November 24, 2009
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Surviving Black Friday, Pt.3
Plan a family bake.5. Watch for changes in the terms of your account – credit card terms and conditions (fine print) can be very misleading and difficult to understand. The new credit card reform legislation that becomes effective February 2010 mandates that lenders write these contract terms in clearer language for more transparency to provide cardholders with greater understanding. Many lenders have already begun distributing new terms and conditions that are easier to understand; however, lenders can change these terms at any time.
You need to be aware of these changes and read the "change in terms" information sent to you to decide whether you want to change the way you use the card. For example, if cash advance fees increase, compare it with another card to determine which card offers the lowest rate. Stay on top of the expiration dates of balance transfer offers. If your card has been switch to a variable rate, the credit card company is not required to notify you when prime rate goes up. Check your monthly bill to view an update on your account interest rate.
Always having a plan in place and a set budget it your best defensive. It is very easy to get caught up in the credit card game during the heat of deep discounts and high pressure sales strategies. If you find yourself having difficulty resisting those hot deals, go online and buy gift cards. Check your credit card rewards program to see if there are any gift card purchases available in your program. Citibank offers a nice selection of restaurant, retail, and travel gift cards in denominations of $25, $50, $100, and $500 for which you can use your reward points for discount savings of 10 percent.
Shopping online not as much fun you say? Plan a fun event at home with family or friends making crafts or personalized holiday gifts. Turn on the holiday music and have a family bake or cook. Schedule a cookie exchange and spend more time with friends and family with less time battling the credit card game and crowds of strangers. Most of all...have a financially sound and Happy Holiday Season.