February 10, 2006, Newsletter Issue #3: Maintain a Low Interest Rate for the Life of the Card
Tip of the Week
If the consumer obtains low interest credit cards they should do everything in their power to maintain it. Credit card companies are making it more and more difficult to maintain the low interest and 0 apr credit cards. The offer typically comes in the form of a balance transfer or with purchases made. The low interest rate will remain intact as long as the consumer makes all payments on time for all credit accounts outstanding in their name. This is because not only does the low interest credit card company look at the payment history for their credit card but also all of the credit balances in the consumer’s name. If a consumer is late on just one payment with a creditor it can affect all of the interest rates on all of the consumer’s credit cards. The interest rate will jump up instantly and it is near impossible to get it to go back down. If anything it will continue to rise if the consumer continues to make late payments. The worst-case scenario is that the interest rate is increased to the maximum allowable interest rate and the credit limit is decreased to prevent the consumer from overspending.
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