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:: Featured Credit Card Blue Cash® for Business Credit Card Earn up to 5% cash back 0.0% APR No Annual Fee
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The risky business of credit What you can and should avoid At Good Credit Cents, we understand that credit cards also have their disadvantages—they can usually be summed up as interest and fees! If you don’t take the time to research the best credit cards or use them to make frivolous and unnecessary purchases, they can ruin your credit score and take a lot of your money! Here are some things to look out for and avoid when applying for and using credit cards. High Interest Late Payment Fees Balance Transfer Fees Over-the-Limit Fees Interest Make sure you read every disclaimer in a credit card offer. Some credit cards can charge up to 20% interest or higher. It can take you years to pay off a balance if you only pay the minimum payment, and compounding interest will suck your finances dry. One important reason to establish good credit is to avoid high interest charges as you apply for new cards. Late Payment Fees A late payment fee could cost you up to $35 dollars or more just for being a couple days late on a payment. This can add up quickly if you are in not in the habit of paying on time. Balance Transfer Fees These fees are usually 3% of the balance transfer. Keep in mind that the 3% is not assessed annually, but comes through as a one-time charge. This fee also can skyrocket when credit card companies begin charging 20% interest on your balance transfer fee. Over-the-Limit Fees This can be another $30 charge or more. Leave it up to credit card companies to let you go over your limit and then hit you with a charge. Remain aware of your credit limit and how much of it you’ve used. Tip: NEED TIP HERE – perhaps on avoiding fees/negotiating fees? Using credit cards with Good Credit Cents will help you avoid these extra fees and high interest. Check out our Credit Card Benefits and How to Use Credit Wisely pages for more information on proper use of credit cards and advice on saving, making and leveraging your money!

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