In the last article I gave you some tips on how to use your credit cards in a smart way. These tips covered education and interest rates. Now I will write about late fees. Credit card late fees can vary from fifteen dollars to as high as thirty nine dollars. And as if this weren’t enough, if you are late on a payment, most credit card companies will raise your interest rate on top of your late fee. Experts tell us that nearly a third of credit card business revenue comes from late fees. But want to know a secret? Most credit card companies will waive your late fees if you call and ask them to.
If you are aware that you might be late on a bill, call in advance and request a grace period. Ask the person you talk to if they will document your record so that you have proof you called in advance of the bill being late. If you already have been late, call and ask if they can give you a break and waive your late fee. If they agree to, ask for the customer service representative’s name and their ID number so you can document your own proof of the call, and be surer that they will actually waive the fee.
Another thing to bear in mind is that there are large amounts of credit card companies now offering credit cards with a zero percent interest rate. Many offer zero percent for six months, twelve months, and twenty four months, and some companies will offer zero percent on all of the debt that you move or consolidate to them. Sounds good? It sure does, but make sure that you read the “fine print.” All of these offers have to legally let you know what the catch is. Typically it’s that if you are late the interest rate can jump up to twenty percent. If you are late two times it might jump up to twenty nine percent. So make sure that you read the fine print closely.
Credit card companies can also charge you annual fees to utilize their services. These fees can range from zero dollars to as much as twenty five hundred dollars. Most credit card companies’ yearly fees range from thirty five to one hundred dollars a year. Something useful to keep in mind is that depending on the card, you might be able to get these fees waived by simply calling and asking. Generally, cards that offer rebate offers or frequent flyer programs will not waive the fees. Regular cards with no special offers usually will waive the fees, especially if you’ve been making your payments and you are in good standing.
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