| July 28, 2009

Using credit cards for questionable purchases may lead to higher rates

Consumers may be relying on credit cards more, but when it comes to some purchases, pulling out plastic may end up hurting when it comes to credit card debt.

In a recent report from an ABC affiliate in Cincinnati, what a person puts on their credit card could affect their credit limit or increase their interest rate. Referring to Robert Manning’s book Credit Card Nation, consumers should avoid putting questionable purchases on their credit cards.

Purchases consumers should avoid using plastic on include buying pornographic items, paying off traffic tickets, and frequent stops to a liquor store. All of these could raise concerns for credit card companies.

Furthermore, credit card companies are paying attention to consumers who may be focusing on budgeting. If a cardholder has mostly used their card at designer stores, and then switches to making purchases at cost-saving retailers, credit card companies may see that as an increase in risk because the consumer may be trying to deal with having less money to pay for goods.

According to a recent report from USA Today, banks are also paying attention to their customers’ accounts when deciding whether to issue credit cards. Banks do so in order to see if their customers’ use their checking accounts in a responsible way and to see if account holders have the funds to back the use of a credit card.

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