It contains some very interesting tid-bits to save money on interest charges.
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Credit card companies use numerous legal, but
underhanded tricks to get more of your cash.
Even if you have recently switched your
credit card balance to a card with a low
interest rate, beware! Credit card companies
are required by law to post your payment to
your account on the day it is received. But
they often use some sly tricks to avoid doing
that, legally. Here are some ways you can
outwit the credit tricks, and make sure you
don't fall prey to losing your low interest
rate and/or having to pay a late fee.
1) Be sure you write as neatly as possible.
Credit card companies are legally allowed to
hold for five days and re-route all
"illegible" payments to another department..
and thus your payment will be "late" before
it is posted.
2) Never include an additional note about
anything in with your payment. If you are
adding additional money in your payment for
the principle, (i.e. making more than the
minimum payment due), do NOT add an extra
note with your check, and do NOT write on
your payment stub. All payments received with
extra notes are also legally allowed to be
held and routed to a different department...
and thus your payment will be "late" before
it is posted.
3) Make your payment TWICE every month,
instead of just once. If you break your
payment in half, and send it in twice each
month, making sure that both payments are
received well before the final due date, you
eliminate some of the interest which accrues.
This may not be a huge amount per month, or
may not seem like very much when you do this
for just one credit card. But if you have
multiple credit card debt, and you can afford
to only make the minimum payments required,
using this method will save you a significant
amount of money when added up over time, and
you won't have to spend any more money to pay
your bill than you already are now.
And after all, keeping more of our hard
earned cash in our own pockets is what it is
all about!
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