Six Credit Card Secrets Banks Don't Want You to Know

Structure Of Social Security Numbers
A Social Security Number (SSN) consists of nine digits, commonly written as three fields separated by hyphens: AAA-GG-SSSS. The first three-digit .....

Source: Massachusetts Executive Office of Consumer Affairs and Business Regulation

1. Interest Backdating

Most card issuers charge interest from the day a charge is posted to your account if you don¹t pay in full monthly. But, some charge interest from the date of purchase, days before they have even paid the store on your behalf!

REMEDY: Find another card issuer, or always pay your bill in full by the due date.

Credit Repair Companies
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2. Two-Cycle Billing

Issuers which use this method of calculating interest, charge two months worth of interest for the first month you failed to pay off your total balance in full. This issue arises only when you switch from paying in full to carrying a balance from month to month.

REMEDY: Switch issuers or always pay your balance in full.

Choosing A Bank
It is important to select the right bank. Do NOT choose any bank -- be fussy! There are two main objectives to seek when searching for a new bank .....

3. The Right To Setoff

If you have money on deposit at a bank, and also have your credit card there, you may have signed an agreement when you opened the deposit account which permits the bank to take those funds if you become delinquent on your credit card.

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REMEDY: Bank at separate institutions, or avoid delinquencies.

4. Fees Are Negotiable

Using Credit Cards
INTRODUCTION:

SHOP. Smart consumers do comparison shopping when looking for credit such as a mortgage .....

You may be paying up to $50 a year or more as an annual fee on your credit card. You may also be subject to finance ......