What if I pay my credit card bill late?

What if I pay my credit card bill late?

Mitchell Freedman, CPA/PFS (CEO, MFAC Financial Advisors) gives expert video advice on: How can I get a lower interest rate or APR on my current card?; What if I pay my credit card bill late?; What if my credit card is lost or stolen? and more...

If you pay your credit card bill late, there are a number of consequences. The first is, there will be a late charge and that late charge can be anything from a few dollars up to perhaps 29 or 39 dollars. In addition, there'll be reporting to the credit bureaus who keep track of how individuals are handling their credit. And lastly, the credit card company may have the right, and therefore may increase the interest rate that you are being charged from a lower more favorable rate to a higher rate, because you are now deemed to be more of a credit risk.