Customer Reviews

What Every Credit Card Holder Needs To Know: How To Protect Yourself and Your Money

Strong gives good overview of credit card use., April 17, 1999

Ever found yourself upset at your credit card bills or wondering how much you are actually being charged to use the cards? Well, if these thoughts have ever crossed your mind this is a book you need to read. This book has been written by Howard Strong who was a credit card lawyer for years and decided to write a book to let users know the loopholes that the companies try to slip through. This synopsis of the book will give a brief look at this book and why it is important for you the consumer to read. First off the book describes different types of credit cards and why one would want a certain kind. It goes into great detail distinguishing between department, restaurant, and bankcards and how they are beneficial for the intended application. It is important to be using the correct type of card because the consumer can get certain deals and discounts by using a certain card at certain establishments. One thing that this book pointed out is that if used properly there are many advantages to using credit cards. The book goes on to talk about how the consumer can lose money while using credit cards. More specifically it talks about annual rates and interest rates. These are things that are very important to know about because a card company can charge you up to 22%. Strong does point out that if you pay off your card in full every month no interest charges will be charged. The whole idea behind the credit card is to make money; the Card Company's would prefer you to be late on your payments because they then get interest money collected. Strong also points out things to watch out for when signing up for cards. Company's will use certain incentives like low rates for the first few months and then jack up the interest rate after that time. Strong has very harsh views about debit cards or ATM cards. Basically, using one of these cards is great if the consumer only wants to take cash out of their account, using it, as a credit card is very dangerous. First off, they take money directly from your account and secondly the consumer does not get the protection that a credit card offers. One bad feature on a credit card is that if the consumer wants to take a cash advance using the credit card they are usually charged high interest rates, in this example an ATM card would be more beneficial. This book also gives great tips on how to keep track of your records and the big plus with credit cards. When it comes time for tax season, an accountant can see exactly where your money was spent and what to deduct and not to. You have a complete record of your expenses. It also says receipts should be destroyed since a credit card thief could steal your number off of the receipt and use it in a fraudulent manner. The next half of the book goes into great detail on how a consumer can fix billing errors and stopping payment on defective products. This is where a credit card is very useful. If a credit card company bills you for an incorrect amount the consumer can take steps to correct this problem. The important thing to remember is that there are guidelines on what to do. There are time limits from the time your bill is mailed to you to the time that you complain. Strong points out that all complaints need to be made in writing and it is a good idea to send the letter certified and with a return receipt requested. This way you'll be sure that the Card Company got your letter and they are required by law to investigate your complaint. If you buy a product that is defective you have two options of getting your money back. You can go to the dealer and try to get a refund and if this doesn't work then you can do a stop payment on your credit card. By stopping payment you are signifying that the product you purchased did not meet the advertised expectations. That the company misled you in the purchase; therefore you are not accepting the good and have a right to get your money back. This can be done by stopping payment and writing a letter to the Card Company. An investigation then will be held and in some cases hiring a lawyer may be necessary to get the ball rolling. The book does point out a nice feature that if you win your case the Card Company must pay for your lawyer fees. The book ends by discussing the credit card cops and how they are supposed to keep the card companies in line. Basically make sure that they follow the laws set forth by congress in dealing with credit card matters. It then takes a look at a whole new avenue of credit cards and that is their use over the Internet and how to stay protected. Strong recommends never giving your card number over the Internet because that is the only way to stay protected. Knowing how to properly use a credit card can save you money by avoiding late fees and interest charges. It also will provide you with great protection when it comes to getting money back from companies for defective purchases. This book will give you the base to get started in your efforts to fighting the card companies and help you save money and be protected in the process.

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