One of the things I have noticed lately is the addition of services like Account protection insurance and/or magazine subscriptions. Be careful. Sometimes you'll get a coupon or some sort of bonus that you only have to send back in order to get a pen/hedgehog/parachute/trial issue of a magazine. Read the fine print, because sometimes all you're doing is enrolling on a subscription plan by simply sending such offer back and accepting it. I have seen people get hit with lots and lots of late fees just because they forget of those services (Why would an 80 year old lady need dismemberment insurance? I don't think many seniors are wrestling sharks these days.), and they keep on getting charged to your account. And then, boom. Collections. Rule of thumb: There is no thing as a free lunch.
Another tip. Basically, the store or bank doesn't give a damn if you sent the payment on time or not if it posted late to the account. Some companies, like Macy's or Bloomingdale's will be happy to waive a late charge if they didn't have the correct address, or the post office wasn't getting you your mail, but unless it had been a mistake on the part of the store or the bank, if your payment was posted late to your account, you are fuxxored.
Now that summer is approaching, I'm getting calls from people who wisely inform that they will be taking and using their card outside of the country, or if they are going to make a large purchase soon. Why is this important? Simple, credit card companies are putting their money on the line to pay the merchant, and if they have taken precautions to make sure no thief is using your card to spend their money. If they see some sort of unusual activity, like an unusually large charge, repeated transactions on the same day for the same merchant for the same type of merchandise, or your card being used to pay for a Zulu Warrior mask in Africa out of the blue, they WILL block the account since they cannot make sure it's you the one using the card. And yup, that means that you are fuxxored unless you can use cash or traveler's checks. Take a couple of minutes out of your time and let your friendly neighborhood customer service representative know that you will be using your card out of the country, or making a big purchase with it. (Debit cards usually do not get this much protection. It's your money and not theirs, the one on the line anyway.)
On the issue of vacations, if you will be leaving for some time, and aren't sure you will be back on time to make your payment, either call in advance and explain so they can put a hold on any late fees (not everyone will do this) or pay your average minimum before you leave. You wouldn't believe the amount of %$#@! idiots that expect us at the company to forgive 250 dollars worth of debt because they left their balance outstanding for months just like that. Sure. Would you like fries with your newly raised APR?
On credit limit increase: If you pay your balance in full often, and haven't been late more than once in a year, you might qualify for a credit limit increase if you need it. On the other hand, start missing your payments or only making the minimum and your limit may go down.
This is very important, when you call, don't be a dick especially if there is a problem with your account. The rep who picks up the line might be your only ally when it comes to disputing a charge or fixing up a misunderstanding. Let them know if you feel frustrated or worried, but make sure they know you are not blaming them for your problems. Don't flaunt the fact that you are a big shot attorney/doctor/contorsionist and that you deserve to have your butt kissed because of blah blah blah yadda yadda yadda. "Please" and "Thank you" will get you faster to where you need to be. And let them talk. You can't get an answer if you keep on blabbering.
If you get your problem fixed, and someone actually righted a big wrong for you, commend them with their supervisors via the phone or a written letter. Take their names or employee numbers, and express your gratitude. You wouldn't like it if you spend 1 hour over the phone with someone fixing a problem, getting a hit on your stats, without getting a bit of recognition, right?
When it comes to disputing a charge, you must do it in writing. Credit laws require a written request or explanation of why you are disputing a charge, with a signature. It cannot be done over the phone. They might put a block on the account to prevent it from running again when someone tries to charge your card for another month of useless magazines, but that won't kill the source of the problem. (non delivery of promised goods, misrepresentation, unreasonable change of prices, double charges or not refunding your money after a return or simple unauthorized charges are enough to start a dispute.) If you think you are ready to dispute, get ready in advance with all the evidence, the time, date and amount of charge, along with the merchant name and a clear and concise explanation of why you are disputing a charge. Get the address or fax number of where to send it, and be patient. It may take up to 90 days for something like that to be fixed. Keep in mind there is a lot of detective work to do when it comes to disputing a charge, and it takes time to do it right.
If possible, memorize your card number and the number you can call if you need to report it stolen or lost. And learn to work their automated system. You may get the info you need sooner from their computer rather than having to wait in line to speak to Joe or Jane Rep just because you prefer a live person.
Final tip. If you are getting a divorce, and your spouse is on the account, either have him/her removed if he's an authorized buyer (since you hold the responsability for all the purchases) or close the account ASAP if your S.O. is the secondary account holder. If it has your name on the account, it's your responsability to pay, basically.
Y'all have a nice day, and keep on shmupping.