How will a late payment tell on my APR? I have applied for a low interest credit card. Will I get default APR applied to my account immediately?
Answered on Thursday, August 5th, 2010 by
Amy Miller

A low interest credit card is an asset worth putting effort into. Default APRs, late payment fees and other measures imposed by issuing companies should and do work as incentives to make at least minimum payments on time. According to new rules default rates can be applied only to accounts that have been over sixty days late. Yet one late payment though not causing too much damage, will mean a fee, and it will be recorded in your credit history. It can tell on your interest rates not just on that credit card, but possibly on other accounts you have. So, make sure you manage your accounts prudently to keep enjoying your low interest credit card.

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