New Mexico Credit Card Tips

If you have a small credit card limit or no credit card at all because of debts or you are just starting out, beware of deals that could be too good to be true. They are. Don’t let your bad credit or no-credit force you into a decision that will only make the situation worse. If you receive a telephone call offering a new credit card ask for a solicitation be sent to you by mail. All too often in New Mexico, the telephone calls are from scam artists trying to get your personal information, not to sell you a card. Never give out your social security number, mother's maiden name, or other personal information such as bank account information.

When you receive information in the mail, read it carefully. Pay attention to advance fees, interest rates, late fees or other charges such as credit card insurance. That great introductory rate will disappear, usually in a set time. Don’t get trapped into thinking you can afford 3 percent interest when in six months it will be 16 percent or worse. If you miss a payment, that 16 percent may look good. Credit Card Companies routinely up their interest rates to around 23 percent for missed payments or other "violations" of their agreement.

Check out the company first. Make sure it is a reputable national bank that is truly affiliated with Visa, master Card, discover, etc.. Information can usually be found on the Internet but a wiser choice is through your Better Business Bureau. Make sure the credit card isn’t only good for online purchases of merchandise. The credit card you end up with from such a phone call may only be good for buying merchandise from that companies affiliates, usually online. It isn’t a card you can use anywhere. It is no better than applying for store credit at a local merchant. In fact, it is worse. Most have advance fees attached that can range into the hundreds of dollars for the privilege of buying from them. Warning signs in this scam and all most other scam calls are, the caller needs personal information, it is a limited time offer and you must decide now, the offer is for a free trial period, it involves 12 months at 0 percent interest, and especially if they offer a "courier" to pick up the advance fee required. Hang up immediately.