by: newhorizon.org

Watch Out for Hidden Credit Card Charges

The modifications to the Credit CARD regulation were designed to give protection to consumers against unjust methods by some credit card issuers…

But regardless of the additional conditions, the reality still stays that consumers are NOT TOTALLY protected.

● Credit Card Law imposes restrictions on interest rate increases, it does not completely prevent issuers from imposing increases.

● There is still NO CAP, which means an issuer can still impose ballooning rates as long as they provide the 45-day advance notice.

For example..

What about the charges?

Some credit cards may offer a low rate to attract new customers, but upon closer inspection you might discover lots of hidden credit card charges that are not so minimal at all.

But, what can you do about it?

If you will not read the fine print, you might discover later on that you are stuck with a card that imposes hidden or unexplained charges.

So, before you sign up for a credit card, consider the

following reminders...

● Introductory rates can be misleading, especially for first time cardholders.

● While a credit card with 0% APR might seem like a wonderful deal, keep in mind that you will not enjoy the zero rate forever.

Watch out for teaser rates!

Watch out for high fees!

The low rate can be enticing but what about the fees?

To make up for the initial low rate, some issuers may impose higher fees. One wrong move and you could be subjected to pay expensive penalties.

Watch out for balance transfer fees!

If you are looking for a balance transfer card with a low interest rate, don’t forget to check out the fees.

● How much will it cost you each time you transfer a balance?● Some cards may offer a zero interest rate, but you could be

spending a lot on the fees; especially if you need to transfer balances from different cards.

● The balance transfer cost may depend on how much you are transferring , which means you could be charged by as much as 5% or higher in fees alone.

Unexpected rate increase.

● Some credit cards that offer incredibly low interest may try to be sneaky by imposing rate increases without notice.

● Sometimes, the little charges may be added to your bill so they become virtually unnoticeable.

● If you own a credit card, it’s a good idea to review the terms and conditions every once in awhile so you’ll know what you are being charged for.

Resources:• If you are looking for

no credit check credit cards click here http://www.newhorizon.org/Info/unsecured.htm

• Facts about balance transfer cards http://www.newhorizon.org/credit-info/facts-to-note-about-0-balance-transfer-credit-cards/

• What makes 0 APR credit card an attractive offer?http://www.newhorizon.org/credit-info/what-makes-a-0-apr-credit-card-an-attractive-offer/