Credit Cards Are Changing Their Terms to Charge More

Have you seen less and less solicitations for new credit cards in your mail?  The credit card companies have been really acting up in this economy. They see no one as an asset these days.   According to Yahoo! Finance, it doesn’t matter if you have stellar credit or not, you could still be facing a $100 annual fee after the new terms set in February 22.

In the report, they give five smart moves to make before the terms change on your cards.  One thing they advise is that those of you who have the great FICO score, hold off on getting any new credit cards because the new cards are protected from a hike in interest rates for the first year.

The other thing that parents should be aware of is that after the doom date if your child is not 21 or older, they may come a knocking on your door for a cosigner.  Encourage them to go ahead and get it now while they don’t need you.

Then there’s the gem, make sure you are charging [as if someone had to advise you to do that].  Actually, using the charge card bi-monthly and paying the bill off by the end of the month so they aren’t able to charge you something called a “dormancy fee.”

Check out the rest of the list here.

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