Our Community Power Blog

Are you still in love with the little plastic card in your pocket? Let me play Cupid’s enemy here. Do you know the secrets these devils bear? Let me tell you the truth.

1) Annual Charges:

Do you think of it as a better option? It is better if you consider paying for that again. This is just robbing you off money. Now if you find the reward outweighing the annual fee you can consider opting for this.

2) Rewards??

Did you read the fine print properly? The free air ticket that they are providing brings in more trouble than relief. Can you imagine booking a year in advance, or flying on particular dates, to particular places, staying at a particular place which are pre determined? Do you call them rewards?

3) Convenience checks:

These come with low rate balance transfer offers. Can you believe these are actually treated as cash advances? A sudden bill of 3% or a minimum of $5 to $ 10 is a shock. If you go for a stop payment you are handed a bill of $30 to pay for a so called convenience check which added to all your inconvenience.

4) Fees for cash advance:

You want to draw money from the ATM? Think again. These are considered as loans and a 3% fee is levied plus the interest starts counting. Do you know the interest rates? They are pretty high. Anything between a 10% to 30%.

5) Pay through phone:

Thought of cutting on time?? Watch out the hole in the pocket. Why do you want to pay a $5 to $20 more when you have not accrued that amount?

6) Lottery:

Are you an addict to this? They are considered cash advance fees as well.

7) Statement lost:

Shell out another $15 if you are not adapting to online banking.

Then there are the late fees, over the limit fees, no balance fees, not used fees, return goods fee etc etc… and the list goes on. Now you know why you are counseled to read the fine prints? Yes, these clauses are mentioned there, but your agent never told you right? Be your own guide. Can you see the number of details that you missed out on and you thought you knew your credit card?