Read The Fine Print: Credit Card Users
You know not reading the fine print of the credit card applications can be an invitation to be slapped with penalties every time out unless you really look closely. Now a days millions of people are using credit cards to make purchases for many various items. If you pay for anything with a credit card, then beware that the 9% interest rate you thought you were locked into could actually go as high as 30%, and you might not know it until you get slapped with the bill-retroactively. That’s right there is a grace period that most credit cards do not make nearly as plain site as you may think.
What To Look For While Reading The Fine Print
If you already know what these terms mean then pass over but knowing what “Penalty interest rate” and “universal default” are provisions included by banks in their credit card offers which they claim are necessary to offset risks. These provisions are legal as long as credit card company or credit card issuer can say they warned you before. The interest rates and hidden fees within these provisions are all out of proportion to the financial risks associated with these.
Credit card issuers have used better ways in the past to protect themselves. For example, they used to cut customers off from using the credit card for any purpose after they hit their max credit limits. I feel this is a very good thing for the credit card user because they might not know what their max credit limit may be and will cut down on the hidden fees and hiked interest rates that will come with this.
Now these credit card companies allow you to keep spending so they can charge you over-limit fees (as much as $29 per billing period) and permanently higher rates. This is very common for many credit card companies especially when your interest rate has increased and if you the consumer are not currently aware of this then you will pay higher monthly payments mainly do to an oversight. This can be devastating for the budget of many users especially if you are living paycheck to paycheck and are limited on the amount of disposable income that you can spend each month. So be careful–always read and understand the fine print before it is too late.
Why Reading The Fine Print Helps You The Credit Card User
If you happened to read the fine print for you credit card statement or possibly the credit card application when it amounts to late payment for your credit card. Never pay your credit card bills late even by an hour as your interest rate can be increased permanently. Most interest rates are locked in for a set amount of time and will increase after that introductory period has passed. Although the most common mistake is paying the credit card payment late because that introductory interest rate that you locked in will increase to that super high interest rate that you were not expecting to pay until you made that late payment.
I will refer back in May 2004, according to the testimony by credit card issuers before the Senate banking committee, $14.8 billion (or 11% of their revenue) were collected on penalty rates, which averaged about 24% this year according to the Consumer Action. To make things worse for the user the new rates can be applied retroactively to purchases already made. Credit card companies usually specify an exact time by which payments must be received. If they don’t specify it, you should contact them to find out.
Be aware that even if your mortgage or other payment is late (under the “universal default”) credit card issuers can raise your rates because you are now classified as high risk. One bank was found charging a 35% universal default rate by Consumer Action.
Having too many inquiries into your credit history can also trigger universal default rate and you may be charged a fee thus lowering your credit rating.
On average credit card issuers make between $7 to 10 billion on penalty fees annually. So it is in the credit card companies best interest for you to slip up and violate the terms of your credit card application. There is no legal cap on banks’ interest rates until recently.
There is legislation that is underway to ban the “universal default” interest rates based on alleged missteps with another credit card issuer, ensure that penalty fees match issuers’ costs and ban over-limit fees. These are just a few examples of why it is important for you to read the fine print for credit card users. But until then you have to be extra careful and read every fine print because many of your questions are probably covered within the fine print in the terms and conditions of the application.
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Zune and iPod: Most people compare the Zune to the Touch, but after seeing how slim and surprisingly small and light it is, I consider it to be a rather unique hybrid that combines qualities of both the Touch and the Nano. It’s very colorful and lovely OLED screen is slightly smaller than the touch screen, but the player itself feels quite a bit smaller and lighter. It weighs about 2/3 as much, and is noticeably smaller in width and height, while being just a hair thicker.
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Shakia Teichmiller says:
August 8, 2010 at 5:48 pm (UTC -6)
Sorry for the huge review, but I’m really loving the new Zune, and hope this, as well as the excellent reviews some other people have written, will help you decide if it’s the right choice for you.
Rocky Berstler says:
August 8, 2010 at 5:13 pm (UTC -6)
This is getting a bit more subjective, but I much prefer the Zune Marketplace. The interface is colorful, has more flair, and some cool features like ‘Mixview’ that let you quickly see related albums, songs, or other users related to what you’re listening to. Clicking on one of those will center on that item, and another set of “neighbors” will come into view, allowing you to navigate around exploring by similar artists, songs, or users. Speaking of users, the Zune “Social” is also great fun, letting you find others with shared tastes and becoming friends with them. You then can listen to a playlist created based on an amalgamation of what all your friends are listening to, which is also enjoyable. Those concerned with privacy will be relieved to know you can prevent the public from seeing your personal listening habits if you so choose.
Nolan Schleuder says:
August 8, 2010 at 1:29 pm (UTC -6)
Hands down, Apple’s app store wins by a mile. It’s a huge selection of all sorts of apps vs a rather sad selection of a handful for Zune. Microsoft has plans, especially in the realm of games, but I’m not sure I’d want to bet on the future if this aspect is important to you. The iPod is a much better choice in that case.
Melvin Akwei says:
August 8, 2010 at 4:49 am (UTC -6)
Hands down, Apple’s app store wins by a mile. It’s a huge selection of all sorts of apps vs a rather sad selection of a handful for Zune. Microsoft has plans, especially in the realm of games, but I’m not sure I’d want to bet on the future if this aspect is important to you. The iPod is a much better choice in that case.
Lindsey Gurry says:
August 8, 2010 at 3:23 am (UTC -6)
The Zune concentrates on being a Portable Media Player. Not a web browser. Not a game machine. Maybe in the future it’ll do even better in those areas, but for now it’s a fantastic way to organize and listen to your music and videos, and is without peer in that regard. The iPod’s strengths are its web browsing and apps. If those sound more compelling, perhaps it is your best choice.
Jordon Dejong says:
August 7, 2010 at 4:01 am (UTC -6)
If you’re still on the fence: grab your favorite earphones, head down to a Best Buy and ask to plug them into a Zune then an iPod and see which one sounds better to you, and which interface makes you smile more. Then you’ll know which is right for you.
Mohammad Steensland says:
August 7, 2010 at 3:40 am (UTC -6)
If you’re still on the fence: grab your favorite earphones, head down to a Best Buy and ask to plug them into a Zune then an iPod and see which one sounds better to you, and which interface makes you smile more. Then you’ll know which is right for you.
John Madeau says:
August 6, 2010 at 7:47 pm (UTC -6)
The Zune concentrates on being a Portable Media Player. Not a web browser. Not a game machine. Maybe in the future it’ll do even better in those areas, but for now it’s a fantastic way to organize and listen to your music and videos, and is without peer in that regard. The iPod’s strengths are its web browsing and apps. If those sound more compelling, perhaps it is your best choice.
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Deangelo Schaumberg says:
August 6, 2010 at 1:56 pm (UTC -6)
Sorry for the huge review, but I’m really loving the new Zune, and hope this, as well as the excellent reviews some other people have written, will help you decide if it’s the right choice for you.
Bud Nicolls says:
August 6, 2010 at 12:36 pm (UTC -6)
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Lavern Kuehn says:
August 6, 2010 at 9:02 am (UTC -6)
The new Zune browser is surprisingly good, but not as good as the iPod’s. It works well, but isn’t as fast as Safari, and has a clunkier interface. If you occasionally plan on using the web browser that’s not an issue, but if you’re planning to browse the web alot from your PMP then the iPod’s larger screen and better browser may be important.
Marcos Rhoton says:
August 6, 2010 at 5:13 am (UTC -6)
If you’re still on the fence: grab your favorite earphones, head down to a Best Buy and ask to plug them into a Zune then an iPod and see which one sounds better to you, and which interface makes you smile more. Then you’ll know which is right for you.
Kevin Joa says:
August 6, 2010 at 4:33 am (UTC -6)
Between me and my husband we’ve owned more MP3 players over the years than I can count, including Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to one line of players. Why? Because I was happy to discover how well-designed and fun to use the underappreciated (and widely mocked) Zunes are.
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