Sunday, August 31, 2008

Tip: Keep up with Credit Card Terms & Condition Changes!

A couple of weeks ago I got an e-mail from Wells Fargo noting that the terms of my credit card was going to change by November. Deciding to check it, I at first didn't notice any major change other than the fact that they were going to raise (!) my APR around 1 percent. They also happened to update the fee schedule, which took a little closer look to realize the changes they made. In it, I found out they removed the cap for their Balance Transfer fees.

While this change doesn't affect me all that much, for others, it could make a huge difference. Transferring a balance could cost a couple more hundred dollars than before, especially if you're looking at a huge amount.

So when you get these notices, don't ignore them. At least take a quick look, because if you don't, it could end up costing you a lot of money.

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