Credit Card Changes: Are You Affected?

Credit card terms are changing, and not necessarily for the better. Are you affected?

Chances are, your terms are changing, and you may not even know it, unless you pay close attention. Here’s what you need to know:

1-Know what’s changing

Interest rates are trickling up. In addition, fees on transfers are going up. Credit lines are being cut, often by as much as 50%. If you carry a reward card, there are even more strings coming out in the fine print addendums. Some card issuers are even closing accounts if you don’t use them enough.

2 – Be diligent

Companies can change terms anytime, so watch your mail and don’t throw away anything from your card company without reading it carefully for changes in terms to your card. If terms are changing on you and you don’t like it, complain… don’t just take it and think nothing can be done about it.

Card companies don’t want to lose your business. It costs too much to replace you. So be diligent and watch for changes, and complain when they do.

3 – Getting a Card is Getting Tougher

Make sure you’re doing everything you can to keep your credit score high. Banks are giving out smaller and smaller lines of credit. Look for cards that have a grace period and no charges for balance transfers.

4 – Look for Change

The Federal Reserve has proposed a list of changes to the way credit card companies operate, and even though some of those changes could pass this year, most will not. So be on the watch for changes, and decide for yourself if you need to change too. Like not using credit cards as much any more. (Yeah right!)

Tell us what you think about credit card fees and terms. Are they fair? Are banks ripping us off? Click the comment link below and tell us what you think. Your email address will never show up here, so don’t worry… you won’t be getting any email’s from credit card companies because you post a comment here.