Answers to your biggest credit card queries

Are you a credit card savvy? If you are a frequent user of credit cards, there’s a probability you’ll encounter at least one of these problems. Here are some measures which you can follow if any of these ever happens to you.

High rate of interest

Your credit card becomes more expensive if the interest rate is high assuming you carry a credit card balance. If you have an excellent credit score, there’s no reason to pay a high interest rate, especially if you’re getting better offers from other credit card issuers. It’s better to ask for lower interest rate credit card from your credit card issuer.

Billing statement showing unauthorized charges

You’re not meant to pay any billing errors or unauthorized charges. However, the law requires you to dispute billing errors in writing within 60 days of the billing statement being mailed. Reporting the error quickly is important. Many issues can be resolved by simply calling your credit card issuer, but a letter will ensure your rights are protected.

No swipes can be done

The card no longer swipes as sometimes it gets demagnetized. When that happens, the information is erased from the magnetic strip on the credit card and credit card readers can no longer gather the information to process your transaction. So, contact your credit card issuer asking for the new credit card.

Declined credit card

Your card could be declined due to several reasons. You may be over your credit limit. Your card has expired. Or, it’s possible that your card has been cancelled. Always carry a backup source of funding so you can pay for a transaction if your credit card is declined. Soon contact on the number written on the back side of your credit card to find out the reason.

Missed the deadline of credit card repayment

A single missed payment won’t hurt you too much if you realize you missed the payment before the next due date rolls around. You may even be able to get your credit card issuer to waive the late fee if you’re not habitually late. And, making up your payment before it gets 30 days past due will prevent damage to your credit score.
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