Secured credit cards Thoughts and more
The penalty for paying late is a fee of $35 or more. and at some credit card companies, "late" means the check or electronic transfer arrives at 1 p. m. and not at noon. The company can also hike up your interest rate to your default rate, a leap of ten percentage points or more, on the grounds that your lateness shows you can't afford to pay your bills and you are a poor credit risk.