Credit card statements make a lot of financial sense. You are paying the credit card company for their services and you should get what you agree to pay for. If they don't offer a balance transfer option, you may consider canceling the credit card and beginning an all-cash move. But before you do that, check out the fees and charges on your current statement balance to see if there's anything that you can change to lower your costs.
The first thing you want to do is confirm that you are covered by your credit cards balance transfer offer. You'll find that most companies only allow you to make one such transfer per year. Some credit card companies will allow you more than one but they usually charge an extra fee for this privilege. That extra fee can be expensive.
You need to look at your credit card statement closely to make sure that you are not being overcharged. Most people just assume that they are being overcharged. But many credit card companies will actually deduct an interest charge from your statement each month without you even knowing it. This means that although your credit card statement says that you can only make one credit card statement, there could be three or more that come due at the same time.
Look for any activity that indicates that the credit card company might be making changes to your account. Most credit card companies will send you a notice every quarter, letting you know that your balance or fees have changed. If you don't pay attention to this activity, you could end up with a higher credit card statement balance when you actually stop paying attention to activity. This is particularly true if the changes take effect after you've already paid off some of your debt.
It is best to pay off your balances at the end of the month. If you don't, the credit card company might raise your rates to make up for the late payments and increase your balance again before the new balance begins. When you make minimum monthly payments on time, the balance goes down each month until it is paid off in full. However, if you're not able to pay off all of your balances in a month, the credit card company might consider increasing your interest rate. In this case, the balance will go up each month until all of your outstanding debt has been eliminated.
You can also avoid an increase in your balance by making your monthly payments on time. If you have good credit, the credit card company will allow you to choose a low interest rate for the life of your credit card. If you choose to go with a high interest rate, however, your credit card statement might reflect an increased balance as soon as the new rates are in place. So it's important to pay your monthly bills on time so that you won't have to worry about any possible increases in your credit card statement balance.
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If you have an outstanding balance on one or more credit cards, you are probably wondering what you can do to pay off your balances. Often, consumers are unaware that they can choose to transfer their outstanding balance on a credit card from one card to another. There are several things that you should ...