Beware of Subprime Credit Cards

Subprime credit cards are the worst credit cards to have in your wallet. These credit cards have high interest rates, costly penalties, and hidden fees that can eat up nearly all of the credit available on the card. A $100 purchase can quickly become over a thousand dollars of debt. Having one of these credit cards can make it harder for you to get mainstream credit cards. The fees and penalties can put a cardholder over the limit, even if he didn't make a purchase, which may further damage his credit.

Subprime credit cards are dominated by smaller, lesser known banks but two large banks, Capital One and HSBC, do offer subprime credit cards. Federal regulators are getting involved. The Federal Reserve Board is even proposing to cut subprime card fees. To learn more about this issue, visit these web sites:

Center For Responsible Lending
National Consumer Law Center
Federal Deposit Insurance Corporation(FDIC)
Federal Reserve

In other news...
Gas stations are pulling the old bait and witch so pay attention the next time you fill up the gas tank. Some gas stations are charging customers who pay by credit card more than those who pay cash. The hope is that customers will start paying cash and while inside the convenience store buy other items. Station owners are doing this in response to higher fuel costs. To avoid being duped at the pump look for stations that display both cash and credit card amounts for gas. Also, pay attention to you credit card receipts.

Consumers using online coupons should make sure they will be accepted next time you go shopping. Many stores are not honoring online coupons due to an increase of counterfeit coupons. Here are some tips to avoid getting ripped off and to continue enjoying the benefits coupons provide:

1. Never pay for coupons. Companies provide them for free.
2. Make sure coupon bar codes print out clearly and correctly.
3. Print coupons from company websites to guarantee legitimacy.

For more information on coupon fraud visit CouponInfoNow.com