Play the Credit Card Game and WIN!

By The Credit Card Guy
Creator of CreditCardPortal.com
Oct 20^th 2003

Is this you? You've got a credit card or two, never really use them but pay them off in full each month if you do. Then comes a few must have purchases, perhaps even a lay off and before you know it you're in the hole for 5k. You get the statements in the mail, never really read them and pay minimum amount due. One day, perhaps because you're bored or it's raining outside, you actually read one of the statements and you realize that you're paying a boat load in interest charges and by a rough calculation you'll be walking with a Zimmer Frame by the time you make the last payment. Next you overhear someone in a coffee shop bragging about how low their credit card interest rate is and you realize that those credit card offers collecting dust in your top drawer are beginning to look more attractive by the second. Upon delving into the stack you get the same sickly overwhelmed feeling not unlike that feeling you get when shopping for tooth paste in a crowded grocery store isle, ugh, too many choices! You end of tossing the applications into the recycle bin along with any hopes of saving money.

Does the above sounds all too familiar? The credit card companies don't call it the fine print for nothing, and who has a micro-fiche reader any way - I swear that's a 2pt font they use! You'll either end applying for for a new credit card without really knowing what you're getting into or you'll do nothing at all. Well now, let's not get too carried away here with this little story. Lets throw some facts into the mix:

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Fact Number One:

Paying the minimum payment on a balance of $2000 with an interest rate of 15.04% will take you 169 months (yes that's 14 years) to pay it off in full! And, you will of paid a total of $2205.63 in interest charges!

Fact Number Two:

Switching to an 8% APR card from a 16% APR card will save you approx. $500 per year in interest charges on a $5000 balance.

Ok, ok sign me up I hear you cry. Well hang on there Tigger, one moment before you jump into Credit Card labyrinth and promise me your firstborn. Using a small amount of your gray matter you can avoid most of the pitfalls of the credit card game. I use the word game because it really is a game and you've gotta play by the credit card rules or they'll put you in the cooler which normally means ponying up more of you're hard earned lolly or at wost getting a higher interest rate than you had with your old card.

So credit card guy, impart to me your bountiful knowledge. I'm gonna make this a 3 step process so here goes:

Step 1 : Read the fine print.

You want a 0% Apr card but is it for purchases or balance transfers or both? Most people will want to transfer a balance and not care about the 0% Apr on purchases but make sure you understand what the 0% Apr is related to. If you're unsure then call up the credit card company and ask them or if it's card on this site, ask me. ( Our website Credit Card Portal has attempted to clearly indicate what the APR is attached to, Balance Transfers, Purchases or Both)

Step 2: Pay your bill on time

Sounds logical but really, buried in the fine print on page 1000 of the terms and conditions is a clause that states:

“If you are late making a payment, any introductory/special rates terminate and the standard purchase APR will apply to purchases and balance transfers. If you fail twice to make a required payment or if you exceed your account credit limit twice, your purchase APR will be 19.99%. If you fail 3 times to make a required payment or if you exceed your account credit limit 3 times, your purchase APR and cash advance APR will be 24.99%.”

Yikes! This is straight from Discover's website. You normally have to allow 5 to 10 business days for the credit card company to get the payment so I suggest you sign up with your bank for on line bill paying or get an electronic debit order for them to automatically take out a certain amount each month. If they do hit you with a late fee and you have a good payment record with them you might try calling them up and asking them to waive the fee.

Step 3: Keep an eye on your balance

So your limit is $2000 but the nice credit companies will gladly let you go over it and slap you with a $25 fee for the pleasure (in some cases even if you go over by a dollar) If you are making purchases with your new card check you account weekly on-line.

That's it, and remember that I'm as much of a fan of credit card companies as you are but in some cases they are a necessary evil and sometimes a lifeline in time of financial trouble so let's play them hard, to our advantage not theirs and hopefully one day we can cut up these little piece of plastic :)

Regards
The Credit Card Guy
Creator of Credit-card-portal.com

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