Did you ever hear the saying, ’Let the buyer beware’?
Well, let the credit card user beware!
Before accepting any credit card READ THE SMALL PRINT! The small print will tell you what the APR(annual percentage rate) is. Some may be as low as 2% and some as high as 29%. The small print will also let you know what the annual fee is. Some have no fee and some charge as much as$100.00 per year. It will also let you know your liability, if the card is lost or stolen and used by someone else. Most of the time you are only liable for$50.00, IF you notify the company within 48 hours of your loss.
There is also the’come on’.Introductory percentage rate.
This could be 0%-2%.for the first three months only, and then shoot up to 29%!
You also have to consider late payment charges. Which can be anywhere from$25.00 to 10% of you entire balance. Although most credit card companies do give you a grace period of 10 days from due date.(Most, not all)
The most important factor to consider is yourself. Are you responsible? Do you have self control? Or will you let your credit cards take over? Don’t allow yourself to use a credit card to make another credit card payment! Use common sense. Do you really need the item? Can you live without it?
Beware! Don’t allow yourself to become trapped in the credit card carousel. Use it with descretion.Or don’t use it at all.
Years ago, I had a big credit card problem, maybe I’ll write about it at another time.
By the way.I myself do not use credit cards. I have only a debit card which deducts funds directly from my own bank accounts.