Protecting yourself from credit card traps in 2011 - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Protecting yourself from credit card traps in 2011

Protecting yourself from credit card traps in 2011

Protecting yourself from credit card traps in 2011
The content is accurate at the time of publication and is subject to change.

The CARD Act, which came into effect last year, has given enough time to credit card issuers to think of ways in which they can overcome losses incurred due to new rules and regulations. The Federal government is still on the lookout for the loopholes that can be plugged. So, what are the credit card issuers up to? What can consumers do to brace themselves against the new strategies being implemented by the bank?


Well, the answer for consumers is pretty simple. In order stay away from the rigmarole of credit card debts, it is best to pay off the outstanding balance before the end of the grace period. Unfortunately, not all cardholders can afford to pay off in full each time. The next alternative is to make payments that exceed the minimum amount specified on the billing statement. Even a small amount over the minimum due will make a difference.


The rates on the credit cards have not fallen as much and as fast as the rates for savings accounts. Customers with good credit can still get credit cards with low interest; however, for a vast majority, who do not have good credit score to their backing, still have to bear the brunt of double digit interest rates. Stuart Miller, who works for CESI Debt Solutions, says that this is one of the effects of the recently implemented CARD Act. While the Act was designed to protect consumers, it also has other side effects such as the reduction of offers for 0% rates, and increase of interest rates on most cards. Miller also adds that though the interest rates are quite high at the moment, they are bound to come down shortly as consumers start shopping for better bargains and deals on credit cards.


As cardholders, it is important to stay up to date with all the latest news taking place in the credit card industry. Take a look at each and every notification sent across by the credit card lender. Prior to an increase in the interest rate, lenders have to notify the cardholders at least 45 days in advance and give them an option to close the credit card if the rate hikes are not acceptable.


Take a closer look at the terms and conditions on your credit card to protect yourself from fraudulent charges. Ensure you keep tab of the fees being charged, so you know you are not paying for something you are not getting. Remember business credit cards do not come under the CARD Act; hence, be careful when using them.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Getting Quadruple Points with the New Business Gold Card by American Express

Posted: November 12, 2018

American Express is rolling out a new credit card for small businesses, offering quadruple reward points on the two categories in which they spend the most during the month. There are six categories they can earn these enhanced rewards in, ... Continue reading
Now Cardholders can use Ultimate Rewards for Apple Products

Posted: November 9, 2018

Chase credit card holders can now use their rewards to buy Apple products via the new Apple Ultimate Rewards Store. When shopping in the new store people with a Chase Sapphire, Freedom and Ink credit card can use their reward points to pay ... Continue reading
Contactless Credit Cards by Chase

Posted: November 8, 2018

Chase Cardholders will soon be able to make payments without swiping or dipping because Chase is going contactless. The new cards will have contactless technology built directly into the card. This way when they are at a contactless ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!