October 20, 2006 2:04 AM
How Corporate Credit Card Can Hurt Your Credit Score
WSJ reminds us that if you are late paying a company credit card bill, or the company is late to reimburse you by paying to the card on your behalf, you are still on the hook for a creditworthiness downgrade.
Employees beware: That corporate credit card you have could be costly.
Even if it isn’t your fault, a late payment could, in certain circumstances, result in a penalty fee or lower your credit score and bump up the interest rate on your credit cards.
“People have no idea that one late fee can trigger financial disaster and 30% interest rates, not just on that card but on other cards,” said Ed Mierzwinkski, consumer program director for U.S. Public Interest Research Group, a consumer watchdog in Washington, D.C.
Employees who file late can owe fees and have their credit rating downgraded. But employees also pay the price when reimbursements are late or their company is late paying the bill on their behalf.
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