Check your terms of service, they can (and will) hike your interest rate if you are late paying. It will show on your credit rating how many times you have had late payments to that creditor. Not sure how long the information stays on there though.
I heard on the news (here in Canada) that one of the banks was going to start raising interest rates if you were late with a payment, but they would lower the rate again if you were on time for a certain period after that. Can't recall which bank right now though.
Also I recall reading that a credit card company can raise your interest rate if you are late paying a different creditor. So that if you are late paying card A, Card B will also raise your interest rate.
Sarah
http://finallyasurveysitethatpays.blogspot.com/
Sarah
http://marilynmonroeshop.info
Check your terms of service, they can (and will) hike your interest rate if you are late paying. It will show on your credit rating how many times you have had late payments to that creditor. Not sure how long the information stays on there though.
I heard on the news (here in Canada) that one of the banks was going to start raising interest rates if you were late with a payment, but they would lower the rate again if you were on time for a certain period after that. Can't recall which bank right now though.
Also I recall reading that a credit card company can raise your interest rate if you are late paying a different creditor. So that if you are late paying card A, Card B will also raise your interest rate.
Sharon
All my best,
Danni
no message
Edited 11/22/2008 12:46 am ET by greta2863