Credit Card Company Tricks to Avoid

Filed in archive Credit on February 5, 2009

Get Rich Slowly had a timely warning late last month in the form of a guest post by Justin McHenry (president of Index Credit Cards, a credit card comparison and information site). McHenry takes a look at five common tricks that credit card companies use on consumers.

The tricks come couched as "promises," according to McHenry. You believe the promises, but they are usually a.) misleading and b.) repealed in some way in the card agreement's fine print.

An example:

Promise #1: "As low as 9.99% APR!" The Trap: Your interest rate could be as low as 9.99%... but it could also be as high as 20.99%, or whatever the card company has put in the fine print.

McHenry looks at common promises, the tricks that the hide, and the nest way to deal with those tricks. It's worth reading...


Photo courtesy of iStockphoto, Image# 5410930