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Article:
7 Obscene Tricks Perpetrated On You By Your Credit Card Company by: Tom Koziol Obscene is usually associated with pornography while credit cards enjoy a more discreet association. At least that is the perception. This article will change your perception. It is my belief, and may become yours after you read the 7 tricks, credit card issuers should be classified with pornographers. They have, I believe, only one purpose and that purpose is to screw every consumer using their cards as the tool. I say that not because I am anti credit card. Far from it. I have eight in my wallet and use two of them on a regular basis. I also apply the anti-dote every month to their poisonous bites. But, I am ahead of myself and will give you the anti-dote at the end of this article. By the way, this article only covers what I classify as the top 7 obscene, nasty ways credit card issuers relieve you of money that should rightfully stay in your wallet. I cover them all in a book I wrote which is in my bio at the end of this article. This first trick is called the universal default penalty. As you may or may not know, credit card issuers regularly check your credit report for late payments on any of your bills. Even though you have been paying your credit card bill like clockwork every month and have never been late, you still can see a spike in your interest rate because you were late with, for example, your car payment. The UDP clause permits your card issuer to raise your rate no matter in what account you were late. This clause is found in a document called Terms and Agreement which, by the way, you were given when your card was issued. Probably came in the same envelope. You didn't read it. I know you didn't because the font is about 3.5 in size and it is written in legalese. You threw it away or put it in your file cabinet or desk drawer where it is still resting today. This doesn't give them the right to monetarily take you to the cleaners but they know you won't read it so they take you to the cleaners. All legal by the way because the legislation is written for them and not for the consumer. Proof of my contention is found in your Terms and Agreement and in the credit card laws. Take the time to read one or the other and you will use stronger language than obscene or tricks when you talk about credit card issuers. Trick two is one called the over the limit fee. Simply stated, if you charge over your credit limit, you are penalized a sum of money. As of this writing, it is between $25 and $'50
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