Credit Card Transparency ? Lesser Known Facts Associated with Credit Cards [creditdiagnosis]

Credit Card Transparency ? Lesser Known Facts Associated with Credit Cards [creditdiagnosis]

The CFPB was created by the 2010 Dodd-Frank Act to protect them consumer from abuses related to financial products including student loans, mortgages and credit cards. The act required it and the Education Department to ... than $ 8.1 billion ... CFPB Says Students Victimized by 'Subprime-Style' Lending

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Introduction

It's wonderful to have a small plastic card that can be used as a system of payment. A credit card is so convenient to use that it is difficult to keep track of the number of swipes. If you have a credit card, you are one among millions. If you have an unexpected payment that was never anticipated or budgeted, a credit card can come to your rescue.

Considering the vast usage of credit cards, it's important to get to know them well - what they are capable of, their pros and cons, etc.

Here are some well-known facts about credit cards -

1.A credit card allows its users to buy goods and services based on the promise to pay for the purchased items at a later date.

2.Credit card issuers usually waive interest charges if the balance is paid in full each month, but typically charge full interest on the entire outstanding balance from the date of each purchase if the total balance is not paid.

3.Grace periods vary, but usually range from 20 to 50 days, depending on the type of credit card and the issuing bank.

The main benefit of having a credit card is convenience.

A credit card grants short-term loans to its holder. This loan, along with interest, is repaid by the holder every month. Compared to debit cards and checks, credit cards offer more fraud protection schemes.

As a credit card holder, you tend to think you know what your plastic card is capable of. Think twice. Based on your usage, there are many more benefits or detriments that your card can offer. Some of them are as follows -

1.Minimum Amount - Most card holders pay the minimum amount for years, but their original amount remains the same.

The portion paid against the loan itself is much less than what is applied toward mark-ups and charges.

2.Annual Percentage Rate - Interest rates tend to fluctuate. The APR can be lowered if you have a good credit score. If you have a good credit history with the bank, there are good chances that the APR will be lowered to a beneficial level.

3.Billing Due Date - You might find it difficult to make a credit card payment if you have other payments due at the same time. If you have a good credit score, you can ask for the billing due date to be moved.

4.Credit Limit - If you need room for large purchases, you can increase your credit limit by making a request to the credit card company. This could affect your credit score and there will also be a credit inquiry.

Conclusion

If you need to know more about credit cards and how you can have an effective debt management plan, debt management companies can come to your rescue. Pay plan debt management programs can give you a bigger picture and broader perspectives of your financial status.

 

 

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Question by happygurl: Have you been getting strange cable bills from Charter Communications or Credit Protection Association? Although I paid my cable bills, I keep getting bills from the Credit Protection Association and Charter Communications. I tried calling Charter myself to settle the issue, but they are as confused as I am. Best answer for Have you been getting strange cable bills from Charter Communications or Credit Protection Association?:

Answer by parrotsarenoisy
no not yet but i will keep a eye out for it

Answer by jujjiebooboo1
not me but then charter sucks so it would not suprise me that they did that

Answer by AJH
It could quite possibly be identity theft or some other scam. Although the call center reps are often clueless, if they don't even know what you're talking about, beware. Since there aren't many, if any, different cable companies, they could send fake bills to a lot of people and get a decent response.

Answer by STEVEN F
Have you asked them the correct address to send payments. If their answer does not match the address given on the bills, someone is probably running a scam. If this is the case, turn the bills over to the police. If the bills are really from Carter Communications, they should be able to identify the account from an account no. on the bills. They should also be able to tell you where to find the account no. on the bill. If the person answering the phone can't help, ask to talk to their supervisor. If you work your way far enough up the chain of command, the will either solve the problem or make it go a way to shut you up.

Answer by bryan l
This happened with my and com cast. Credit Protection Association are CONS. Com cast had no idea as well, then i called this credit protection association and they told me they got it cleared up it showed i owed them 300 bucks. Then a year later i was in the process of buying did not show up during Prue qualification, but went it went to under witting the ran the credit again and surprise there is was on my credit which they declined the loan after i signed the purchase agreement. The underwriters gave me 24 hrs to resolve it and Credit protection did not were not even proactive to help. I had to then clean the credit up ect, the had to settle on a diff rent home. I sued those bastards for all the time and money lost. Get It all in writting Right away

Answer by MICHELS2
I would check you credit report at annualcreditreport.com it free and it could save you a big head ache down the road

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