Read Credit Card Correspondence And Save

Before 2010, credit card companies could raise your interest rate on existing balances. If you have multiple interest rates on one credit card, likely because of a balance transfer, your lowest rate balance would be paid off first. You could be charged interest on a balance this month for an amount you paid off last month. Your interest rate could be raised based on your overall credit history, even if you have history of paying on time on your card.

While all of these practices were reversed in 2010, there's a caveat on certain regulations - banks can make changes to your credit card agreement on future purchases if you are notified in writing. If you never read credit correspondence, it's time to start. What's contained could cost you money in interest, late fees or a letter can indicate a new annual fee that was never charged before. Read more: http://sg.finance.yahoo.com/news/Read-Credit-Card-investopedia-373177205.html?x=0&.v=1

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