People often use credit cards to pay their bills now. It's very convenient because you don't have to take cash out of your pocket to pay. Even though credit cards are easy to use, the company that issues them charges a fee. Paying credit card fees late will cost you a lot of money, so it's best to pay them on time.
Late fees are often punished by credit card companies, so it's best to pay on time to avoid the penalty. In 1994, the average late fee for a credit card was $12. By 2004, it had risen to $32.65. Now, it costs a whopping 39 or 40 dollars. So, it's smart not to put off your payment.
There are a number of ways to avoid late fees.
- The best way to avoid late fees is to understand all of your credit card company's rules and restrictions. On the back of your credit card bill from your company, you can find information about the rules. Try to follow the payment instructions to make sure your money gets to them on time and without any problems.
- If you forget to pay your credit card fees and the due date has already passed, you can avoid late fees by paying over the phone instead of by mail. On the back of every credit card is a toll-free number that makes this possible. You need both a check number and a bank routing number to pay. These numbers can be found at the bottom of every check. After you pay, you should rip up the check because you can't use it again. Some credit card companies let their customers use this service for free, while others charge between $5 and $20. Ask your credit card company about this service.
- Try paying online. There are a lot of places where you can pay online. This method can be very helpful when you're on the road.
- If you don't have enough money to pay your bills and the due date is coming up, you can talk to your credit card company and set your own due date. Set the due date for when your pay check comes in. So, you won't have to pay late fees for your bills.
- A good track record is always helpful. As a responsible credit card user, you should try to keep a good record of your payments. This is because many companies that give out credit cards will lower late fees if you have a good record of payments. They do this as a special favour for their customers who are good with money.
- If your company doesn't give you the option to pay your bills over the phone, you can always use express mail to do so. Even though using the express method may cost you more money, it will be less than the late fee your issuer may charge you. Also, it will help you send the company your money as soon as possible.
So, if you want to use your credit card without any problems, make sure to pay on time and in the way that your credit card issuer tells you to. Try not to get stuck in a cycle of late payments to avoid having to pay extra money in the form of late fees.
