You’ve probably received several credit card offers in the mail, and the outside of the envelopes scream interest rates and promotional offers to try and entice you into opening it up and looking at what’s inside. Chances are, if you have an email address, you’ve even received a few credit card offers through that address- bright colors and animated graphics trying to convince you that there card has the lowest initial interest rate, or the longest transfer balance rate of all the available credit cards on the market. All of the offers will look good at first glance; after all- that’s what marketing is about, right? According to Merriam-Webster’s online dictionary, marketing is a noun used to describe “the act or process of selling or purchasing in a market, and the process or technique of promoting, selling, and distributing a product or service.” Credit card companies are in business to sell you their credit cards, and they’ll use a variety of promotional materials to get your business.

The outside of your credit card offer’s envelope might say something like, “LOW 0% Initial Interest Rate on all purchases and balance transfers”, but there is much more to how a credit card’s interest rate is calculated than that statement reveals. Initial interest rates are sometimes referred to as the card’s promotional rate, or teaser rate. In all honesty, an initial interest rate is basically the same thing for a credit card as a sale is to a retail store. Retail stores advertise their products that have a discounted price for a limited time to attempt to bring people into their establishment to buy the sale item, but also because once you are there, they hope you’ll purchase other products.

Credit cards offering initial interest rates are basically putting their standard interest rates “on sale”, because for a limited time, new cardholders will receive a lower than usual rate on purchases, and sometimes also on any balance you transfer from one of your other credit cards onto this new card. What you need to understand about initial interest rates is that they really are “for a limited time”, and just as you couldn’t go to your favorite store and buy items this month for the sale price that was offered the previous month, you can’t extend a credit card’s initial interest rate beyond the terms they specify (often found in the small print!) What you’ll want to look for in the text of the materials that were sent with the initial interest rate cards promotional documents is reference to the cards ongoing annual percentage rate (APR). This is the interest rate that you will pay once the initial interest rate period has passed. (The regular price of an item after the sale has ended!)

For Information on the latest offers for 0% and low and low initial interest rates see http://www.1st-uk-credit-cards.co.uk/0_initial_rate.html

Initial interest rates will also come with terms of agreement, in the form of a contract, which give reasons as to how or why the rate might be terminated by the credit lender. The most common reason to terminate the initial interest rate offer is for making a late payment on your card, and if you read the fine print of the credit card agreement- you’ll note that it states this very clearly. In order to keep the promotional, lower rate for the time specified by the credit card lender, you must make every payment on time. If you are late with a payment, you can expect the interest rate to jump to the ongoing APR, or in some cases, higher because you have defaulted on your contract agreements, so do everything you can to make sure your payments are made on time.

What you also should know about the initial interest rate offers, is that even though they may say the rate is fixed for a specified number of months, and even if you make every payment on time and are not in default on making your payments- the rate can change! Credit card lenders can make changes to their interest rates simply by sending notice to their cardholders, and allowing so many days before the change takes place. It seems completely unfair to consumers, but it’s just how it is and there isn’t anything you can do to prevent it. Watch notices that are sent with your credit card statement each month, as this is where you’ll find changes to the credit card agreement. If the change is one you find unacceptable, you’ll have some time to search for a new card to transfer your existing balance to before the changes take effect.

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A credit card dispute on transactions made, offers consumers three protections: protection against unauthorized use, billing error procedures, and the right to withhold payment. Lenders follow a set of procedures when you file a credit card dispute for a discrepancy in your bills. Keep in mind that at the end of the investigation, these protections may still result in a finding that you are liable to pay for the disputed transaction. The law(s) applicable to your particular set of circumstances will dictate the actual amount – if any – that you are liable for.

Protection against Unauthorized Use

In an era where merchants accept payments by credit cards on the Internet and by phone, the problems relating to the unauthorized use of credit cards have increased. Unauthorized use includes situations where your credit card or credit card number is stolen, borrowed, or used without your consent. If it is proven that your credit card was indeed used without your authority, then the law limits your liability to $50. In most cases the issuers of credit cards waive this payment.

Once an unauthorized charge has been reported to the issuer, the latter makes a decision whether to take the transaction charge off your account or to investigate the validity of your claim. This reasonable investigation can consist of many things such as a verification of the signature on the credit card transaction slip, comparing the locations of your residence and the outlet where the transaction was made, and obtaining the related police report.

Procedures to Follow When Disputing a Billing Error

You can invoke this protection on your credit cards, when a merchant charges you for products you ordered but that never reached you, or when your credit card bill is overcharged. A federal statute, Fair Credit Billing Act (FCBA), protects you when you use your credit cards. FCBA provides that you may dispute any charges that are made to your credit cards and, that while the credit card issuer is still conducting investigations, you have the right to withhold payment without being subjected to interest for the corresponding unpaid amount. Because of this law, credit card companies are forced to pay attention to your credit card dispute. The merchant involved may, as a result of the dispute, incur credit card chargebacks.

There are things you need to do if you want to avail yourself of these consumer protections afforded to you on your credit cards by the law:

· File a written statement to the credit card issuer at the address indicated for “billing inquiries” – not the address to which you send mailed payments. This statement must contain your name, address, credit card account number (not the card number), and all particulars and descriptions regarding the erroneous billing transaction including the corresponding amount and the date of the erroneous transaction.

· Send this letter to the credit card company so that they receive it within 60 days from the date of the first statement that contained the erroneous transaction entry. Suppose you did not get the billing statement? For instance, an identity thief may have changed your account address. In such cases, the credit card dispute letter should still reach the card issuer within the required 60 days. You should have an idea (or ask) of when the credit card companies usually mail out the billing statements. Make sure you receive your statements every month. If you don’t, follow up without delay.

The following circumstances are grounds for invoking a credit card dispute:

· The item posted on the bill is in error;

· The item on the bill is a transaction not made by you or a person you expressly authorized;

· The item refers to products or services that have not been accepted for reasonable causes by you or a person you authorized. For instance, the item may not have satisfied the conditions of sale. You can ask your card issuer if you are not sure whether to reject the item outright, or to accept conditionally and then challenge the supplier.

· The item refers to products or services not actually delivered to you, or to your designated person, as the terms of sale have indicated. For instance, you may have paid additional shipping to ensure quicker shipping but the purchased item was delivered late, or not what you ordered, or not in the quantities you specified.

After you have submitted your complaints, credit card companies are required by law to conduct an investigation. They should be able to inform you of their findings within ninety days or two billing cycles, whichever date comes first. In most cases, merchants will back off rather than risk losing the privilege of accepting credit cards. The credit card company will then cancel the charges as well as all corresponding interest.

If the credit card dispute is not settled, you are entitled withhold the payment of the disputed portion of your bill. You should however see to it that you pay the undisputed amount. Otherwise the credit card company may resort to action for collection, or report the delinquency to a credit bureau.

Should the results of a credit card dispute not be in your favor, your credit card company is required to send you a written explanation of the findings and how the decision was informed. A grace period for the disputed amount is normally granted.

Right to Stop Payment

Another crucial protection you have in a credit card dispute is the right to stop payment. The stop payment order is a very powerful tool that can be used when you are not satisfied with a purchase you made with any one of your credit cards. You can invoke this right if you have a legitimate complaint regarding the quality of anything you purchased with your credit card and provided that you have made a good-faith attempt to settle the problem directly with the merchant.

Because it is so powerful, this right has some important limitations:

· The value of the disputed goods or services should be over $50, and

· The items must have been bought in your home state or within a distance of 100 miles from your mailing address.

There are exceptions to these limitations: they do not apply if the credit card you used was issued by the seller (such as a department store or house card) or if an advertisement for the items you bought was mailed to you by the seller. Even so, you should show proof of a good-faith effort to settle the issue with the seller.

Once you have sent notification to the credit card company about your intention to withhold payment, they are not allowed to report the amount under dispute as a delinquency to any credit bureau. Any actions have to be withheld until the dispute is resolved or a competent court has issued a judgment against you. By the same token, your lender cannot take action for collection or treat the transaction as “settled” unless they have conducted a reasonable investigation into the dispute.

If you feel that you should withhold payment, complete Form 76 and mail it to the credit card company address indicated for “disputed charges” (not for the billing address) and explain the reason for your decision not to pay. You should do this promptly: taking too much time about it will make your claim suspect. You should withhold only the amount corresponding to the defective or undelivered item plus the associated finance charges.

To bolster your position as best possible, ensure that your credit card issuer receives your dispute claim within sixty days of the credit card billing statement that first showed the item under dispute. You must explain and describe your attempts to resolve the issue with the seller. You should also attach documentation of all your attempts at resolution, including letters you sent to the seller regarding the disputed purchase and the copy of the credit card bill showing the item under dispute.

Perhaps this is why purchases made by means of credit cards are better than cash from a consumer perspective. The protection and mediation offered on purchases made through you credit cards essentially translate into built-in consumer assistance: help that would have cost you a great deal extra had you opted to pay for the disputed items by cash instead.

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The Skinny on Credit Cards, How to Master the Credit Card Game. Finally, someone has written a book which is clear, concise and comprehensive on the subject of credit cards. The Skinny on Credit Cards will be helpful to everyone from the young adult getting his or her first card to the older adult who has used cards for years and never really totally understood the rules of the game. The Skinny on Credit Cards is a compilation of all the books and articles that have been written on the subject. All the experts were consulted. The Skinny On™ presents all the relevant information in an entertaining and easy-to-digest fashion. The credit card world is willing to lend you money. They want money back in return in the form of fees and interest. In some ways, the use of a credit card is a big game. Your job as a consumer is to play the game well so that you get more out of the relationship than do the credit card issuers. The Skinny on Credit Cards will teach you how to win the game!!

Review”I love this book, what a terrific job. This book can literally save you a fortune!” –Gerri Detweiler, Ultimate Credit Solutions Inc

“The Skinny on Credit Cards discusses a complex financial matter…in a way that even someone with no credit history can easily understand. This is no small achievement.” –Curtis Arnold, Founder, U.S. Citizens for Fair Credit Card Terms, Inc., Author

“Written in an easy to understand style, and with a good dose of humor, The Skinny on Credit Cards gives the reader everything he/she needs to know to use credit cards more responsibly. A must read for teens and adults alike.” –James Roberts, Professor, Baylor University

About the AuthorJim Randel, a graduate of the Columbia University College and Law School, has made his living as an entrepreneur. During his 30-year career, Jim has been the lead investor in many real estate and business deals. He has been a guest speaker at Harvard and NYU Business Schools, annual conventions for national organizations, and investor sessions in every large city in the United States. He has also appeared on numerous networks as an expert on investing. Recent engagements include ABC, CBS, Fox, Fox Business and BetterTV.com.

Throughout his career, Jim’s passion has been to teach and write. His first book, The Real Estate Game (CCH), was published in 1986 and received national recognition from investors and critics. From 1988 to 1990 he was a daily commentator on the Financial News Network (now CNBC). In 2006 he wrote Confessions of a Real Estate Entrepreneur (McGraw-Hill) which reached #1 in several Amazon categories.

In 2008 Jim founded Rand Media Co, which, under the imprint The Skinny Onâ„¢, publishes a revolutionary line of illustrated non-fiction books.

The first book in this series, The Skinny on the Housing Crisis, was awarded First Prize in the prestigious Robert Bruss Real Estate Book competition sponsored by NAREE, a group of 600 journalists who cover business and finance. This was quickly followed by 8 more titles: The Skinny on Willpower, The Skinny on Credit Cards, The Skinny on Success, The Skinny on Real Estate Investing, The Skinny on Direct Sales (also available in Spanish as The Skinny on Venta Directa), The Skinny on Time Management, The Skinny on the Art of Persuasion, and the newest in the series, The Skinny on Networking.

Jim lives and works in Westport, Connecticut with his wife Carol. They have four grown children and two grandchildren.

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3 of 3 people found the following review helpful.
Quirky delivery of essential credit card basics
By William W. Davis
QUICK SUMMARY: This quirky, mildly humorous, quick-reading book provides a wealth of information for anyone willing to spend an hour reading it. Taken to heart, the information and tips could save you or someone you love a lot of money and heartache. Highly recommended!

2 of 2 people found the following review helpful.
Excellent book on credit cards!
By Tommy Morais
Credit cards are a tricky subject; they are rather complicated and hard to understand. Many people would like to learn more about them and pick up some advices along the way to make things easier. Jim Randel’s “The Skinny On” series takes a complicated subject and gives you the knowledge you need in a book that you can read in less than two hours. After all not everyone has time to read a very long book and find the courage to read it so it’s for the better truly. Credit cards were a good subject for a new book in this series and once again it worked. By the way was given a copy by the publisher and I thank him for it!

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