To protect yourself shred any convenience checks and avoid any cash advance. This is the highest cost form of credit you can have. If you need cash, pay off your balance as soon as possible and don't use the card for new purchases. They will be charged at a lower rate and your payments will be applied to the lower balance.
Banks tempt you to move your balances from one card to another with a low rate introductory offer. The transfer fee is generally 2 to 3 percent of your balance. Any money you save is absorbed by the transfer fee and in a few months the interest will rise dramatically.
If you want to transfer your balance shop around for deals with no transfer fees and 0 interest for 12 months or longer. Find out what the rate will be when the interest goes up and opt for one with a lower rate than your current APR.
Banks penalize you if you are not charging enough. Fees for having a zero account usually run two dollars a month. Some banks charge if you don't make a minimum of purchases per year, averaging $43.00 in 2005. Carrying a small balance can cost you too, in the form of a finance charge if your interest is below that amount.
Stay away from credit cards with minimum purchase requirements and minimum finance charges, and find a lender who doesn't punish you for using your credit wisely.
Ok so you made an error. Call and ask for a one time waiver. Explain what happened and say it will never happen again. Point out that you are a good customer who makes his payments on time. If you are not getting any cooperation ask to speak to the supervisor. He might be able to over ride the fee. As a last resort threaten to cancel your account if they can't help you out. It runs $300.00 in costs to get one profitable customer so they don't want to lose you.
