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5 Steps
to Avoid Credit Card Late Fee's
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.
About the Author:
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 |
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