a plastic payment card which enables the cardholder to pay for goods and services and to obtain cash advances up to a pre-arranged credit limit. The holder may settle the outstanding balance in full or in part by the end of a specified period, or `roll it over' to the next period, whereupon an interest payment is due.
 

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Avoiding Credit Card Secret Traps
By Randall

How to avoid secret traps when you compare company terms, interest rates and fees.

Credit card secret traps are the hidden side of plastic that keeps you in debt that is difficult to pay off. The main objective of companies is for you to carry the largest balance you can possibly repay.

Trying to avoid these secret traps is tricky because companies constantly raise your credit limit, and offer you perks to get you to charge even more.

Credit card companies can get very creative with fees and interest rates and that's where you can get into financial trouble. To avoid this from happening here are some common secret traps to be aware of when you compare company terms.

Two Cycle Billing

The two cycle balance method is where the interest on your average daily balance is computed using both your purchases from that billing cycle and charges from the month before.

Even if you paid off your entire balance from the month before, that figure is still used along with your current month purchases to calculate your average daily balance. This secret trap can keep you in deep debt for decades.

Credit Card Grace Period

A grace period is the number of days before the company starts charging you interest on new purchases. Most cards have a grace period but beware of the cards that don't.

If you have a card with no grace period, you always pay interest on new purchases from the day you make the purchase, even if you pay your bill in full.

Cash Advances

You almost never get a grace period for cash advances, which means you

   

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