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The seven deadly sins of credit card companies

Sin 5 “Payment Allocation”

 

© Polka Dot
© Polka Dot
When you make a monthly payment, credit card companies have a tiered structure to ensure that they receive the most interest possible from you. 

Although many card companies offer 0% on balance transfers, if you also make purchases on the card, your monthly payments will then be used to clear the 0% first. 

This way they can make their money charging interest on the purchases.




  
  

Women in Focus Editor
04/26/2010
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