TRICKS PLAYED BY THE CREDIT CARD COMPANY THAT CAN REALLY SCREW YOU

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Even though the world is immersed in a global recession and most of the people are trying hard to repay their debts, the “card companies” are still trying to make people to spend more using their credit cards. The companies are so greedy that if they find a way to increase their profits they will go ahead with it without even giving a thought to the bad effects it will have on your financial status and the global economy. This is why the executives at these companies get big bucks so that they can come out with new and innovative ways to increase their profits.

You may have come across many tempting offers from different credit card companies on the net or in your mail or in person. If you are already in a huge pile of debt and are struggling to repay it, then opting for any of these offers will have disastrous results on your financial health and your credit report.

Given below are some of the popular and highly tempting offers that can screw you really hard.

“Department Store Credit Cards” – Save up to 10% on all your purchases at the departmental store

This sounds really tempting, doesn’t it? Why not reduce your groceries bill by 10% every month? Well, if you like to dent your credit score you can apply for this card since each time you get a new card your credit score will go down by a few points. Moreover, if you have a bad credit rating, the interest rates applicable to you on all your credit cards will go up. Doesn’t sound good, does it? And this card will definitely not help you to reduce or eliminate your debt.

Get a Plasma TV by paying $37 per month

Electronic stuff such as plasma TV will definitely make your living room more stylish. You have wanted it for quite some time now and this scheme can be attained at just $37 per month. You may think that this is one of the best offers that you can get.

However, what if there is a financial setback and you are not able to pay your instalments on time? You will end up with a huge fine and a huge drop in your credit rating. Moreover, paying for your TV in this way will cost you a lot more than paying for it through cheque or cash in full.

Credit card with 0% interest for 6 months

Imagine you get a credit card with 0% interest for 6 months. Isn’t it extremely tempting to apply and get such a card as soon as possible? However, have you bothered to find out what the rates will be after the 0% period is over? You may end up with a credit card that charges extremely high interest rates.

Therefore, before getting tempted and falling for any of such schemes find out where the “catch” is and then take a decision whether or not to apply for the credit card.