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How To Avoid Credit Card Penalties

Simple steps that you can take to ensure that
you never have to pay a credit card penalty!

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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