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Credit
cards that offer No Late Fees may have Hidden Costs
February 27th, 2006
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Hidden Fees |
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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.
By
Nicole Wilson
Best Syndication Staff Writer
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