How To Outsmart Credit Card Companies

Here's how:

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The Rebel Yell

Know which type of credit account your credit grantor uses. This is helpful because it allows you to understand your payment plan more extensively. There are three types of credit accounts credit grantors generally use.

Revolving Agreement: This is where the consumer will either pay in full each month or make partial payments based on the outstanding balance. Most commonly used for department store, gas and oil and bank credit cards.

Charge Agreement: Here a consumer promises to pay the full balance each month so that the borrower does not have to pay interest charges. This is used most often by local businesses that require charge card repayments on this basis.

Installment Agreement: This is where a contract is signed by the consumer to repay a fixed amount of credit in equal payments or over a specific period of time. One will run into this type of account agreement when purchasing a car, furniture or major appliances. Personal loans are also paid this way.

Cheers,
Johncy Edward
Your Trusted Credit Score/Credit Repair Guru