Dirty Credit Card Secrets and Video

Too small a grace period, or none at all. Historically, credit cards offered a grace period of about 30 days. If you paid your balance in full during that time, you were charged no interest on your purchases. But card companies don’t make money on good customers. As such, the length of many grace periods is starting to wane.

Some credit cards don’t offer a grace period anymore.

Cash advances. Regardless of your terms, you almost never get a grace period for cash advances, which means you begin paying interest on them right away. Adding insult to injury, the interest rates on cash advances are typically higher than the ordinary rate on card purchases.

You may be tempted to put your credit card in the ATM and get cash, but it’s very expensive.

Interest rates on cash advances can climb as high as 30 percent, similar to the fees assessed after a late payment.

Credit card fees. Fees in general have headed skyward in the past few years. You can be charged onerous fees for misdemeanors such as late payments or overstepping your credit limit.

The average late payment fee in January 2002 was $28.58, up from $11.60 in 1994. The average over-the-limit fee during the same period was $26.92, up from $12.47.

Financial Contributor Vera Gibbons spoke with us about secret credit card company rate hikes.

Comments

  1. lynnmurphy2006 says:

    There is a number to contact all banks for free from various countries around the world. It is some sort of public service administration system that lets you simply say the name of the bank or government agency and it connects you for free. English and Spanish are available. You can check it out at: IPAN.org.uk

  2. “Aldous Huxley in his book, Brave New World, observes, ‘The greatest triumphs of propaganda have been accomplished, not by doing something, but by refraining from doing. Great is truth, but still greater, from a practical point of view, is silence about truth.’…
    “‘Those who manipulate the organized habits and opinions of the masses constitute an invisible government which is the true ruling power of our country’, wrote Edward Bernays

  3. mom2sweetcheeks says:

    here is a tip do what you can to pay them all off— and cut them up— live as debt free as possible!!!! these companies screw us over. That is what we did and it has changed our lives for the better!

  4. JOHNNYwasDeleted says:

    fee+fee+fee+fee+fee+fee+fee+fee+fee= you are an idiot +idiot+idiot+idiot x 100 welcome to america!

  5. curadebt is a great company to check out if you need help with debt relief.. Just email me for the link I’d be happy to send it to u. =)

  6. farishcool says:

    DOWNLOAD CREDIT CARD GENERATOR at wiredownload com

  7. gayfadget says:

    Respond to this video…

  8. videogram says:

    Credit cards have little consumer fraud protection features by design. If Credit Card banks fixed identity theft on your credit cards they would lose the billions they earn charging for identity theft protection insurance. In California consumers are only liable for the first fifty dollars but banks charge $5 per month to protect you thats $60.00 per year. Also no over the limit fee or annual fees on prepaid debit cards but bank tell people they need credit which is not the case.

  9. koolaidpuc says:

    @atheisttotindekist yes if i want a credit card, i can have one, as long as i know how to use it, when to use it and make sure to make the payments..then its all good, theres no harm of having a credit card too!

  10. atheisttotindekist says:

    Yes, people need credit, but not credit cards. There’s other forms of loans out there for instance for financing a house or a car or whatever big thing you think you can pay for in the future.

    But: You don’t need a credit card to buy anything else. If you do use a credit card for buying things online, or shopping in your local store for instance, that’s fine with me, but make sure you don’t spend money you don’t actually have or earn.

  11. OK, Family meeting folks, need to cut cost, for starters bare bone essentials only, canceling all insurance policies (frauds anyway) walk away from credit cards (Fico: huge fraud), walk and bye bye underwater mortgage. Hey,…it’s just a pragmatic family business decision. Got the idea from Wall Street too big to fail banks, I hear they are really good at it, got my Tarp money and all, so screw it. Start me a family weed/veggie garden, shop local, pop me a cool one and,..Oh, well Fuck it.

  12. Davidbzm01 says:

    Here’s how you start to fix all these problems

    Everyone.
    Take that Sears credit card and cut it up.
    Call them and cancel the account.
    Dont just stop useing it because they are working on a new penalty charge for “NOT USING” your card.
    Sears will crap themselves when 40 million people call them up.. Then they wont have a choice but to fix it. Its as easy as that…

    I declare March 1st 2010 the day we all call Sears. and take control. pass it on.

  13. yeahwhatever36 says:

    You dont fucking get it do you , i said no mater what you buy, you will have to pay it back double that means if you buy a game for 50 dollors then later you have to pay $100,00 back the double amount and what if some people cant eford to use a credit card.

  14. koolaidpuc says:

    @yeahwhatever36 well mr good for you if you never used credit cards..but for the majority of people living on earth, you need credit once up a time in your life, to buy a house or something…now it could be different if you’re stinky rich since the day u were born but ya..credit is scam in a way but if you learn and use it in smart way..it could be an advantage for you!

  15. koolaidpuc says:

    i dont understand the job part? why would it be difficult to get a job if you dont have a good credit?…that shows what? that you’re irresponsible tahts wwhy they employers wont hire you?

  16. GuerrillaSauce says:

    They have their uses.

    I have my credit limit set to half my monthly wage, and so it gets paid off in full every month (so no interest charges). Works like a debit card, but with tons of consumer and fraud protection features plus wider acceptance while increasing your credit rating for when/if you really do need to borrow some money.

    But yeah, to actually use one to borrow money for any length of time… you’d have to be mad.

  17. yeahwhatever36 says:

    Ok if you buy something for $500,00 with a credit card then you will have to pay it back twice then what you paid for that means if its $500,00 then when you have to pay it back then it will cost you $1000,00 and im 33 years old and i never use credit cards ever because it is all a fucking scam no matter how you may look at it.

  18. yourjudgeandjury says:

    Check your credit reports! After the recent bank takeovers and shutdowns, I found one old credit card debt magically reappeared back on my credit report after it was discharged in bankruptcy court over 6 years ago. Chase thought they could collect on it just because they took over Washington Mutual and that some how made it magically become collectable again. WRONG!!!!

  19. Ye I agree but that makes it hard to establish a credit score/history.