Money Saving Tip: Review Your Credit Card Bills

In these economic times balancing a budget can be tough. Fortunately, even small measures can prove fruitful in the long run. Checking your credit card bills before you pay them, for example, can save you money, and easily — it only takes a few minutes to do, too. Even for those of you not worrying about your next paycheck, a quick review of your bills is still a smart financial move, and an excellent habit to keep. Here below are a few ways in which this easy practice can save you money. (Tips courtesy of the SaveMoneyBlog.)

Duplicate Charges. As much as we’d like to think technology would protect us from a double charge, it still happens. Whether by human error, equipment failure, or even malicious intent, double charges are known to appear on your bills from time to time. Some banks and credit unions check for these, but even still it’s possible for one or two to get by — trust me, they appear more than you might think. So be sure to check your credit card bills (or other bills) and flag any duplicate charges and alert your credit card company or bank.

Charges You Didn’t Make. Credit card fraud happens. In most cases your bank will take of you, fortunately, however, the bank may not always be aware of an unauthorized purchase, and unless you check yourself, you may find yourself unwittingly out of money. To protect yourself, just take a minute to scan your credit card bill for any purchase that looks strange or out of place.

Charges That Don’t Match Your Receipt. Often an honest mistake, it can still prove costly if you’re not paying attention. While it does take a little more effort to keep on top of this one — you have to keep your receipts and then check them against your bill — it is still a worthwhile practice for those looking to keep a balance budget.

Anytime you do find a mistake, honest or not, it is up to you to make the next move. In the United States all cardholders have up to 60 days from when they receive their statement to notify their credit card company. Your credit company then has to pay you back, or prove that the payment was authorized and legitimate within two payment cycles.

For more money saving tips, check our sister blog Smart Payment Plan Review or our parent site Smart Payment Plan.

How To Prepare For The Credit Card Act

Signed into law last May, the Credit Card Accountability, Responsibility and Disclosure Act (CARD) will officially go into effect February 22, 2010. Once so, the law will (a) prohibit credit card companies from charging fees to customers who pay bills online or by phone, (b) prohibit interest rate hikes to customers who are less than 60 days late, (c) notify customers if they’re about to overdraft their account, and (d) target payments toward the highest interest rate first, if there is more than one interest rate on a customer’s card. All together, the CARD Act is designed to curb the worst practices of the credit card industry.

Not one to give up without a fight, however, some credit card companies have come up with new methods by which to capture profits — and some are trying to sneak these new provisions through before the CARD Act goes into effect next week. It’s not too late to act, though. Here are three suggestions, from billshrink.com, to stay ahead of the game.

1.) Annual Fees. Annual fees are predicted to become more and more regular, especially for customers with good credit. Already, both Bank of America and Chase are increasing the number of cards that will require an annual fee (usually between $50-100 a year), and there’s a good chance the other banks will follow suit. For customers with large existing balances and good rates, this shouldn’t be too problematic, but for those with smaller balances — or who rarely use their cards — these fees can start to add up, especially if you have more than one card.

2. Even More Hidden Fees. As the CARD Act knocks down some hidden fees, more have popped up in their place. Fees for inactivity have already started appearing, so to with reinstatement fees. And, again, if you have more than one card, this starts to add up, and quick.

3. Increased Balance Transfer Fees. Looking to move away from exorbitant new fees? Well, some credit card companies are increasing the fee for transferring your budget from one card to another, trying to skim off your balance even as you make your leave.

In all three cases, the solution is generally the same: consolidate your cards, moving from several cards to one or two. For more information on how to best consolidate your debt, try our main website www.smartpaymentplan.com.

23 Tips on How to Save Money Now

True, there are a lot of money saving tips out there. But here’s a quick view of some tips that I use myself and that work!

1. Combine your cable, internet and telephone service.
2. Send away for and follow up on rebates.
3. Buy a refurbished Mac. Did this and bought a 1 year old Macbook for $500. Apple freaks always need to have the newest Apple gear. You know you have a friend like that. When a new version Laptop comes out, ask him/her what they’ll do with the old one and then score!
5. Request a reduction in the interest rate on your credit cards.
6. Refinance you mortgage. My dad did this and saved over $300/month after the refinance.
7. Get your books from the library. Nuff said.
8. Get DVDs from the library.
9. Get DVDs from Red Box. $1, nuff said.
10. Read magazines online. Why buy US, People, Maxim when you can visit their site and read what’s found in the mag for free!
11. Never pay checking account fees.
12. Get a rewards card. Albertson’s, CVS, even Sephora, do it!
13. Don’t pay interest on credit cards.
14. Drive your car longer. Run that thing into the ground. I hate my monthly car payment with a passion.
15. Increase insurance deductibles.
16. Get rid of your home telephone.
17. Agree to limit gift giving.
18. Pass on extended warranties.
19. Take your lunch to work. I do this about 3-4 times/week. An average lunch can cost anywhere from $7-$10. That about $40 your saving/week if you start bringing leftovers for lunch.
20. Take advantage of employer 401(k) matches. I cannot stress how important it is to start a 401K. Stop waiting and just do it already.
21. Get organized and avoid missed payments.
22. Buy online when it saves you money. And usually when free shipping is involved.
23. Use Open Source software when possible.