Applying for a credit card nowadays has become easier due to the improved policies set by banks and providers. While many people think that credit cards are blessings, some cases are not so good. Some credit card companies are known for their blatant lies, and they screw people in order to sell their products.
If you want to avoid getting screwed by credit card companies, you should be aware of their viper-like tactics. Here are some tactics that you have to be aware of:
Deferred Interest Trick
An old trick in the book, the deferred interest rate is also known as the 0% clause. Many people apply for credit cards because of the 0% interest rate. Unfortunately, this offer is too good to be true. The deferred interest rate will only be applicable for a certain time period. Afterwards, your card will have an interest, and it may even be higher than other cards without deferred interest. That’s deception right off the bat, yet many people still fall for it.
Massive Hidden Fees
If a credit card’s interest is tolerable, you can breathe a sigh of relief. However, you should still remain vigilant. Credit cards are known for their hidden fees and these will give you tons of headaches. Before getting the card, always read the fine print. Slam the rep with questions in order to get the right details. As a client, you have the right to know the truth about the product that you intend to buy. Don’t let hidden fees bully you.
Scaling Interest Rates
Another method of attracting credit card applicants is the act of deliberately lowering the interest rate. If the 0% clause attracts thousands of people, then any rate higher than that is attractive. You may think that credit card providers are benevolent for offering low interest rate. But you have to be careful – this good will can be a trap. The low interest will only remain for few months, then it will gradually surge. Before you know it, your credit card balance shoots off the roof. To avoid credit cards with scaling interest, do your research in moneylender review. Track down customer reviews and other important factors.
While we can’t deny that credit cards are really useful for emergency purposes, you should be vigilant about the companies offering those cards. Watch out for the signs that credit card companies might screw you. By being a responsible credit card speculator, you won’t have any regrets later on.