Financial Friday: Credit Card Act

Credit Card Act

by Alice Shaffer


I am going to share with you all how I made an unfortunate mistake back in October/early November with my credit card. I had somehow not paid it on time and was 3 days late. This is very important because this card has a 4.99% life of loan APR on it. I had did a balance transfer on it a while ago and have been paying my debt off with great success. I had spoken to the agent on the phone when I paid and they said my APR would not be affected because my payment was two days late. Well in fact it was drastically affected.


I was to have gotten a letter within 45 days of that missed payment saying that my credit card company was giving me two options:


1. Keep the 4.99% APR and close the account and continue paying as normal

2. Go to the default APR of 27.9% for 12 months before they would reexamine it.


To read the rest of this article please visit The Financial Nanny: Credit Card Act February 19, 2010