.” This is because credit card companies tend to make very little money off financially responsible consumers.
Got credit card problems? Give us a call and let’s get them corrected and save you a ton of money… 801-769-9443
or Send an email… Lawrence@VantageCreditAlliance.com