Credit Card Tips & Tricks

Written by: Rudy Freeman - on July 28th, 2006

Here are some tips you should know about credit cards:

If you have an "initial low interest rate" offer, it's only for a few month of promotion period. After that, the rate may increase substantially and apply to your FULL balance, not only purchases after the promotion period.

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You may negotiate the interest rates and annual fees on your credit cards without affecting your credit history. Depending on your credit status, credit card issuers may lower your interest rates and eliminate the annual fees.

While being convenient, cash advances are not treated the same as purchases. Most cash advance transactions incur a fee that is a certain percentage of the total amount cashed (subject to a maximum), and their interests are accrued right away (no grace period). Additionally, interest rates for cash advances are usually higher than those for purchases.

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Some credit card companies offer you a benefit of low monthly minimum payment due. Keep in mind that the less you pay each month, the more interest you have to pay later.

Debit cards (also check cards) may look (and work) like credit cards, but they are not the same. When you purchase with your debit card, your checking account is charged directly. In other words, it is your money to spend, not borrowing from someone else's. Thus, there is no interest or grace period for those transactions. As a result, you may NOT have certain benefits as you would with credit cards. You cannot dispute your purchases with the card issuer. And if your card is lost, you will be responsible for all of your money, not just $50 liability like in the case of lost credit cards.

If you want to build or re-build your credit file, make sure that your credit card issuers report your accounts to the credit bureaus. Don't assume that they do, even if they say so. Some credit card companies may have temporary problems that prevent them from reporting your credit accounts for a few months, or even forever if you close your accounts early. If they don't report your accounts to the credit bureaus, it will NOT help your credit rating at all.