10 Hidden Things Your Credit Card Company Won't Tell You


Credit limit exceeded? Gain for the company: The Company likes it when people exceed their credit limit. There is an option to ‘opt in’ that gives the company consent to charge an over the limit fees. In case the consumer doesn’t consent then they are denied the benefit to exceed that limit.

There are various views from customers saying that the companies are trying to get people to take this option but the companies have denied such a request.

Pay more MMR if possible: Every card holder has to pay a minimum amount each mouth for any debts called monthly minimum repayment. So when these debts are paid at the MMR given it can prolong the time taken to cover the debt whereby giving the lenders a chance to extract more money.

Instead try to pay more then the limited MMR and be done with your payments in a shorter span of time.

Students are a target: Now credit card issuers are very concerned for the welfare of the student. They go and issue cards that will help students but these cards can’t be signed by the students alone they have to be co-signed by a parent as well. This is done so that in case the kid over spends then the money can be withdrawn form the parents. This practice is not followed by all the banks who issue credit cards.