The law requires all credit card companies to send their clients a payment notice at least 14 days ahead of the scheduled deadline of payment. This gives the cardholder ample time to submit payments without incurring late penalty charges.
Yet, despite this rule, many cardholders are still prone to submitting late payments. As a result, additional charges are incurred and sometimes, can even lead to bad credit. If you’re a credit card holder, what can you do to avoid late payments? Below are helpful strategies that you can personally apply:
Pay your bills online. If your credit card allows Online Bills Payment, take advantage of this feature and send your payments online. This way, you won’t have to go out of your way to submit your payments to the bank. Even with a busy schedule, you can still pay off your charges on time through the internet.
Setup automatic payments with your bank. Another wise strategy is to arrange an automatic payments with your bank. If you own two or more credit cards, this method of payment is advisable to prevent the risk of confusion and missing your deadline. At the exact date you set each month, your bank will automatically pay off your credit card charges from your personal savings account.
Submit your minimum due in advance. Don’t wait until your payment due date before submitting payment. If you can’t afford to pay off your whole balance, you can still submit a minimum due payment to avoid late penalty charges. Once you’ve submitted the minimum due, do your best to pay off the rest of your balance as soon as you can to avoid the additional interest rate costs.
What to do if you were late with your credit card payment?
There may be instances when you were late in submitting your credit card payment. What can you do about it? The best thing to do is to call your credit card company’s Billing Department and request for an extension of your due date.
Politely explain your current situation and let your credit card issuer know why you missed your deadline. If you have been a timely payer in the past, your credit card company would most likely agree to make adjustments on your behalf, especially if you have been a long time cardholder.
As much as possible, give your credit card company a head’s up if you know that you can’t submit your payment for this month. Don’t forget to request your credit card issuer to waive the late penalty fees to lessen your burden. If your credit card issuer accepts your request, see to it that you can submit your next payment on the date you’ve promised.
Allison May is a credit consultant and a writer for Credit Creators. The resource provides consumers with valuable advice and information on credit cards for bad credit,credit cards for good credit and other credit-related issues. Its main objective is to help people build good credit. Copyright © 2008