Will making a late payment on a Chase credit card affect the 0% APR on a Citi credit card if I make a payment 5 days after I'm late?
I tried searching but couldn't find an answer or a recent thread to ask this question in.
Thanks in advance!
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I actually found the answer searching the web and thought I'd post it here if anybody comes across with the same question.
Reuters reports that Citibank announced yesterday that it will stop raising cardholders' interest rates when they default on other bills. The practice, known as universal default and common in the credit card industry, has been one of the hot-button issues for consumer advocates for a long time. It was also a large part of the Senate Banking Committee's January hearing on credit card practices and the GAO report on credit cards issued last September.
So citibank has gotten rid of universal default clause on their cards. So a late payment on another company's card will not affect the APR on you Citi card.
Your 5 days late on the Chase card would not be reported to the CRAs, so Citi would never know about it regardless of their policy. Only when you are 30 days late or more will it show up on your credit report.
Still... don't do it. 
jimbot said:I actually found the answer searching the web and thought I'd post it here if anybody comes across with the same question.
Reuters reports that Citibank announced yesterday that it will stop raising cardholders' interest rates when they default on other bills. The practice, known as universal default and common in the credit card industry, has been one of the hot-button issues for consumer advocates for a long time. It was also a large part of the Senate Banking Committee's January hearing on credit card practices and the GAO report on credit cards issued last September.
So citibank has gotten rid of universal default clause on their cards. So a late payment on another company's card will not affect the APR on you Citi card.
You better call Citi to confirm.. I heard of credit card companies jacking the rate up as high as %%27
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