Due Diligence is not only for big business or accountants anymore—we all must investigate what charges we MAY get if we accept a credit card or even open a bank account.
With the way the economy is-we all have to watch our pennies and nickels and watch out for all kinds of fees as well as the interest rate we are paying on our credit cards and bank accounts.. The reality is that it is now DOLLARS we could be losing!!
Just recently, my bank ignored the fact that I have overdraft protection—instead of taking the money from my overdraft account they charged me $35.00 for each check they paid where the funds in my checking would not cover. They had never done this before. Now I am sure that somewhere in tiny print I was informed about this change—wish I had paid attention!! Although I prefer using my debit card to make purchases as I really don’t like carrying cash---and interest rates being what they are—I may have to look into credit card rates once again.
You really have to be careful with credit cards—if you are late even one time they can raise your interest rate to the highest allowable by law (yeah it happened to me) or they can suddenly lower the amount that you are allowed to charge. Just recently I was late on one payment-first time in about 10 years—they lowered the amount I was allowed to borrow by 10,000.00!! I was not a happy camper but since I do not use this card and am just trying to pay it off to zero---The way things are going I am almost tempted to go with Pre-Paid credit cards-but I think they have a lot of hidden fees as well.
I will be looking into credit card rates and think I will start with the Credit card offers at Totally Money
All opinions expressed are my own honest opinions. For more information please check my Disclosure Statement.