Totally Money | Miki's Hope

Totally Money

Sunday, October 28, 2012


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.

6 comments :

Sherryl Wilson said...

Thanks for the reminder to read the notice that comes from the bank or credit card company. They change the terms all too often and I think many of us toss that paperwork in the trash.

Kelli Avery said...

I do not have a credit card, and as long as I live I will try hard to never own one. I seen so many people in major debt over credit cards and fees, and most for the reason you mention above, the small print. I know myself to well, and if I don't understand something 100% I'm to apt to ignore the details. I probably get 5 or 6 offers A WEEK! from credit card companies. Honestly it scares me. I also have overdraft protection at my bank, but I do not rely on it, just because i do know that in the fine print it says they can change pretty much anything they want, anytime they want. Doesn't make me feel secure. Great post!

Chrissie said...

Great reminders about watching those little things that add up and literally steal from our wallets!

3 Giggly Monsters said...

Thank you for informing us, I never think to read those bundle of papers that come from the bank, I mean really who could possible read through all of those. Think after this though I will start.

Stacey @ Newlywed Survival said...

Thank you for the reminder! I need to be more careful when looking through my bank and credit card statements...

Passport To Frugal said...

Helpful information for anyone. Always read the fine print. Don't be over confident and then pay the price later on. The price can be high.

 
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