I've been seeing TV commercials lately for "no late fee" credit cards (many of you probably have seen them as well); they seem to be the hot new thing in consumer lending.
Here's the problem: 1) most credit cards already will waive one late payment fee, per year, anyway (I know, I used to work for one of the biggest ones) - all you have to do is call and ask for a one-time waiver, and 2) with these new "no late fee" cards, if you're late paying a 2nd time within 12 "rolling" months, they raise your interest rate on whatever balance you're carrying to as high as 30%!!!!
30%!!! That's insane!!! Don't fall for the hype of these bullshit new cards, folks. Stick with your usual credit cards and periodically call them to try to renegotiate your interest rate - shop around and deal.
Hope this helps... :2 cents: :hatsoff:
Here's the problem: 1) most credit cards already will waive one late payment fee, per year, anyway (I know, I used to work for one of the biggest ones) - all you have to do is call and ask for a one-time waiver, and 2) with these new "no late fee" cards, if you're late paying a 2nd time within 12 "rolling" months, they raise your interest rate on whatever balance you're carrying to as high as 30%!!!!
30%!!! That's insane!!! Don't fall for the hype of these bullshit new cards, folks. Stick with your usual credit cards and periodically call them to try to renegotiate your interest rate - shop around and deal.
Hope this helps... :2 cents: :hatsoff:
