What is there to hate about banks when they treat you like VIP all the time, right? Ahem.
You walk into their facilities and you get the biggest smiles from each and every bank employee. You call their customer support and you are greeted with the warmest smiling voices on the planet.
They offer you their credit card and you just feel so honored that they accepted your application.
What an experience! Wow!
Well, they really treat you well cause … they want and need your money.
And regarding that credit card you have, you need to understand that there are certain things that your bank does not want you to know.
5. If you miss paying your bill for 2 consecutive months, be aware of your penalty.
Usually, if you are late with your payment on a billing cycle, you will be charged usually around $35 (depending on the bank)
What if you are 60 days late? Did you know that things can get really bad?
Some banks will raise your interest rate on your existing balance and on new charges.
Guess what the rate could be?
It could be the maximum rate allowed by local state laws some of which can be 25% or above.
4. There is no such thing as a fixed rate card.
The fixed rate on a card when you joined is usually only for a specified grace period. After that, banks may increase (or decrease) your rate … but most of the time increase it.
You will know when your rate has been changed by checking your monthly statement.
Usually, you will also be informed via snail mail.
The snail mail will be a letter that looks super booooorrrring …
… so you pretty much ignore it and don’t read it.
It will mention about your rate change somewhere so be aware.
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