Credit Card practices – Beware

I could not resist writing about this as soon as I saw it this morning. The story was titled Credit Card practices cleaned up. Wellllllll….. there would be something more to this story. I wanted you to find out just as soon as I did.

According to the Manager for the Pew Health Group, issuers have been increasing fees for cash advances and balance transfers. Banks have hiked those fees to a median 4% as of March from 3% in July 2009, according to the study. Credit union cash advance fees rose to 2% from 2.5%.

Have you noticed on your bank statements that the fees were higher when you got a cash advance? I don’t do cash advances; however my husband does and this is going to make me go back and re-assess what he has been paying in fees. Then have a discussion with him and see if there needs to be an adjustment in how he gets cash. There’s no fee for walking inside the bank and making a withdrawal! Hmmmm.

Pew researchers also found that penalty rate increases, which are not subject to CARD Act rules, remain widespread. According to the study 94% of bank cards and 46% of credit union cards included penalty rate terms. The median penalty rate, when disclosed, rose to 29.99% in March from 28.99% in July 2009.

I encourage you to read all of those pamphlets that come in the mail with your bank statement. I will be the first to admit, I’ve gotten those envelopes in the mail and not read them because it was not my bank statement..only later to learn there was some very important information in those envelopes. Let’s be honest there are times when you get bombarded by sooo much mail – this person offering you life insurance, or this person offering you a credit card that it just seems like another advertisement.

Ladies, when it comes to your finances, bank statements, letters from the bank PLEASE take the time to read and take the necessary action. Armed with information and utilizing that information is what will make the difference when it comes to your money and marriage.  As the Wife CFO, it is important that you HANDLE business!