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Credit card payments may rank at the bottom of your list of payment priorities. Mortgages, car payments, and utility payments grab your attention more than a monthly credit card bill. In the long run, making on-time credit card payments is as important as timely payments for any other financial obligation.
Increased Interest Rate
If you make late credit card payments, you will end up with a higher interest rate for your card. Read the fine print of your credit card agreement. Credit card companies tell you up front that late payments will result in substantial interest rate increases. All it takes is one late payment.
Extra Fees
Late credit card payments also mean a late payment fee on your next credit card bill. This additional fee along with an increase interest rate because of late payments can end up as a debt nightmare.
Lower Credit Score
Late payments for any bill, including credit cards, are reported to the Australian credit reporting agencies: The Credit Advantage Limited (CRAL) for mainland Australian residents and Tasmanian Collection Service for Tasmanian residents. Late payments will decrease both your overall credit score and your chances of obtaining additional credit.
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