How Informative Are Credit Card Account Issuers?

Everyone has to be careful with their credit card account information, but what people do not always realize is that they have to be careful with credit card issuer as well, because they are not all straightforward in their processes. Some companies will add hidden fees, other have penalties you must avoid, and still others may try to lure you in with fake information that looks good until you read the fine print.

Hidden Fees

Watch your debit credit accounting carefully. Many companies will assess hidden fees for certain transactions, such as adding additional fees to the ones already charged by an ATM. If there is a charge on your bill for something that you do not understand, find out what it means.

Be careful of agreeing to monthly charges for services from the credit card company, and discovering that you must also pay additional fees related to those services.

Penalties and Charges

Another common deception of a credit card company is to apply penalties or charges to debits and credits accounting used for specific purposes. One example is a fee that some companies assess for purchases beneath a required minimum purchase. This is a sneaky way of making sure the company earns a minimum amount on every purchase you make. Your credit card company should never charge you to use the card. Their money comes from the interest rate on the credit card, and additional penalties should be examined closely.

Questionable Tactics

Watch out for two types of fake credit card information, incorrect billing and fake promotional offers. If you are promised a very low interest rate, make sure you know the qualifications to get the rate, or you may find that you don't qualify for it after all. Make sure that the items on your bill are actual card uses, and the amounts match your receipts. If there is ever a charge on your bill that you do not understand, contact a representative and have it explained. Keep in mind that mistakes do happen, so get the information before you decide the company is trying to deceive you.

Account Requirements

Make sure that you understand the exact requirements for the credit account. Will you be required to make a minimum monthly purchase? Do fees increase as your balance goes up? Is the credit you are applying for restricted to a small group of merchants? If you do not agree with all of the stipulations of the account, find another one, and transfer the balance from a deceptive account to it, then cancel the account.

There is not much you can do about charges you have inadvertently agreed to, but you can get away from the company quickly.

Deceptive Credit Account Issuers

Even though the practices of some credit issuers might be thought of as deceptive, these companies are very careful to deceive you within the limits of the law. Large print will often be supplemented with small print that completely changes the meaning of credit offer. Some companies will even have clauses that impose additional fees if you close out the account, allowing them to profit from your dissatisfaction.