Credit Cards – Bankinginfo

You need topay yourbills ontime inorder to avoidrunning upsubstantial billsand being in debt• Cash advance feeThis is a fee charged for each cash advancetransaction. This fee, which normallyranges from 3% to 5% of the total cashadvanced, is in addition to the financecharges imposed on the amount ofthe advance given to you. The financecharge is calculated from the transactiondate or when the amount is posted toyour credit card account. There maybe a limit on the amount of cash advanceallowed for each customer.• Late payment chargeThis is a charge imposed when youfail to pay at least the minimum monthlypayment by the due date. If payment ismade after the interest free period,you will be charged both the financecharges (the interest on your outstandingbalance) and late payment chargesfor the minimum monthly repaymentamount due.TIPS ON SHOPPING FOR CREDIT CARDSWith so many credit cards being offered,it is important for you to get the credit cardthat best suits your needs. Here are sometips for shopping for a credit card orevaluating the credit cards you already have:• Promotional giftsThe credit card issuers may offer youpromotional gifts such as hand-phones,leather wallets, etc to promote theircredit cards. However, before you apply,it is important for you to understandthe T&C related to the offer. Pay attentionto the conditions set for the promotionalgifts and the penalties for not complyingwith such conditions.• Teaser ratesIn order to attract you, credit card issuersmay temporarily offer lower fees andfinance charges, or even waive them fora certain period. The promotional materialsmay highlight an attractive and lowintroductory interest rate in a large, easyto read font size, sometimes without6