(3) Transfer Trap Secret
It is one of the ridiculous credit card dirty secrets to trap innocent customers. Today, number of credit card holders is continuously increasing along with competition between plastic card issuers. It results in several promotional offers about transferring your credit card balances from one card to another card.
They are also providing promotional offers of transferring credit card balances. It is mainly done through a reduction in credit card charges such as reduction in interest rate, reduction in late fees, and even asking for credit cards with no annual fees.
These are often misleading promotional offers to lure customers by creating conspiracy in the industry. Your lower promotional rate will be forfeited if you are paying credit card bill late.
They are also forfeited if you are not charging on new credit card each & every month. You should try for the real solution to pay off your entire debt once and for all.
[Read Also: 20 Hidden Credit Card Tricks To Save Your Money]
(4) Minimum Payment Secret
It is one of the worst credit card dirty secrets about minimum payments. Most of the card issuers require a minimum payment of 2% to 5% of your total card balance.
If you are making minimum payment to pay off your credit card loan amount then you will spend a very long time in paying back the loan.
You will ultimately going to pay several times the amount you initially spent on the purchases or cash advances. It is due to accumulated interest charges.
You should remember that higher the interest rate, the more your payment goes towards interest instead of principal. Therefore, it takes longer time to get out of debt.
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