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It is a sad fact of life that credit card companies are very quick to levy a
penalty charge on your credit card account for every short delay, tiny mistake
or slip-up you make. These penalty fees add up to millions of dollars collected
from credit card holders each and every month!
Penalties are a necessary part of all credit card operations, and they are
certainly fair considering that customers who do everything correctly and on
time do not incur penalties for the extra work and expense that other customers
cause. What you need to do is make sure you aren't one of the customers who end
up paying for these extra expenses.
The most effective way to avoid incurring credit card penalties is to look at
the big picture from the credit card company's point of view. In reality, all
they want is for you to protect your card, don't exceed your credit limit, and
make at least the minimum payment required, on time each and every month. If you
make sure you do these simple things you should never incur a penalty on your
credit card account!
The problem is, it's very easy to make a simple mistake. It isn't very easy to
keep track of your outstanding balance, especially as we use credit cards for
more and more things and companies begin placing holds and other such
transactions on customers accounts without them necessarily knowing or
understanding about them.
Then there is the fact that it is very easy to forget or become late on a
payment. Each of us has busy periods in our lives, and occasionally we have more
important things on our minds than making a timely credit card payment. Some
people are less organized than others, and for those people ensuring that all
their credit card payments are paid in full and on time is very difficult.
If your credit card is ever lost or stolen and it wasn't your fault, you should
call your credit card company as soon as you possibly can. If you do so, you'll
only be liable for a maximum of $50 dollars. In fact, if you're able to inform
the credit card company before any charges are made using the stolen card you
won't be liable for anything at all! This rule also applies to fraud and
identity theft so you can safely use your credit card on the Internet.
Simply taking a few simple precautions can help you avoid the credit card
penalties that plague millions of card holders each year.
About the Author:
Peter Kenny is a writer and expert on all things related to credit
cards.
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