If you have to admire the credit card companies for anything, it’s their creativity. We should all be so creative!
Tamara E. Holmes writes about some of the new creativity at:
Among the most interesting new fees are:
“Minimum finance charges can be greater
than the amount of interest owed. As a
result, if a consumer owes only $0.50 in
interest, he may have to pay $2 because
that’s the minimum interest fee.”
and
“Card issuers charge late fees that vary
according to the card balance, so those
who owe the most pay the highest fees.
“But right now almost nine out of 10 people
are in the top late fee category,” says Frank.
Though issuers often tout the lowest late fees,
“the average fee that people pay has gotten higher
and higher.”
and
” Cardholders who don’t incur regular
charges risk being hit with inactivity
fees. This strategy is even applied to
cardholders who’ve opted out of a
change of terms to the account and
can no longer charge new items.
Although their inactivity is forced,
they may end up paying an additional
$36 per year.”
This last one takes the cake.
Just a few more reasons to get them paid
off and gone ASAP!
