By law, credit card companies have to disclose their fee schedules to consumers. The trouble is, the calculations of these fees and finance charges are often found in the fine print of the account disclosure statement you receive when you first open your credit card account. In this case, what you don't know really can hurt you.
Here are 6 things you might don't know about credit cards:
1. They don't always have a grace period. Most credit cards offer 20-30 days ?grace period?, during which time you could pay your entire balance and not incur any interest or finance fees. It's becoming more common for credit cards to have a shorter grace period, or none at all.
2. A 0% balance transfer offer usually has transfer fees. There are a number of credit cards that offer a 0% interest rate on balances transferred for a specific length of time, but what might not be evident in the offer is the 3-5% balance transfer fee. If you transfer $3000 from other cards to your new 0% interest card, you'll pay between $90 and $150 in fees. Chances are, that will be lower than what you'd pay over the six or twelve months in interest that you're saving on the new card, but just keep in mind it's usually not completely free to transfer a balance.
3. The Two-Cycle billing method is a nasty interest computation method! Credit card balances are computed with either the adjusted balance method, the average daily balance method or the two-cycle billing method. With the two-cycle method, the interest on your average daily balance is computed using your current billing cycle purchases AND the ones from the month before- even if you've paid the previous month's purchases off. Look for cards using the adjusted balance method for the best rates.
4. Fifteen days notice to skyrocketing fees. A credit card company has the right to increase or change your interest and fees at any time, as long as they give you fifteen days notice. Have you ever received an update to your terms in the mail? Most people just toss it in the trash, but keep an eye on these notices because even fixed rate credit cards can change rates if they send you these notices.
5. Lower minimum payment rates mean you pay even more. If you have credit cards, you know the effects of paying only the minimum amount due each month. It takes forever to pay off the balance and often the interest and fees are adding up faster than the minimum payment can pay off the card balance. Where all cards used to require 5% of the balance as the minimum amount due, now it's frequently as little as 2%. Just because your card only requires a $10 payment doesn't mean that's really enough!
6. Increasing of credit card fees across the board. Most people are probably aware of the practice of ?universal default? by now ? the consumer unfriendly method of raising interest rates on all credit cards from all lenders if the cardholder is late with one of their accounts. So if you pay your Discover Card late, you could see an interest hike on your MasterCard, Visa and American Express cards, too.
Credit cards give us access to spending power when we need it, and the ability to buy or reserve things online or over the phone. When they're not used correctly, or you don't understand the calculation of rates and fees for your credit card, you wind up paying a fortune in unnecessary fees and interest.
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It doesn't, however, matter what it looks like because each version is powered by a real engine, a six-litre V8 lump unhindered by an excess of electronic gadgetry and easily capable of 270kW and a whopping 530Nm of torque at 5750 and 4400rpm respectively.
The sedan comes with a tail aerofoil about the size of those things that haul people on a mini-surfboard across the ocean at high speed and the bakkie with a streamlined load box cover that roars in the slipstream and ground clearance that would barely crest a house brick.
The Ute, I'm told, is the world's fastest production bakkie.
The sedan is what a real car should be all about; no fancy folderol's, instruments that a 90-year-could probably read without glasses and big and wide black leather seats, the one on the driver's side proudly proclaimed at the media presentation as having power adjustment ? but it turned out to be for lift-and- tilt? fore-and-aft still needs muscle power.
The Lumina, I'd guess, will do more than its fair share of the job. The bakkie is for a niche market but the sedan (I think I said it has a six-litre V8?) is a big and very viable alternative to snobby status symbols such as BMW 5 Series, Mercedes E-Class, Jaguar, the bigger Volvos and others of that ilk.
The Lumina has all the high-tech braking, traction and stability controls and crash protection of any other big luxury car along with serious space, individual air-con and temperature controls, power windows and exterior mirrors and the engine can be hooked to either a six-speed manual or six-speed auto ? the latter with manual/sequential selection ? at no extra cost.
In fact, there ARE no extra-cost items except perhaps a tow hitch.
"It's an all-new car," the bum-branded one, with rear-wheel drive architecture and a wider track and longer wheelbase than its predecessor that came to SA three years ago and that has allowed us to create a bigger cabin.
"The Lumina has been the top seller in Australia for 10 years.
All the sheet metal is new, as are the sports seats, the sports cockpit and the Bluetooth connectivity and the car's delivered with a three-year or 60 000km warranty. It's the sexiest Commodore/Lumina yet built."
Contact with the road is provided by 245/45 R18 tyres on 18x8? alloy rims.
It's power and exhaust note as the revs rise is not only exhilarating but also addictive; there's little pretence at sophistication though the cabin comfort is superb; if you love driving, you'll love the Lumina.
Standard on both the sedan and the Ute are a sluggish but user-friendly trip data computer that includes visual and audible warnings for under speed and over speed. A "night" panel function reduces the lighting to all but the most necessary functions.
The Lumina's heating, ventilation and air-conditioning systems, I was told, have been designed to accommodate a broader range of operating conditions and the audio package includes a fascia-mounted six-CD changer and RDS radio feeding a high-performance amplifier and multiple speakers that can be controlled by roller switches on the steering wheel.
The Chevy is Bluetooth cellular-compatible and says fuel-gauge accuracy is excellent thanks to two sensors.
Remote boot and fuel flap releases are provided, with the boot release mounted in the glove box, while remote central locking comes as standard, as does an alarm system with a panic alarm feature. A transponder immobiliser system provides anti-theft protection.
Both Debbie Dragon & Makabongwe Maseko are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Debbie Dragon has sinced written about articles on various topics from Finances, Credit Cards and Kitchen Home Improvement. This article is courtesy of CreditorWeb.com, where you can compare offers and apply for. Debbie Dragon's top article generates over 165000 views. to your Favourites.
Makabongwe Maseko has sinced written about articles on various topics from Business Plan, Personal Desktop and Stock. Makabongwe Maseko offers automotive information on his weblog "Automotive Part And Equipment". Since you also love anything to do with automotives, you can visit: http://automotive-part-and-equipment.traders-online.net/ for more on the auto industry.. Makabongwe Maseko's top article generates over 2900 views. to your Favourites.
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