5 Ways To Prevent Credit Card Late Fees
By Gary Gresham
Paying a credit card late fee is the same as throwing your money away. Late
credit card payments can also hurt your credit score. The payment tips and
strategies here will show you how to prevent these costly fees.
When credit card companies process credit card payments, every single detail
is extremely important. Get even one of these small details wrong and you
will have to pay credit card late fees.
The Fair Credit Billing Act requires credit card companies
to credit payments the day they are received. However, this law also allows
each credit card issuer to set their own specific payment guidelines. If any
of these guidelines are not met, the credit card company can take as much as
five days to credit the payment.
That means you can get your payment to your credit card company on time and
it could become late during that five-day period. The credit card company
could legally charge you credit card late fees. So it's in your best
interest to follow their payment guidelines carefully. The payment
guidelines are usually on the back of your credit card bill.
Here is the five best ways to prevent credit card late fees.
1. Follow Credit Card Payment Guidelines Carefully
This includes everything from a specific payment address to the time of day
the payment has to be received to be credited that day. Some companies even
require that payments arrive in their preprinted envelope they sent you with
your bill. To be safe, always use the preprinted envelope provided by a
credit card company.
Include the billing coupon, and write the amount you are paying in the box
provided. Make your check legible, don't forget to sign it and double check
that the payment amount is correct. Write your credit card account number on
your check and send the payment with the proper postage to the payment
address requested by the credit card company.
2 Pay The Minimum Payment Immediately
The best way to prevent paying a credit card late fee is to pay your bill as
soon as it arrives. Even if you can only make the minimum payment, it's
better than paying a late credit card payment. You can always make
additional payments later to keep your interest costs down.
3 Change Your Due Date
Most major credit card companies allow you set your own due date by just
asking. Set your due date so your credit card bill arrives right after you
get paid.
4 Automatic Online Payments
Paying bills online is also another good way to avoid paying a credit card
late fee. Most major credit card companies are accepting credit card
payments online. Just sign up for the service on the card company's web
site. Make sure to choose a payment amount that automatically covers the
minimum amount due on your credit card each month. You can always make
additional payments later to keep your interest costs down.
5 Make Your Payment By Phone
Most major credit card companies will accept payments by phone. Some of them
will charge fees, ranging from $5 to $15 for the service. But credit card
late fees cost you much more so it's better to pay the small fee than a late
credit card payment fee. Call the toll-free number on the back of your
credit card. They will ask you for a check number and the bank routing
number, which is printed at the bottom of every check.
If you do get hit with a credit card late fee, try calling the credit card
company and ask if they will waive it. Many credit card companies will waive
late credit card payment fees as a courtesy to customers with good payment
records.
Copyright © 2005 Credit Repair Facts.com All Rights Reserved.
This article is supplied by http://www.credit-repair-facts.com where you
will find credit information, debt elimination programs and informative
facts that give you the knowledge to correct your own credit and credit
report. For more credit related articles like these go to: http://www.credit-repair-facts.com/articles_1.html
Article Source: http://EzineArticles.com/ |
|
