Credit Card Fraud
Credit card companies can make it very difficult for some consumers to avoid paying large fees by concealing important credit card clauses by using tiny print, increasing rates without the consumer realizing, and charging large fees.
Things to Watch For to Avoid Credit Card Fraud:
- More and more credit card companies are quoting wide ranges of APRs and then assigns an APR once the card is issued that is based on that particular person’s credit history.
- Many credit cards claim to have low introductory APR they are really using a low but short-term introductory APR in order to mask the regular APRs.
- Hidden transaction fees for cash advances, balance transfers, and different cash transactions are often missed in the fine print.
- Fixed APRs are can be raised with a 15 day notice to cardholders.
- The amount of money credit card companies are collecting for late fees has been increasing while the time they allow you to pay them is decreasing, with some companies even eliminating the time after a payment is due date before issuing late fees.
- There are low minimum monthly payments that sound good except that they are used to encourage more payments in finance charges as the length of time that is needed to pay off a balance increase by a substantial amount.
- Credit card companies are now charging high fees for exceeding credit limits.
- Average penalty interest rate that occurs due to late or missed payments are significantly higher than the non-penalty and non-introductory APR.
- Grace periods for the time a transaction does not build interest used to be much longer but now some credit cards don’t even have any grace periods.
- Direct mail credit cards often talk about the premium card that they have available but in the fine print it often includes the right for the company to substitute that premium card with a lower-grade one if the card applicant does not qualify.
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