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Can credit companies raise your rate for late payments even though they charge you a late fee and is it legal to double dip on the customer?
Wiki User
∙ 17y ago
Unfortunately they can. It's a rediculous way to do business because the interest rate in itself is the killer if people don't pay off the balance of their credit card(s). If you pay what you can on your bill and are struggling and can prove you are struggling legally they can't do anything about it. They can't get blood out of a stone. However, you should make every effort to meet the minimal payment if you can. You can also go to a Credit Advisor and they can negotiate with credit card companies and have the interest rate lowered as well as the payments. A couple of years ago Oprah Winfrey had just that on and a professional that said indeed the credit card companies had to put their rates lower in order for the customer to pay off their debt. Tear those credit cards up! People will often struggle through life and pay gas, rent, mortgage payments, food, etc., when they are struggling and if you calculate the interest on the balance of your credit card it will blow your mind! You are better off to go to a good banking institution and take out a "Line of Credit" which has a much lower interest rate. Good luck!
Wiki User
∙ 17y ago
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Do credit card charges increase if you make a few late payments?
Depends on the credit card company. If you are constantly late with your payments you have to pay the late fee and some companies may charge you a higher rate.
Which companies are accepting credit card payments at the moment?
There are many companies that are accepting credit card payments at the moment. These companies include, but are not limited to, McDonald's, Walmart, Best Buy, and Amazon.
Does the first credit card charge a fee for late payments?
All credit card companies charge a fee for late payments ! It serves two purposes... first - it's a subtle reminder to the card-holder, to prompt you to make the payment in plenty of time for it to be processed. Second - it generates extra income for the card company !
How do you get an account charged off?
It is up to the discretion of the credit card company. Most companies will charge off a card after 120 days of non payment. You can stop the charge off process by calling customer support and speaking with a CSR. Once a card is charged off you usually can call customer support and get it turned back on for a nominal fee and possibly payments. This varies by card and you will have to call them to find out.
Disadvantages of selling goods on credit?
non payments customer may go bankrupt
Is it legal for a credit card company to double the amount borrowed if you fall back on payments?
Credit card companies can charge what they like in fees. It's up to the user to make sure they use the card responsibly - and not default n payments. However - doubling the amount owed on the card is rare !
How can one accept credit card payments online?
There are many different companies that can help you with payments online. For example you have CCBill, PayPal and ProPay. They all accept credit card payments against a fee.
What are credit line payments?
Credit Line payments are payments that you make monthly on a line of credit that you have with your local bank. Many line of credits are based on the equity in your home, but they usually charge much lower rates than a traditional bank loan.
How does a business report a customer to a credit agency?
THEY ARE MEMBERS OF THE CREDIT REPORTING AGENCIES. THEY PAY TO REPORT YOU AS A YOU CONTINUE TO MAKE PAYMENTS. CREDIT CARD COMPANIES, CAR LOANS, JEWELRY, CLOTHING CREDIT CARDS ALL REPORT TO THE MAJOR CREDIT REPORTING AGENCIES. THIS IS A WAY TO TRACK YOU AND HELP TO ACKNOWLEDGE IF YOU ARE A GOOD CREDIT RISK TO ANY AND ALL OF THE ABOVE.
What is different between sales credit and cash credit?
In cash sales, payments are made instantly by the buyer/customer to the seller, where as in credit sales, the payments are generally made after a specific period as agreed upon between the buyer and the seller.
What is the maximum amount you can charge on a credit card called?
Assuming you mean as a customer - that's called your credit limit.
What makes loan companies hesitant to offer a loan to individuals with bad credit?
Loan companies are generally hesitant to offer loans to individuals with bad credit because people with bad credit usually make late payments if they make payments at all. If one wants a loan one should prove themselves with good credit.
