Latefee Avoidance

Analysis Label for Credit-Card Envelope

It will be useful for you to have a brief summary of important credit card terms made available to you when deciding which credit card to use. These terms can be placed on a mini-envelope designed to hold 1-2 credit cards (unless you use the insides of the envelope, giving you 4 cards per envelope, perhaps holding the package together with a rubber band). At first, I thought I should have credit-card size envelopes manufactured for sale to users of this website. Then, I decided that it would easier and without cost if users made their own credit-card envelopes, with a summary of the credit-card features taped to the envelope. Just take an envelope such as a No. 10 or No. 9 envelope, or an envelope for a floppy disk, and cut it down to function as an envelope for a credit card. Use tape along one side to turn it into a downsized envelope. Then print out this page, cut out the paragraph(s) below, tape or paste the cut-out portion onto one side of your envelope (or both sides if the envelope is for 2 credit cards), then (using your most recent statement for the card) fill out the requested information:

Late Fees: $
Cash Adv Trans Fee: % min
DayAnnInt-CashAdv: % %
DayAnnInt-Purch: % %
No Days to Pay aft Receipt:
Credit Limit: $
Cred. Lim. Cash Adv: $
Outstanding Balance: $
Min. Monthly Payment: $
Annual Fee: $
Other Charges
Disc/Rebates for
Create Label:

Here is my own analysis for your use as a guide and for comparison purposes:

Type: Visa__ Last4##:_9999____
Late Fees: $35_________________
Cash Adv Trans Fee 3%min 1x fee
No Days to Pay aft Receipt:_11_
Credit Limit: $_19,300 total___
Cred. Lim. Cash Adv: $8,500____
Outstanding Balance:$2,330.92_
Min. Monthly Payment: $152.13__
Annual Fee:$20________________
Other Charges:$3 statement copy
$.50 min finance charge________
Disc/Rebates for _[can't tell]_
_[perhaps none?]_______________

The daily and annual interest rates are provided on your statement. The late fee transaction fee is a percentage (such as 3% or 5%, which you will have to calculate) plus a daily interest rate (set forth on your statement). You should determine the number of days in which you are required to pay by looking at the invoice date (e.g., 11th of the month), the date you received the statement (i.e., the 18th), and the date for payment (e.g., 31st by 1:00 p.m. local time). I calculate this as 12 days (31 minus 18 and minus one more day because the 31st was not a full day). You will have to read your statement and other promotional material to determine what rebates and/or discounts you may get by using the card. I have left a space for you to indicate this for your future purchase guidance. To determine the annual fee, if any, you will probably have to go back over the past 12 monthly statements. The reverse side of the statement will refer to an annual fee if it is being charged to you, but not the amount (because they charge different fees to different categories of users, no doubt).