10 Secrets Banks Don't Want You to Know About Credit Cards

Source: Military.com

Interest Backdating. Most card issuers charge interest from the day a charge is posted to your account if you don't pay in full monthly. But, some charge interest from the date of purchase, days before they have even paid the store on your behalf!
Remedy: Find another card issuer, or always pay your bill in full by the due date.

Two-Cycle Billing. Issuers which use this method of calculating interest, charge two months worth of interest for the first month you failed to pay off your total balance in full. This issue arises only when you switch from paying in full to carrying a balance from month to month.
Remedy: Switch issuers or always pay your balance in full.

The Right to Setoff. If you have money on deposit at a bank, and also have your credit card there, you may have signed an agreement when you opened the deposit account which permits the bank to take those funds if you become delinquent on your credit card.
Remedy: Bank at separate institutions, or avoid delinquencies.

Fees Are Negotiable. You may be paying up to $50 a year or more as an annual fee on your credit card. You may also be subject to finance charges of over 18%.
Remedy: If you are a good customer, the bank may be willing to drop the annual fee, and reduce the interest rate -- you only have to ask! Otherwise, you can switch issuers to a lower- priced card.

Interest Rate Hikes Are Retroactive. If you sign up for a credit card with a low "teaser" rate, such as 7.9%, when the low rate period expires, your existing balance will likely be subject to the regular and substantially higher interest rate.
Remedy: Pay in full before the rate increase or close the account.

Shortened Due Dates. Most card issuers offer a 25 day grace period in which to pay for new purchases without incurring finance charges. Some banks have shortened the grace period to 20 days--but only for customers who pay in full monthly.
Remedy: Ask to go back to 25 days.

Eldiminating Grace Periods. That fabulous offer you received in the mail for a gold card with a $10,000 credit limit, and lots of features may not be so great. The most common "string" attached is the card has no grace period. You are charged interest on everything from the day you buy it, even if you pay on time.
Remedy: Throw the offer out!

Disappearing Benefits. Many banks enticed you to sign up with extra benefits such as lifetime warranty, a 5% discount on all travel, or protection if an item purchased is lost. Now, some banks have cut back on these extras without the fanfare that launched them.
Remedy: Read annual disclosure of changes, and switch cards if need be.

Double Fees On Cash Advances. Most credit cards impose both finance charges and a transaction fee on cash advances. Interest starts from the day of the advance, and the transaction fee can be up to 2.5% of the amount taken. Beware of cards advertising "no finance charges." Transaction fees may still apply.
Remedy: Limit cash advances.

Misleading Monthly Minimums. You may think it is beneficial to have a card where you only need to pay 2%-3% of your balance monthly. It is just the opposite. The bank stands to make far more money from finance charges the longer you carry out payments--and you foot the bill.
Remedy: Pay all you can monthly.

"If you don't know where you are going, any road will get you there." Anonymous

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Source: Sunday Times 25 May 2008


"The aspects of things that are most important to us are hidden because of their simplicity and familiarity" Ludwig Wittgenstein

Buddha's Five Remembrances

The Plum Village Chanting Book by Thich Nhat Hanh


I am of the nature to grow old. There is no way to escape growing old.

I am of the nature to have ill health. There is no way to escape ill health.

I am of the nature to die. There is no way to escape death.

All that is dear to me and everyone I love are of the nature to change. There is no way to escape being separated from them.

My actions are my only true belongings. I cannot escape the consequences of my actions. My actions are the ground upon which I stand.

Leadership From the Ultimate Leader

He was born in a stable and lived only 33 years, yet he divided the calendar and changed the world.

“For many, Jesus of Nazareth became a leader among leaders because he never lost sight of his mission. He sparked a flame of hope and renewal, and provided leadership lessons we can all learn from,” Laurie Beth Jones wrote in Jesus CEO.

After more than 2,000 years, he's still viewed by much of the world as a leader for the ages. Here's why:

* He gave people a vision larger than themselves. We all hunger to be something larger or better than we are. Leaders tap into that need and give people the vision to achieve greatness.

“Jesus clearly and consistently conveyed to his staff (his disciples) the significance of what they were doing. He spoke long and often about the calling, and they could feel and see the long-lasting benefits of their work with him. They were changing people's lives for the good,” Jones said. They were working for something beyond themselves.

* He was bold. He didn't spend hours choosing the safest approach. He never led by committee. He didn't get permission to make a statement. Every action he took made a statement about his mission.

* “He walked into the temple as a 12-year-old and started teaching. He stormed into the temple as an adult and turned things upside down,” Jones said. “He called a spade a spade and apologized to no one - not out of arrogance, but out of boldness and clarity.”

* He did the difficult things. Doing the difficult thing means not letting public opinion sway you from what your heart, gut, spirit, or instinct is telling you. It means staying connected with your inner self.

“Peter warned Jesus against going to Jerusalem. Jesus was aware of the danger, and went anyway. He knew it was part of a larger plan,” Jones said. “He went to Jerusalem knowing the consequences.”

* He was visible. He proclaimed his message everywhere he could. He spoke in synagogues, streets and gardens, on mountaintops and in the countryside. He identified himself with his message.

* He refused to consider failure. “He was able to take the hit and keep on going,” Jones said. “People and circumstances can't keep you down unless you let them.”

* He was a turnaround specialist. He tried to change for the better every situation he encountered. When he saw a need, he wasted no time in filling it. Often, he anticipated a need before others even knew it existed, and set himself on a path to meet that need.

* He came to give us a new mind-set – one that has a turnaround mentality. “We are each called to be turnaround specialists, for ourselves and those around us,” Jones said.

* He looked for the best in others. Jesus saw greatness in the most flawed of men and women. “Yes, Peter. You denied me. But you will be my rock,” Jesus said.

“Yes, Mary (Magdalene), you've had men who weren't your husband. But you are capable of devoted love.”

* He forgave. He saw mistakes as lessons. He gave hope and a spirit of peace to people overwhelmed by life. “Come unto me all ye that labor and are heavy laden,” Jesus said, and I will give you rest.

– Cord Cooper

(Quoted from Investor's Business Daily, December 24, 2001.)