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Step 1
Making payments on time is one very important thing to do. This means making the credit card payment on time every month as well as any other bills. The universal default clause is exactly what it says. Credit Card interest rates can be raised because of fluctuation or inconsistency on other debts you have like you mortgage or car loan. Diligence to make all of your payments on time is probably the most beneficial thing you can do to prevent this from happening to you.
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Step 2
Lowering your debt can be helpful also. If you have a lot of debt, regardless of your income, this could look bad to the credit card company and they may choose to raise your interest rates. Paying off low balance credit cards or personal loans is a great place to start as it will reduce the amount of debts you have which can prevent a raise in credit card interest rates.
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Step 3
Monitor your credit score often. The credit card company is monitoring it so you should too. This is the best way to identify a trend which may cause your credit card interest rates to go up.
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Step 4
Review you current credit card contract so that you are familiar with the terms of your debt. Also take a second look at the junk mail you get. Specifically you want to watch for anything coming from your credit card company. Most contracts have a clause which allows them to change the contract without a new agreement being signed by the card holder.
Comments
TiffanyB said
on 10/7/2008 Important info, especially now.
bake4u said
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