SubscribeAll credit card companies have late fees. In addition to knowing how much the late fees are, it’s important to know how long the billing period is. While most credit card companies stick with the typical 30 to 31 days billing period, this isn’t a requirement. Some credit suppliers have quietly used a 20 day billing period, causing first time customers to unsuspectingly fall into a late fee trap.
It’s also very important to know that some cards require a minimum balance, or debt, on them. With some cards, you need to spend at least $1 each month on the card or you will be charged a service fee, which can range anywhere from $2 to $5 per month. If your card has a minimum monthly balance to be retained, it’s in your best interest to buy at least a small something each month - it will actually save you money.
There are plenty of other facets to look at with your credit cards. The most important thing is that you actually read through the terms of service! Yes, it may be painful now, but it’s a lot less painful than the $45 in late fees that you didn’t know were coming.
For additional information on credit cards or related topics please visit: http://www.cardspot.net/
Article Author :James_Griffiths
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Tags: cards, credit card companies, credit cards, irs
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