It is a sad fact of life that credit card companies are fast at adding a penalty charge on your account for every mistake, delay and slip up you cause, immediately and without a second thought. These penalty charges can amount to millions of dollars taken from consumers each month.
Of course, they are a necessary part of credit card operations since they ensure that customers would to things on time and correctly, but you would want to make sure that you would not be charged with them.
The best way to avoid these penalties is to look at the entire situation from the point of view of the credit card company. They are just making sure you will keep your card secure, stay within your credit limit, and make your monthly payments. So if you do these, you will be able to avoid penalties.
Now the problem is that it’s very easy to slip up. With all the things we have to do, it can be difficult to track our outstanding balance, especially if we use our cards for more things. We also tend to forget to make our payments on time. There are so many things to do, and paying credit card bills aren’t really our priority. For some people who do not organize their life and schedules well, then it’s harder for them to pay their bills punctually.
If your card is lost or stolen without any fault on your part, and you call your credit card company as soon as you find out, you will only be liable for a maximum of $50 dollars. And if you manage to let the credit card company know before any thing has been spend on your stolen card you will not be liable for any thing. Know that this also applies for identity theft and fraud. Taking a few simple steps can mean you are virtually never subjected to credit card penalties.
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