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:
 Telegraph.co.uk | Citigroup Posts $2.5 Billion Loss on Write-Downs New York Times, United States - By LOUISE STORY Hobbled by the credit crisis at home, Citigroup has limped through nine months in the red, reporting a $2.5 billion quarterly loss on Friday ... Credit Costs Weigh on Citigroup Citigroup credit default swaps narrow 15 bps-Phoenix Credit Costs Weigh on Citigroup |
 The Money Times | Ackermann says credit crisis end in sight Financial Times, UK - Josef Ackermann, Deutsche Bank’s chief executive, on Thursday said the credit crunch was at “the beginning of the end” as banks and regulators have taken ... 2nd UPDATE: JPMorgan 2Q Net Down 53% On Credit Woes, Markdowns JP Morgan: The Legacy of the Credit Crunch Why No Outrage? |
Studying up on credit scores Chicago Tribune, United States - In matters of money, a credit score assesses your financial responsibility. And just as with taking your first practice test, your score may be low when you ... Given a Shovel, Digging Deeper Into Debt |
Dollar Rebounds From Record Versus Euro as Credit Turmoil Eases Bloomberg - The US currency also rose versus the yen on signs US investment banks will withstand credit-market losses and the Federal Reserve and the Treasury proposed ... |
 BBC News | Credit crisis: Merrill Lynch to sell Bloomberg stake and keep HQ after Tehran Times, Iran - The loss was due to write-downs of $9.4bn on the value of mortgage holdings, credit-related derivatives and instruments guaranteed by crisis-hit monoline ... Merrill Drops After $4.65 Billion Second-Quarter Loss (Update2) Quarterly loss at Citi smaller than expected, but Merrill disappoints BlackRock shares soar on earnings, Merrill stake move |
$10m W/Bank Credit: Boom time for small-scale mining The Punch, Nigeria - This was the scenario, which the World Bank set out to help Nigeria change in 2005 when it granted the country $120m credit under the Sustainable Management ... |
Mortgage sales pressure fuelling credit crisis: ACTU ABC Online, Australia - The Australian Council of Trade Unions (ACTU) has accused banks of fuelling the credit crisis by forcing staff to push mortgages onto people who cannot ... Banks 'pushing' families into debt Banks lean on staff to push loans |
No deals for debits at the pump Detroit Free Press, United States - I would have paid the same price if I used a credit card. Bring the Benjamins and you'd get that super-low price -- OK, low by today's standards -- of ... Gas stations turning to using 'gift |
Teton County development plagued by credit crunch Fox 12 Boise, ID - Developer Bill Reid said a nationwide credit crunch prevented him from winning more financing for the 1350-acre Huntsman Springs project. ... |
Deals and takeovers are being done despite the credit crisis Telegraph.co.uk, United Kingdom - So, tapping the credit market for a cool £10bn to finance the acquisition of companies such as Alliance Boots or J Sainsbury is simply out of the question ... |
Student Credit Cards 101
Almost all students have and use student credit cards. Some of the students use them wisely and build for them an early credit history but others accumulate lots of debts that would have to be paid off once the student life is over.
Credit Cards
Credit cards are a form of unsecured credit. The issuer is extending you a line of credit, usually tacking on all sorts of little surprises in the fine print.
Are you paying higher interest on your credit cards than you think?
Many credit card holders sign up for a credit account with an 8.9% interest rate and then later realize that their interest rate has been bumped to 27.
4 Steps to Creating Good Credit
As a consumer you've learned the importance of establishing a good credit rating with your lenders. Whether you are shopping for a new home or auto, or searching for the best deals on insurance, your credit worthiness will be judged by your credit rating or credit score.
Bank Robbery Growing In U.S.
Bank robbery has grown to become a huge problem in the United States but I am not talking about people robbing banks. I am talking about banks robbing people.
Always Avoid Payment Holidays
Once you've been paying off a credit card for a while, you might be offered a 'payment holiday'. You'll get a letter, saying that since the company knows it's difficult for some families around Christmas (or whatever other excuse they think up), they're offering you a month off from paying, as a 'special present'.
How A Prepaid Debit Card Can Help You Rebuild Your Credit
Consumers today are up to their eyeballs in debt. And many people don't realize it until their good credit has been devastated.
What is Credit Counselling?
Ever wondered what is Credit Counselling? There are occasions when you might encounter a financial situation that is beyond your scope which is when a session with a credit counsellor could be beneficial.If you're not disciplined enough to create a workable budget and stick to it, can't work out a repayment plan with your creditors, or can't keep track of mounting bills, consider contacting a credit counselling organisation.
Manage Your Credit Wisely
Getting your first credit card is a big deal and all young people look forward to it with bated breath. We wait for years to be able to apply successfully for out own credit card.
Cash Advance - How Does It Work?
If you want a cash advance or a payday/paycheck loan, you usually get a personal check. Some companies use your bank account or credit card in addition to or instead of a check.
Establishing Credit - What You Need To Know Part 2
In my previous article "Establishing Credit - What You Need To Know Part 1" I discussed the need for a good credit history and what lenders were looking for prior to loaning an individual money or additional funds based on their credit history. This article will go into the necessary steps someone needs to take in order to initially establish their credit history.
Credit Traps Snag Consumers
Nearly 20 years ago I worked for a small consumer advocacy organization in Washington, DC. Each week we received sacks full of mail from consumers across the country requesting our list of credit cards with low interest rates and no annual fees.
Like It Or Not, You Have A Score To Settle!
Like It Or Not, You Have A Score To Settle! (Part 1 of 2 on Credit Scoring)Just when most people finish with school and can stop worrying about test scores, there's a new kind of scoring that enters the picture. It's called credit scoring.
How Creditors Measure Your Credit Rating
Creditors will measure your credit rating based on the following three main things.CapacityCollateralCharacterThe three "C's" show creditors your:"Capacity" or income to pay the debt"Collateral" or assets to secure the obligation"Character" shows your compliance to repay the debt1.
Pitfalls of the Credit Industry
The credit industry if rife with pitfalls. If you have ever owned a credit card you probably already have learned this the hard way.
Stop Struggling Because Of Poor Credit And Improve Credit Rating Now
Did you apply for a personal loan only to be turned down by a bank or lending institution? Like most people there is always a need to borrow money to buy a car or to renovate a home or even to get a student loan. There are many reasons why people need a loan and lenders turn people down from a loan application based on ones credit rating and credit score.
Why Does FACTA Matter to Me?
FACTA stands for Fair and Accurate Credit Transaction Act. FACTA is the law which allows any American access to their credit report once per year.
Repair Your Credit - The Right Way!
How to Repair a Bad Credit Rating?The Right Way!If you have a bad credit rating, then you might find that your ability to get financing, loans, and even some jobs is greatly diminished.Once you have a bad credit rating, it might seem like there's nothing that you can do about it? but you don't have to believe that.
Which Citi Mastercard Is Right For You?
You've decided to apply for a Citi MasterCard, but with so many different cards to choose from, how do you know which one is right for you? Here is a brief guide to the different types of MasterCard available from Citibank.A great MasterCard program is the Citi Platinum Select Card.
The Exact Action To Take When You Find Errors In Your Credit Report
There are times when you may be turned down for credit and you do not understand why.According to the Fair Credit Reporting Act you are entitled to a free copy of your credit report if you have been denied credit because of negative items on your credit report within 60 days of the request for credit, if you are unemployed but looking for work, are on state benefits, or believe that your credit report is incorrect because of fraud.