Those with good credit typically find several credit card offers in their mailbox every week, and people who want to protect their good credit have the chore of destroying these unwanted credit card offers. Unwanted credit card offers can fill up a shredder bin in nothing flat, and for many, these offers are nothing but an annoyance.
Once in a while a credit card offer grabs the attention of a recipient. Big bold numbers boast fantastic low rates and offers that for many are too good to pass up. Low-rate credit card offers should be accepted with extreme caution. These credit card offers are lures to bring those with good credit into a trap they will have a hard time getting out of. People often try to manage their credit to the best of their ability by accepting exceptionally low-rate credit card offers and transferring higher rate balances, but these offers can actually ruin good credit.
Low-Rate Credit Card Offers
The bait is almost too good to pass up. You have just received a low-rate credit card offer from a reputable credit card company. This well-known company is offering to transfer your higher rate balances to 0% until your balance is paid in full. Wow! What a great offer! You decide to accept that fantastic credit card offer. It’s too good to pass up, and an offer like this is a good way to manage debt. Your credit is already good, and you’re going to make it even better with this wonderful offer. You’ve just taken the bait, and the credit card company has lured in another unfortunate sap.
Credit Card Companies are Waiting for a Mistake
Credit card companies aren’t doing anything wrong when they present these fantastic interest rates and offers, but you must stop and contemplate how credit card companies make their money. If everyone accepted the wonderful low-rate offers made by credit card companies, how would these upstanding credit card companies survive? Credit card companies are in business to make money. Credit card companies aren’t in business to reward those with excellent credit. Credit card companies don’t care if your credit remains excellent or even good for that matter.
Low-rate credit card offers are often great offers, but these offers aren’t a privilege. Low-rate credit card offers in reality are nothing more than legal bait and switch methods. The credit card companies are counting on you making a mistake, and they can’t wait for that unfortunate mistake. When you make an honest mistake and the credit card company unfortunately, receives your payment after the due date, you will pay dearly.
Credit card companies are unforgiving corporations that are banking on mistakes, and they most definitely want you to make mistakes. Everyone makes mistakes, and sooner or later you are bound to screw up, and your credit card payment will eventually be late. It may not be your fault, but the credit card company will be ready to pounce. Your attempt to manage your excellent credit will more than likely backfire. No matter how hard you try, you will probably make an eventual mistake. When you make an honest mistake in paying your credit card bill, get ready to be financially gouged, and maybe even financially ruined.
Your once low-rate credit card interest rate could very easily go from 0% to 23% or more in the blink of an eye. Just one honest mistake and you could owe hundreds or even thousands of dollars in interest on a high balance credit card. Read the fine print on the back of the next credit card offer you receive. These are not offers worth risking. It’s best to never put yourself in a risky position such as this. Run away from low-rate credit card offers and any credit card offer for that matter, and don’t look back. There are better ways to obtain the credit you need, and these ways don’t involve risk.
What to do if You Make a Mistake That Raises Your Credit Card Interest Rate
If you made a mistake that shot your credit card interest rate up, don’t count on your credit card company to be forgiving and lower the new ridiculously high percentage. The credit card company has been waiting for you to make a mistake, and they are not likely to give you a second chance. When you agreed to the terms and accepted the credit card offer, you agreed to accept the consequences if you should happen to default on those terms. You are more than likely stuck, but not forever if you take a smart step to obtain a fair rate.
If your credit card has a high balance, your best bet is to obtain a fixed-rate loan to pay off the credit card. Find the best loan to remedy the problem, and cancel the credit card account immediately. Send the credit card through the shredder along with any and all new offers. Don’t give another credit card company a chance to legally take advantage of your good credit and human vulnerability for error.
Returning the Favor
If you are tired of receiving credit card offers send them back as soon as you get them. Cross out the area where credit card companies request your personal information, and send a note telling them to remove your name from their list. Tell them in no uncertain terms not to send any further offers. Use their postage-paid envelope to send back the junk. If everyone receiving unwanted credit card offers would do this, credit card companies might rethink their unscrupulous marketing strategies.