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Three Credit Card Benefits to Stay Away From Credit card holders are offered many perks in an attempt to lure individuals into being customers for the long haul. Most of these benefits are provided to holders for free, but are not always the “perk” they seem to be. While some benefits may actually be help, here are three you should definitely stay away from. * ATM Withdraws Many consumers get lured into thinking the card is pulling from their actual saving or checking, but it is not. The funds are being taken in the form of a loan. Using this withdraw method with a credit card is actually putting a person into credit card debt. You must also take into account, the fee's you will have to pay, if you use an ATM machine that is not connected to the credit card you use. This benefit is a huge profit maker for the credit card companies. They get to collect on fees and interest on increasing balances. Is it really worth paying high interest rates and fees associated with this perk, in return for quick cash? In the long run, most people using this service are only going to build on debt problems and potentially help to put them into serious financial trouble. * Balance Protection Insurance The credit card companies push this service as a way a person can protect oneself against an unforeseen difficulty. They make claims that it will help pay credit card bills in the event of lost employment, disability, become critically ill or accidental death. The catch comes with the method of charging for this. They typically charge for this protection service based on the credit card balance. There is generally a specific percentage of the card balance that becomes the fee for the service. The more debt you have on the card, the higher the rate they will charge you for this insurance. Also, keep in mind, the protection only covers the minimum payment on the card based on the contract terms. * Convenience Checks Almost every time you open mail from any of the credit card providers, you will see convenience checks being pushed as a way to get quick cash. This is one of the most popular "benefits" the credit card companies will market. The reality of this fast cash is, they are just another way to get people to accept cash advances. They tend to have the highest interest rates of all the services offered by card issuers.There is almost no limit to what they can charge for the convenient check services. They almost always have a minimum charge, but place no cap of the fees. The interest rates have been found as high as 25%. Convenience checks do not offers a grace period to avoid interest charges. They begin charging interest immediately after the check has been cashed. In Conclusion Do you homework and learn all you can about services before you agree to any of them. There is always fine print. Most of us skip right over the terms of agreement, but it’s always a good decision to gain some understanding on what you are getting into. It will be worth your time to learn the pros and con’s of any credit card services your thinking about using. The three services explained here are ones I would surely stay away from, but they are not the only ones. There are sure to be more. Credit card issuers are always looking for new ways to make more money. Be on guard and stay informed.
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