Credit Card Check:
Keep Your Eye On Interest Rates

Have you done a credit card check lately? This a simple step you should take every few months to stay on top of credit card related fees and interest rates. In the long run, a credit card check can save you time and money.

Most people know the importance of looking at their credit report from time to time. But doing a check on each individual credit card is a good idea as well. This is a simple procedure that can be done in a matter of minutes without having to get paperwork from any agency. All you need is your credit card statements and a spreadsheet of some sort.

The idea here is to watch your interest rates and other terms to make sure that they stay within the range you agreed too. Many credit card companies use a clause called “universal default” in their terms of service. This clause allows the credit card company to raise your interest rates without prior knowledge if you are late on your payments. Not only could you experience an increase in interest with a late payment to that specific card, but your rates could be raised if you pay your utility bills late as well.

If you’ve been late on any payments, you’ll want to look back through your credit card statements and look for an increase in interest. Start a spreadsheet with each credit card name and the interest rate. Each month make a notation of the interest rate and whether or not you paid the bill on time. With just a few late payments, your interest rate could jump from 9% to 30%. If you’ve experienced such a raise, make on time payments for several months and then call your company and negotiate the rate back down.

Doing a personal credit card check can help you take control of your interest rates and manage your debt.