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Most people who carry major credit cards are well aware that the interest rates associated with them tend to be higher than for other types of lending, such as home or auto loans. Anyone who has paid their credit card bill late more than once or twice is also aware that doing so may cause the interest rate on their card to go up – sometimes by quite a lot. Many credit cards carry interest rates of as much as 20% or 25% annually, and customers who want to avoid interest rates in that range make an effort to pay their bills on time. About the Author ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.net, a site devoted to information regarding home equity loans.
What many people do not realize, however, is that up to one third of all credit card issuers now include what is known as a “universal default clause” in their bills. This information, usually disclosed in the tiny print on the bill that few people bother to read, indicates that the interest rate on your credit card may be increased if you pay bills late to other lenders, even if you pay your credit card bill on time.
This means that paying any bill late that could show up on your credit report, such as an auto payment or a utility bill could cause your credit card interest rate to go up. This, in turn, could hurt your credit score. There is currently nothing in Federal law that prohibits this practice; the law only requires that lenders disclose it in writing. Credit card companies justify this by saying that customers that make late payments to anyone increase the risk for all lenders. Nevertheless, many, if not most, credit card customers are unaware that such policies exist.
Not all credit card companies have such a policy; in fact, most do not. Customers who are not interested in having the interest rates of their credit card tied to their ability to pay their phone bill on time would be advised to read the fine print in their credit card statement. If such a policy exists, you could either complain to your credit card issuer about it or shop around for another credit card. The lesson to be learned here is a valuable one – when you receive your credit card bill or a notification that your credit card billing terms have changed, take a moment to read the fine print.
Interest Credit Card News
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How long will it take you to pay off your credit card? Photo: ABBIE TRAYLER-SMITH Paying off an extra £1 a month of a £2,000 credit card bill could mean you clear the whole debt six years earlier – but reducing your payment by £1 a month could ...
Read moreHow long will it take you to pay off your credit card? - Daily Telegraph
LONDON (AP) — The British government should cap credit-card interest rates to help small businesses weather the economic downturn, an industry body said Tuesday. In its annual New Year message, the Federation of Small Businesses called on the heads ...
Read moreUK government should cap credit card interest rates, says Federation ... - Los Angeles Times
The British government should cap credit-card interest rates to help small businesses weather the economic downturn, an industry body said Tuesday. Wall Street points higher after modest decline 12.30.08 Home prices post 18 percent annual drop in ...
Read moreUK small-business group wants credit card rate cap - San Francisco Gate
NEW YORK -- The average annual interest rates charged on popular types of credit cards fell again last week, according to Bankrate.com. For low-interest cards, which have rates below the national average but are often offered only to customers with ...
Read moreCredit Card Interest Rates Continue to Fall - Street.Com
NEW YORK (AP) - The average annual interest rates charged on popular types of credit cards fell again last week, according to Bankrate.com. For low-interest cards, which have rates below the national average but are often offered only to customers ...
Read moreInterest rates for popular credit card types fall - WTOP Radio
For example, one of the rules will prevent credit card companies from increasing interest rates charged on pre-existing balances. Opponents argued that companies must be able to raise rates on existing balances in order to manage increasing risks ...
Read moreEditorial: Credit card relief - Gainesville Sun
It's time to put 2008 behind us and focus on what's ahead. To help you get 2009 off to a good start, here are some suggestions from financial planners around the country. (ABC News Photo Illustration) As last year showed, there's much that is way ...
Read moreFinancial Makeovers for 2009 - ABC News
Before Sean Donahue moved into his apartment building on North Union Street in Rockland, it was a church. Before that, it was a school. Donahue bought the Union Street building as a two-family home in 2001, soon after it had been converted. He lives ...
Read moreSouth Shore has seen a surge of interest in converting old buildings ... - Enterprise
If you lost your job, which expense would you cut first? Many victims of job loss are too paralyzed to know where and how to cut the fat, said Sara Croymans, who teaches personal finance classes such as "Getting Through Tough Times" at the University ...
Read moreA dozen ways to save after wage cuts or job loss - Minneapolis Star Tribune
A cap on the amount of interest credit card companies can charge is the main demand in the Federation of Small Businesses' (FSB) New Year message. Unveiling how it believes small companies can best be supported in 2009, the FSB said with a quarter of ...
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