Credit Card Tricks

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!

Ms. Silverman has been certified as a Debt Reduction And Credit Consultant.

Take the Next Step

• Use a Credit Card Calculator to find out:
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  - How much could I save by transferring my balances?

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