After a couple of Senate hearings on abusive fees and practices, some credit card companies have decided to take a few pro-active measures to get the heat off. Now, just because they have made a few changes to benefit the consumer, don't lose sight of keeping these guys honest. You still need to;
- Know what your credit card agreement says.
- Make sure you know what the interest rate is
- Is there an annual fee? Ideally, there shouldn't be!
- What triggers a penalty? How much $ are the penalty fees going to cost you?
- Is there a universal default clause?
- NEGOTIATE YOUR RATE AND FEES!
- Shop around. A good site to visit is http://www.cardratings.com/ . Visit your credit union; they usually have lower rates and fees.