The secret Method to
having a clean credit card statement without any interest charges or late fee
charges.
Having worked in the credit cards department of a reputed
bank.I used to study nearly 100s of credit card account s every day with
majority having finance charges late fees levied to their credit card accounts.And
the finance charges being carried forward month after month in the credit card
statement and the amount of financial interest charge increasing in number.Due
to this reason many times the card holders get confused as to why the total
amount due is higher than the previous month even if they have not made any
transaction on their credit card and have paid at least the minimum amount due
or more than the minimum amount due.
The confusion of the credit card holder increases regarding
the computation of finance charges due to which many times they feel that the
amount reflecting in their credit card statement is not correct and they stop
making payments of their total dues reflecting in their account.
This in turns worsens the situation for them as they turn
into defaulters when they skip their payments.The account gets blocked.Their
account goes to the collection department
and they start receiving calls from the collection agency to pay the
entire amount they owe to the bank/financial institution.
It is because of this bad experience many card holders stop
using credit cards and non credit card holders prefer using cash for their
transactions.However it is not the fault of the bank that you ended up paying
much more than you transacted for on your credit card.
You need to realise that you must handle your credit card
the way you responsibly monitor your bank account.In case of your bank account
it is your money and in the case of credit card account it is the bank’s money
that you are using.
When you make a purchase using credit and make partly
payments you are bound to be charged with interest.You need to responsibly handle
your purchases,your transaction on your credit card.
The secret method that i am talking about to get a clean
credit card statement without any charges is that-Every card holder is given 50
days credit facility.
Meaning 30 days statement generation time and 20 days
payment time.
I’ll explain this point with an example:
Your statement cycle or your statement is generated say on
17th of every month ie.your statement generation date is 17th
jan 2014
And your payment due date is 6th of every month
i.e a statement that is generated on 17th jan 2014 ,it’s payment due
date will be 6th feb 2014.
If you remember these two date your statement date and
payment date you can easily make purchases and have time to arrange for making
your payments.
When you are being given a 50 days credit facility,try to
use it to your advantage.Mostly what happens
many cardholders do they use their credit card 2-3 days before the statement is generated and
then they receive their statement after
about a week to 10 days from the day they made a purchase from their credit
card,they are in a fix regarding how to payoff the entire amount in such a
short time and so the card holder decides to pay at least the minimu amount due
to protect his card from late fee charges and from the credit card account
neing blocked.It gives the credit card holder the consolation that he is making
payments in small amounts and can continue to use his card .but the card holder
does not realise that a transaction that he has done in a particular month with
this approach he is carrying on the due amount for months and the finance
charges that are charged to his credit card account are increasing with each
passing month.
THE BEST METHOD TO ADOPT TO GET A CLEAN CREDIT CARD
STATEMENT WOULD BE TO use it the day after your statement is generated say your
statement date is 17th jan 2014.,You should use your credit card on
18th jan.Now this transaction that you did on 18th JAN
2014 will reflect in your statement that will be generated on 17th
feb 2014 for which you will have to make payment on 6th march2014.
In this way you can use your 50 days credit facility.You get
enough time to make your payment in full i.e paying off the total amount due
and you save yourself from all financial interest and other charges.
HOPE THIS ARTICLE HELPS AND CAN HELP MANY CREDIT CARD
HOLDERS TO USE THEIR CARD WISELY.
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