There are many tricks that credit card companies use to make more money out of you. When they increase your credit limit without asking you, send you unsolicited credit card cheques or offer you a so-called ‘prestige’ credit card, their sole aim is to persuade you to spend – ie: borrow – more and pay as much interest as possible.
An equally important source of income for credit card issuers is Credit Card Repayment Protection (CCRP), which they will try and flog to you every time you take out a new card.
Never borrow heavily and regularly, making only the required minimum payments – you will never get around to fully paying off your credit card. Card issuers will also charge you penalties and fees whenever possible: withdrawing cash, paying late, exceeding your credit limit, asking for duplicate receipts or statements and so on.
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