Credit card interest rates – we all hate paying them. When it comes to lines of credit, however, they are a necessary evil, unless you are the type to pay off your card each month before the statement is due. If you pay within the grace period, you can enjoy interest free charging with most credit lines. Alternatively, if you are tired of paying high interest rates, there are a few steps you can take – other than applying for lower interest cards and transferring your balance.

Make All Your Payments on Time

The first thing you might want to consider if you noticed that Fia Card Services has raised your interest rates is if your payments have been on time. Depending on the credit card and bank involved with your particular line of credit, there may be a clause in your terms of service that allow them to considerably raise your interest rate after only one late payment. It’s important to read the terms before applying for credit for this very reason.

This is especially true for credit cards that offer a very low introductory APR, as they may be “banking” on you missing a payment in the near future. You can avoid having your interest rates raised by simply making your payments each and every month, and on time. It’s best to pay your account at least a week before it is due, to give the banks time to process your payment. Online payments may take up to a week to process.

Avoid Defaulting on Other Cards with the Same Bank

One thing many consumers don’t realize is that they hold many different credit cards, with different names though offered by the same bank. If Fia Card Services manages more than one of your accounts, it is quite possible that a late payment or miss payment on one line of credit can affect your other line. This is one thing to be aware of with each new credit card account you open. Knowing how one can affect the other can save your credit score – and your pocketbook from high interest.

The laws in each state may vary, but if it is stated in your terms of service that your bank has the right to treat your accounts this way, then take great care with your lines of credit. You can check to see which banks underwrite your credit cards by checking on the back of each card. Not only might your interest rate be affected, but it’s quite possible that defaulting on one card might cause your others to be frozen or closed.

Stay Within Your Credit Limit

Banks do more than lend money. They make money. They need that money from you to pay their other customers who invest their savings with them, so they charge late fees and other fees. Other than a fee for a missed or late payment, the second most common fee is an “over the limit” fee. If you are careless and aren’t cognizant of how close you are to reaching your limit, it could be easy to quickly rack up large fees that are hard to pay back.

With a Fia Card Services account, you will want to be sure to keep your used credit amount to about 30% of the total available credit. Depending on your income and your payment habit (some consumers pay in full each month), a higher or lower utilization of your card may be in order. Just remember that even though you will be charged an over the limit fee for charging past your available credit, you will most likely also see a jump in your interest percentage. Paying the fees will not necessary keep a raise in your APR from occurring.