Credit Counselling
by: Guest
Total views: 103
Word Count: 2810
Q: If my card offers a grace
period, does that mean my purchases are interest-free,
even when I carry a balance from month-to-month?
No. If you carry a balance, the issuer will charge
interest from the date of posting or purchase (depending
on its policy) on all new purchases. Generally, your
purchases are interest-free only when your card offers
a grace period, you start the billing cycle with a
zero balance and you pay all new purchases in full
by the due date.
Q. If I
accept a pre-approved credit card offer, am I guaranteed
to receive the card?
No. Card issuers are allowed to conduct a second screening
when you accept a pre-approved offer. If you do not
meet the criteria, you may be offered a card with
different terms, or you may be turned down.
 |
Q. If my insurance company does not pay medical bills for which I believe they are responsible, can I refuse to pay the bill and force the medical provider to collect from the insurance company?
No. When you accept medical services, you agree to pay the bill if the insurance company does not. To protect your credit, you may want to arrange alternative ways to pay, then try to collect from the insurance company yourself.
Q. Since most credit card issuers use some form of the average daily balance method for calculating interest, will I save more money (when carrying a balance from month to month) if I send in my payment early, rather than waiting until the due date?
Yes. Because the interest "clock" is ticking daily, the sooner the lender posts your payment, the less interest you have to pay.
Q. How can I prevent someone using my personal information to apply for credit in my name?
When someone wrongfully obtains and uses another person's personal data in some way that involves a security breach or deception, typically for economic gain, it's called identity theft.
 |
Rip up, or better yet,
shred, any credit card applications, bank
or billing statements, and any other sensitive
documents. |
|
If you don't get a bill
for one of your credit cards in any given
month, call the issuer immediately. Don't
just assume you're off the hook that month. |
|
Use a locked mailbox
for incoming and outgoing mail (especially
bills). |
About the Author
Ramesh Guptha,
Welfare Inspector,
Central Railway.
Rating: Not yet rated