The credit cards are one of the secure and convenient payment ways. But sometimes they are not perfect. In this scenario, some of the credit card users make mistakes in their card usage and penalties fees. The irresponsible use of credit card that leads some financial loss, increase or decrease of markup rate and other penalties, it will also damage your financial and credit record. The overuse and misuse of a credit card can form several burdens that impact on your financial well-being. There are 5 common problems with the credit card.
1. When Your Credit Card Is Declined
The most frustrating thing when you are facing declining issue by the merchant in credit card purchase. This happens due to several reasons. In this case, first, you need to contact your card issuer and ask them about this issue. The customer services of the card issuer company should be able to solve your card declining problem. You can also check by the merchant who attempted this card charge process. Your bank will also give notification about your card payment either it is suspended or out of limit. The other reason for card declining and need verification from suspect, that card may be used for the fraudulent activity. In order to avoid this problem, first, you need to contact your card issuers before making any major purchase or traveling in other countries. You should avoid of making repeated charge from the same merchant of any identical amount.
2. Your Payments Are Late or Missing
You will be charged interest rate penalties and costly late fees if you have late or missing payments of credit cards. You just need to avoid late and missing payment problems and make your payment on time. You could also avail text and email alerts services that are offered by credit card issuer. Furthermore, your credit card issuer will also offer some automatic bill payment methods. In the last, if you are checking all the payment emails, then you need to use your electronic bill payment system of the bank for the chances of late payment.
3. Your Annual Fee Is Too High
There are so many credit cards that offered high limit, but many of them come with great annual fees. Sometimes the fees of credit cards become very high for the card holders and they are mainly looking to reduce. In this case, you need to contact your credit card issuer and ask them about card annual fees. Some credit cards have fewer features, rewards, and benefits. But these credit cards have no annual fees. Generally people prefer those credit cards which have less or no annual fees.
4. Your Credit Card refuse to swipe
Another problem you might face that your credit card refuses to swipe. Sometimes it becomes demagnetized. This mostly happens when your card is being connected with the magnet or damaged in your wallet. It will erase your information and will no longer to use. Some account cashier enters your credit card number manually. In this case, you have to call your card issuer company and request for the new credit card. There is no any other option to fix this problem.
5. You cannot afford your payments
If you are making a huge payment and suddenly you cannot afford the new payment amount. Then you don’t need to stop your payment. You should need to contact your credit card issuer as soon as possible. And ask them about your monthly payment or you can ask them to reduce the card interest rate fees. If they will not be able to do this then you must cut back all your monthly expenses. You can also consult about debts. Your consultant will make a payment budget for your monthly expenses. It will help you to live within your budget and expenses.
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