How To Avoid Credit Card Late Feed

Many people ruin their credit card score by not paying their credit card bills on time, or by missing payments. Late fees can be very expensive. Before you know it, the fee has piled up and the interest rate can grow and, after a while, you will not even be able to pay the minimum payment. This could be a disaster for you. But with a bit of careful management, you can avoid late payments and expensive late fees altogether. There are seven golden ways to avoid late fees on your credit card. Let’s look at them.

1. Follow the payment rules

This is one of the most important things you can do, and start doing right now. Sometimes we are sloppy about getting our payments sorted out. But remember that carelessness can cost you. If you mail payments, make sure you fill out the paperwork correctly, make sure your checks are legible, and make sure there is enough postage on the envelope. You will be kicking yourself later if you don’t. And be sure there is enough in the account your transferring from to cover the payment.

2. Make minimum payments immediately

We often procrastinate about paying, even when we have enough to cover the minimum. But a safe strategy is to pay the minimum as soon as your credit card statement arrives. You can always pay more later, and you won’t be tempted to spend what you should be paying off.

3. Change your due date

Bank statements always seemed to arrive at the worst possible time - at the end of the month when we are “skinned”. Most of the time, we are surprised that payment time has come around again and can never keep enough aside to make a payment. The solution is changing the date of your credit card bill to be issued right after payday. A lot of credit card companies will do this, if you ask them.

4. Direct Debit Payment

Setting up your accounts so that your bills are paid automatically is a great way to avoid late fees – no human error! It’s a big plus for you, so that you won’t forget about the payment and kick yourselves the day after it is due.

5. Pay by Telephone

This is a great one for last minute payments, if you know you’re not going to get it done any other way – but be careful. Some banks charge for this service, anywhere from $7 to $20. Still, if it’s lower than the late fee it’s definitely a good option to get your payment made fast.

6. Get your fee waived

If you mailed your payment on time, but you still get hit with a fee? Make sure you challenge it. Do you usually pay on time, but were late just this once? Ask your credit card company to waive the fees. They are sometimes lenient with customers that have a consistent payment record.

7. Change your credit card company

You’ll be shocked when you realise how much you could save by changing to a smaller credit card issuer; the local community bank for example, or a credit union. You’ll also be happy to note that they are more forgiving when you are late with payments.