Credit cards can protect you and your money. But it’s so easy to get burned! Are you feeling more controlled by your credit cards than in control? You have legal rights that protect you, but loopholes give credit card companies an advantage. Consumer confusion can mean big profits for them. Here’s the insider info you need to take charge once and for all.
Freebies might not add up. Many credit cards offer enticements such as frequent-flier miles, cash rebates and purchase discounts, but may charge higher interest rates and big annual fees.
Insider tip: If you don’t pay your balance in full every month, chances are the heavy interest plus the annual fee will be greater than the value of any freebies you’ll get. When you roll a balance into the next billing cycle, you lose your grace period so every new purchase begins accruing interest the minute you leave the store. You may be better off switching to a no-fee, now-rewards, lower-interest rate card while you are paying off that balance. Read more