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Credit cards that offer No Late Fees may have Hidden Costs

February 27th, 2006

Credit cards that offer No Late Fees may have Hidden Costs

Hidden Fees

Citibank has the most humorous ads on television promoting there no hassle no late fee credit card; however there are things to be aware of with any credit card, the fine print.

There is a shorter grace period than there used to be, so when the bill comes in it often needs to be paid within a couple of days in order for it not to be counted late.  Late fees are added to your account on most credit cards and can range from $45 - $50 on average.

While it is nice to not get a late fee, you should still make every effort you would any card to pay it in a timely matter.  The penalties for not paying on time with any late fee cards are costly.  If you are late for a couple of times your interest rate could go up to more than 30 percent.  In addition this penalty, you also will get a lower credit rating.  They will report anyone that is over 30 days late in paying there bill.  This can wreck your credit rating.  So it is important to make sure that you pay every month on your credit card bills at least the minimum amount that is due.

 

If you do have a card that was paid late and you get a late fee.  Usually the credit card company will waive the fee if it was the first time that you have done this.  You need to call the credit card company and ask to have it removed.

Next time you find yourself being late paying,  the sooner you pay the payment the better off you are.  If you credit score gets lowered you could end up with higher interest rates on all of your credit cards.

 
 
 
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By Nicole Wilson
Best Syndication Staff Writer

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Copyright 2005 Best Syndication                                            Last Updated Saturday, July 10, 2010 09:47 PM