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Do You Need New Credit Card Service "Skip-Payment"?
The competition on the credit card market is very high! Credit card companies always look for the new customers to fill out credit card application for their credit cards. In order to get more and more customers, credit card companies provide them with new and interesting services. Many credit card users often feel the temptation to use the new service, but it is very important to find out about it in details first!
Have you ever heard about the new service called "skip-payment"? Learn all about positive and negative sides of this new service and find out if it is wise to use it.
Have you ever received phone calls from Visa or MasterCard asking if you would like to skip one of your monthly payments? Or, may be you received such offers in mail?
I am sure that many of us wouldn't mind to have a small break from their financial obligations. But you have to know that in reality this service is not as great as it seems to be from the first sight!
The next time when you receive a phone call from your credit card company offering you this great service, don't forget to ask them how much this service will cost you now and in the long run.
I have to tell you that an average cost of "skip-payment" service is about $30-$35, which is the price of fee you would pay for the late payment.
Accrued interest will be added to your credit card balance as well. Even if you are a lucky owner of low rate credit card, it will take you months and months to pay off your credit balance to be increased!
Let's imagine that your credit card balance is $5000 and the interest rate on your card is 12%. Your usual monthly payment is $100, so if you would like to skip it, you will have to pay $199! If you have to pay a fee for "skip-payment", you should also add this sum to the total amount. The game is not worth the candles, is it?
But sometimes it makes sense to skip one of your monthly payments. I am talking about some emergencies: you got fired from your job or have some unexpected auto or medical expenses. If the price of this service is lower than your minimum payment, then it will be wise to use it.
This service will not lead you to bad credit and it may grant you some time to solve your financial problems. Make sure that you will be attentive and careful with your finances after using this service in order to get caught back up and to avoid spending money on huge fees!
But before making your choice, take into consideration all pros and cons of this service and before you accept this offer, think twice if you really need it!
Comments• News Comments... |
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It is crazy how credit card companies try to get more and more money out of my wallet! They always try to convience people that they want to help them, but it is nothing but lie!!!
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