A Late credit card payment is pretty much like giving your money away for free to the creditors who don’t deserve it in the first place. Depending on what your looking for whether you are already a credit card holder looking for information on late fees and how to avoid them or don’t know much about the subject and are looking to educate yourself about these late payments, this article will provide you an overview about what late credit card payments are as well as different ways of how you can avoid them.
Late Credit Card Payment – Overview
For those of you looking for an expanded explanation of a late credit card payment, this is what it consists of with a bullet point step by step way of what happens if you pay late:
- When you have a monthly fee that you are paying on any certain credit card or cards, you pay it at the same time each month which is usually 20 to 25 days after the end of your previous billing cycle you paid on.
- If you miss those payments on any certain month when the payment is due and pay it on a later date or after the grace period that they provide you with which is a certain amount of time after the fee is due, a day or so, where you can still give a late payment without getting charged a late fee, this is what is known as a late credit card payment.
- The late fee that comes if you don’t pay your fee on time or after the grace period is the penalty that you have to endure, which means paying more money on top of what you are already paying monthly.
- As of August 2010, there is good news for credit card holders because if in the event of a late credit card payment, you will be charged up to 35 dollars and nothing more.
Late Credit Card Payment – Ways to avoid them
There are multiple ways to avoid late credit card payment, here is an overview of 4 ways you can apply to your credit card situation to ensure that you are never a victim of a late fee:
- Paying the Minium each month will ensure that you do not have to pay late fees. No matter what, at least provide to your credit card company the lowest monthly payment that they require you to pay in your debt repayment process. You can always pay higher each month to get the debt knocked out quicker, but atleast with the minimum you won’t have to fork over extra money for fees.
- Automatic Online Payments are another great way of making sure that you pay your payments each month. This method is great for people who know that they are going to have enough in their bank account every month that will atleast satisfy your credit card payment. It will automatically come out of your account the same time each month.
- Chaning You Due Date is another viable choice to keep avoid a late credit card payment. For example you know that you are going to get paid on the 14th of every month, you can contact your credit card company and let them know that you they need to charge you on the 16th of each month which will give you time to deposit your check and have money in the bank come payment time.
- Reminding yourself is another great tactic. For example you can set on your phone schedule a day before you are set to pay, and it will notify you the day before, reminding you to have money in the bank so you will avoid the late credit card payment.
