Know the rules on credit card late payment fees

Know the rules on credit card late payment fees

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ATLANTA -

Some of us have missed a credit card payment. We get busy and sometimes you just forget, but the credit card company doesn't.  

Although some card companies have advertised a break on the extra fee you are charged for the late payment, it might not be quite the break that you think it is.

"Miss a payment?  No penalty."  That's a credit card ad that'll catch your eye because paying late means an added fee, anywhere from $10 to $35. It can also raise your interest rate, so it adds up.

But here's what is not advertised -- while you don't get charged a fee you still get penalized. The missed payment still pops up on your credit report, and it can have a domino effect. It can lower your credit score which makes it tougher to qualify for new credit cards or loans.

The break on late payment fees is certainly worth checking into as long as you know the rules - all of them. For more information on no late-fee cards, click here!

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