Clever Methods Of Avoiding Credit Card Fees And Interest Rates
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Clever Strategies to Dodge Credit Card Fees and Interest
Summary:
By strategically using two credit cards with different closing dates, cardholders can transfer balances to avoid interest rates and fees.Credit card companies often earn their profits through the interest rates and various fees charged to cardholders. Without these, the financial benefits for companies from consumer card use would diminish.
Common Fees and How to Avoid Them
Credit cards frequently impose fees such as late fees for payments made more than thirty days late, and over-the-limit fees for exceeding credit limits. To avoid these, ensure you pay on time and stay within your credit limit.
Interest rates are applied for carrying a balance beyond the grace period, which varies by card and is detailed in your monthly statement. Not paying off your balance in full before this period leads to interest charges.
Innovative Ways to Bypass Fees and Interest
Besides conventional methods, savvy cardholders employ clever strategies to avoid additional charges.
The Balance Transfer Shuffle
If you possess two credit cards offering free balance transfers, you can alternate your balance between them to avoid interest and late fees.
Requirements for Success:
- Ensure the cards have different closing dates. If they’re the same, request a due date change from the issuer.
Execution:
- For instance, if Card A’s due date is on the 1st and Card B’s is on the 15th, transfer the balance from Card A to Card B before the 1st. Then, move it back to Card A before the 15th. Precision in timing these transfers is crucial to avoid charges.
By meticulously managing balance transfers and due dates, you can effectively dodge additional interest and fees.
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