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Costs and Fees: Why Your Credit Card Rates Go Up?

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You should read your credit card agreement carefully. In that agreement the reasons due to which your credit card interest rate may increase must have been mentioned.

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Late payments and over limit transactions are included in typical triggers, these things might be responsible for the expiration of an introductory annual percentage rate, or APR, or if the card has a variable rate then it may result in prime rate movement.

Read the Fine Print Carefully

If you have a closer look at the agreement then you may find more arbitrary rate-raising conditions buried in the fine print. If there it is stated by the bank that it can impose the penalty rate if you pay other lenders late, then what it means is that the bank practices universal default. Just if you slip-up for once with an unrelated creditor and you will have your rate skyrocket.

Read the full story


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