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Managing Credit Changes Top News about Credit Cards!
2008-09-15 05:15:39

Credit Card Deals - How to Manage Changing Credit Terms

Using credit cards during these uncertain times of ailing economy and tight market conditions can be a great challenge for every customer. Gone are those days when people could accumulate trash of junk mail without bothering their heads about changing terms.

Now that banks and other lending organizations do their best to slash their risks, "any time for any reason" changes become quite common. And as a rule, such a makeover can have unexpected consequences for regular users, even for those who have been good payers for years. Learn how to protect yourself from nasty effects of changing terms and take charge of your financial life!

It's not news that interest rates on some plastics are getting higher, especially default interest rates that can be much higher compared with ongoing ones. So, even if you're carrying a low-rate card, there's no guarantee that this great rate will be the same over the years. By making a late payment, you will face much higher rates with which your good plastic may turn to the awful one.

What can be done about it? First off, you can opt out of the interest rate increase. You'll be given the so-called opt-out period during which you can repay the balance at the old interest rate and close your account. Keep in mind that the period within which you can opt out of a new rate is relatively short so you should act immediately.

Exceeding your spending limit can also result in credit penalties. In view of the fact that lenders increasingly cut spending limits, maxing out your plastic is not that difficult as some might assume. So, it makes sense to check your monthly statements regularly to be in the know of all the moves and changes.

The thing is, lenders know perfectly well that customers generally throw away those monthly statement inserts, that's why they use this method of notifying users about changing terms. Being diligent is the key when it comes to changing terms and conditions. Once you are aware of the changes, you can protect yourself from serious financial troubles.

Not that long ago, issuers of good balance transfer cards offer really tempting zero APR credit offers online within a certain period of time, plus no balance transfer fee. Sad to say, but today you can hardly find a balance transfer plastic that comes with both features. You should either pay a one-time balance transfer fee and enjoy 0% interest rates, or pay no balance transfer fee but pay off your balance on less attractive terms.

Good news is that good balance transfer deals still exist. The great thing about 0% APR plastic money offers is that you can make the most of your plastic within the intro period. Want to cut your debts? Feel free to apply for a good balance transfer card but make sure that you can pay off the entire debt within the interest-free period. Otherwise, you'll have to cope with higher interest rates, so that it's getting more difficult to pay off your balance.

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