Credit Card Company Tricks You Need to Know About

There are lots of things credit card companies can do legally that are unfair and that leave you in the lurch if you're not aware of them. For more information, go to http://www.bankrate.com where these facts come from.

1. Bait and switch. You think you're applying for a credit card with frequent flyer miles, but when you get the card read the fine print. They can send you a completely different card with different terms. If it's not what you want, don't activate the card. Call the company and cancel it.

2. Oops, they aren't there. Credit card companies can change their payment P.O. Box, so use the envelope provided with your bill. Otherwise you could be subject to late fees.

3. One minute = $29.00. You payment is due at a certain TIME (read the fine print) on a certain day, so send it nice and early and avoid those late charged.

4. Over-the-limit fees. You can apply for a credit card with a certain credit-limit and request a balance transfer, and then recieve your new card with an over-the-limit fee already on it, because unbeknownst to you, they lowered your limit, transferred over a balance to meet the limit, and there you are with a fee.

5. Cash Advances. If you read the fine print, you'll see cash advances are hardly ever a good idea. The rate is much higher, there's no grace period, and you also usually pay a fee of 2-4% of the amount advanced.

6. Watch closely! You can call and succeed in getting them to remove a late fee, but they can still go ahead and up your rate. Take a close look at your next statement.

7. Fixed rates don't mean fixed, according to Amy Fleitas, www.bankrate.com. It means they have to give you 15 days notice before raising your rates. "You can call them and ask them to lower it," she writes, "but they don't have to do it.

8. Like employment-at-will, they can change your rate for a good reason, or a bad reason or no reason at all. You can always search for a better rate, and transfer balances from the cards with the bad rates.

9. Don't pay for credit card insurance, you don't need it. The most you're liable for if your card is stolen is $50.

10. The hidden costs of transfering balances. Be sure and check to see if there's a fee for transferring balances. Also be sure and check how long this new, lower rate will last. Usually they're only good for 6 months. Also, the minute you're late with a payment, they can immediately raise it to a very high rate.

Check out the true cost of paying the minimum at www.bankrate.com and other interesting facts you need to know to get your finances organized.