Beware the Creative Writing of Credit Offers

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It’s hard to resist the offers of low/or no interest on a new credit card or credit balance transfer. The offers may sound too good to be true, but are they for real?

Be careful, read the fine print and understand what you’re buying.

• What do you have to do to keep that low rate?
• Are new purchases charged at a higher rate of interest?
• Does a late or missed payment negate the low rate you signed up for?
• When you pay off the balance transfer, will the interest rate change?
• Read carefully and understand what you’re getting into

Most credit cards now have clauses they say if you are late on any other credit card, your rate can be increased. Even late payments on utility bills can cause credit rates to rise. Be prompt. Pay all your bills on time.