July 28, 2010
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Beware: Credit Card Troubles, Pt.4
Proactivity.The Brighter Side: Say you seem to be doing just fine. Your credit cards are being managed well. Here's an added perk. You can probably do even better. After all this time in the doldrums, credit card lenders are finally starting to loosen up again. There are good credit card deals out there now. Beware though, of "Greeks bearing gifts". These are more like Trojan Horses.
The Caveats: With all these nice CCARDA protections finally taking effect, we have a cat and mouse game (otherwise called name and skirt). Most of the large credit card lenders are contriving clever ways to "get to us" by skirting CCARDA. The most prominent three are: Balance Transfers/Cash Advances , Rebate Cards and Professional Cards. As far as the BT/CAs, you'll find in your mailbox, I believe, a promo or two offering a 0% APR for these. Complete with handy-dandy free checks for you to use (or shred), what you won't see is the mole stating that you'll be nailed with a Transfer Fee which has jumper on average of 33% from what it was last year. This little tidbit will be shrouded from your knowledge with the legal scapegoat "Transfer Fees set according to terms of your credit card agreement".
Rebate Cards offer you a 7% discount on interest charges providing your future is perfect. If not, then SLAM. Professional Cards mimic standard credit cards as close as they can. The counterfeit here is that they're not subject to the CCARDA consumer protections and you're the unprotected one. For more on the caveats, please review the article series entitled "CCARDA Protections Circumvented – Good or Bad? ".
Summary: There are good credit card deals out there but, they're mixed in with bad ones. Choose wisely whom you trust and go for it. Keep checking back on our articles and consider shopping here. We have a huge amount of choices. Just make sure you choose the one that's right for you. Double-check progress to make sure some clever agent hasn't slipped you a counterfeit of what you're looking for.