Which Of The Following Can Increase Your Credit Card’s APR?
5 Situations That Could Increase Your APR On Credit Cards
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Missing two consecutive monthly payments: when you’ve become more than 60 days past due on your credit card payment, the credit card issuer can charge you more by applying a penalty rate on that card. |
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A rise in the underlying index rate: expect your variable credit card rate to increase when the prime rate or LIBOR, which are used to determine the rate, are rising. |
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At the expiration of a 6 month period during which a promotional rate was set up for you. You will then most likely be charged with the normal rate. When you sign up for a credit card with a teaser rate, maximize your spending (no need to max out the card, though!) in order to reduce the monthly interest. |
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Defaulting on an existing arrangement with the credit card company. |
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At the end of a debt management plan or hardship arrangement: once completed, the rate could rise. |
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