For some consumers, credit card late fees are a fact of life but they don't have to be for you. Credit card companies can legally hit you with pretty much whatever fees they want. Then again, there is no need for you to pay them but only if you avoid them in the first place. If you want to avoid costly credit card late fees, then here are the five helpful ways.
Pay Before the Due Date. Of course, this makes the most sense. However, this is also the single most important reason why people get socked with fees: they receive their bill and immediately forget about it! When you get your bill, you should open it up and pay it promptly. When you wait, then this could lead to forgetting and forgetting about your credit card bill will cost you money.
Try to Pay on the Internet. Having access to a computer would mean that the best way to make certain that your payment gets to your credit card provider on time is to pay online. There is still some lag time from when you authorize funds to be released from your checking account and when that payment is finally credited to your credit card account so you should be careful. The gap between the two can be as long as one week!
Schedule Automatic Payments. Some credit card providers allow for you to set up a scheduled deduction from your checking account which is then automatically sent to your credit card provider. You should set it up to take money out of your account well before the due date to ensure that your funds are received on time. You can always send in a separate, extra payment if you want to pay down your debt faster too.
Question a Late Payment. The credit card company may claim that your payment was late but still, it doesn't mean that you must be charged a late fee. Contact the company and ask them to reverse their charge -- which usually runs between $29 and $39 -- and to expunge their records of your tardiness. Not only do you want to avoid any fees, but you also want to avoid their possible notification of your lateness to the three major credit report agencies as well. Any information supplied to the credit reporting agencies can work against you in the form of higher interest rates on current cards as well as on future loans!
If you want to avoid late fees and be allowed to keep more of your money in your pocket, then you need to take the appropriate action. Become better informed and start saving money today!
Pay Before the Due Date. Of course, this makes the most sense. However, this is also the single most important reason why people get socked with fees: they receive their bill and immediately forget about it! When you get your bill, you should open it up and pay it promptly. When you wait, then this could lead to forgetting and forgetting about your credit card bill will cost you money.
Try to Pay on the Internet. Having access to a computer would mean that the best way to make certain that your payment gets to your credit card provider on time is to pay online. There is still some lag time from when you authorize funds to be released from your checking account and when that payment is finally credited to your credit card account so you should be careful. The gap between the two can be as long as one week!
Schedule Automatic Payments. Some credit card providers allow for you to set up a scheduled deduction from your checking account which is then automatically sent to your credit card provider. You should set it up to take money out of your account well before the due date to ensure that your funds are received on time. You can always send in a separate, extra payment if you want to pay down your debt faster too.
Question a Late Payment. The credit card company may claim that your payment was late but still, it doesn't mean that you must be charged a late fee. Contact the company and ask them to reverse their charge -- which usually runs between $29 and $39 -- and to expunge their records of your tardiness. Not only do you want to avoid any fees, but you also want to avoid their possible notification of your lateness to the three major credit report agencies as well. Any information supplied to the credit reporting agencies can work against you in the form of higher interest rates on current cards as well as on future loans!
If you want to avoid late fees and be allowed to keep more of your money in your pocket, then you need to take the appropriate action. Become better informed and start saving money today!
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