Is your credit card company pulling the wool over your eyes?

Is your credit card company pulling the wool over your eyes?

Millions of people are taken in by credit card companies each and every day all over the world. The amount of money that these companies put into advertising alone is enough to run a country but they still do it because it is worth it. Their gimmicks work like a charm. These ads suck up in and bleed up dry and we keep going back for more. Why? Because of the utter and wondrous convenience of the all powerful credit card of course. How can we resist such amazing simplicity?

It should shock up what credit card companies get away with these days, it is a wonder that some of the things they do are even legal. For example, credit card companies encourage their customers to take out cash advances, they send us little flyers about how great these advances are but then if you do it you can get your credit limit lowered. What is that? Why would they tell you to do something and then punish you for it? But there is a method to their madness. They lower your limit and you may not even know it if you have not been paying attention to your statements, so that the next time you take out a cash advance or use your card for anything else, you are over the limit. Now they can hit you not only with staggering interest rates but also enormous over the limit fees too. Credit card companies are sneaky little devils that is for sure.

And who knew that paying off your balance every month was a crime? In the land of credit card companies it sure is. They hate people that do this, they actually call then deadbeats, beat that. This is because those who pay off their balance all of the time are not generating the credit card companies the same amount of profits. If they are not collecting interest off of you and you have a card with no annual fees they are not making any money off of you at all. Some credit card companies will actually tack on an annual fee to those who practice this kind of terrible credit behavior. They have even been known to get rid of ones grace period all together so that they can at leas get some interest out of the customer.