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5 Ways To Prevent Credit Card Late Fees
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
MORE RESOURCES:
Clock ticks down on credit bureau class-action dealIndianapolis Star, United States - 36 minutes agoIn a class-action settlement, credit bureau TransUnion has agreed to provide free credit- monitoring services to millions of consumers to settle claims it ... |
MORE COLLEGE CREDITChicago Sun-Times, United States - 10 hours agoDespite the current nationwide credit crunch, the State of Illinois secured $100 million for the student loans by tapping a new source -- credit unions. ... |
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