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Everybody hates late fees -- and, at present, being late will have you digging deep into your pockets. When it comes to a number of online credit cards providers these days, when you don`t submit your payment when it becomes due, you`ll have to fork out upto 40 dollars for each late payment. Late fees of this nature can take a good bite out of your wallet real quick.
Below, I will present some useful pointers and strategies on how to give a wide berth to these horrendously expensive penalty charges known as `late fees`. This won`t merely help you save a lot of money over time, but it`ll also discourage the profiteering credit card online providers (I`ll refrain from naming them specifically) from getting your hard earned-money.
All you need to do is square your card dues -- Among the easiest strategies to prevent a the fee charged to your account if your minimum monthly credit card payment does not reach your lender by the due date (late fee) is to simply make sure that you square your card bill each month by sending in a check, money order, or other mode of payment (such as an electronic funds transfer or wire transfer) to the respective creditcard online provider. Only ensure that you stick to the numerous rules and regulations -- which are normally summarized on the other side of every card statement -- telling you how to remit your payment. It is imperative that you strictly abide by these procedural guidelines if you want to make absolutely sure that your payment will reach the card provider on time.
Payment guidelines might involve any number of details, beginning with a particular address to which you must send your payment, to the hour of day within which your check, money order, or other form of payment has to get to the specified address to be credited by that day. A number of providers also demand that checks, money orders, or other forms of payment must arrive in the pre-printed envelope that is mailed to the cardowner.
While the US FCBA (Fair Credit Billing Act) makes it a legal requirement for plastic cards issuers to credit submitted payments the day they are received, each card issuer has the leeway to set specific procedural guidelines. If any of the rules and regulations are not adhered to, the card issuer is entitled to take as many as five days to credit that customer`s payment.
A timely payment might easily turn out to be past the due payment date in the course of this 5-day interim period; so stick to those procedural guidelines meticulously.
Another thing you could do is simply miss the monthly payment -- One of the comparatively lesser known types of strategies one learns about are Skip-a-payment services. You have the option to avail of these services to `pass` home mortgage, creditcards, or cash loan payments, without incurring a late fee or a bad mark on your credit report. Usually, you would first have to get in touch with your bank just to see whether such a service is even an option for you. Besides, there`re independent establishments in business who will allow you to skip a monthly payment, regardless of which bank you use. The charges for this service will be determined by which of these two services you avail of. When you make use of these types of services, make sure you find out exactly what they`ll charge you, then decide if the expense is justified.
Pay the minimum due right away -- One of the surest means to prevent a late fee from being charged to your account is to square the minimum due on your card bills immediately. As soon as you get your card bill, pay up at least the obligatory minimum payment. Sending the amount as soon as you receive the statement is sure to ensure that your creditcards issuer got the minimum payment. You always have the option to submit a further payment subsequently, in case you then think you can cover more than the minimum. Always paying your minimum due is a really efficient way to protect yourself from missing a monthly payment, because even in case it slips your mind that you`re to remit an additional sum, you can at least be sure that your card account won`t be slapped with penalty charges as the minimum due has already been paid.
Change your due date -- Have you often noticed that your online credit card charges must be paid at a time of the month when you`re short of cash? A number of people aren`t too good at earmarking cash to settle monthly dues, and, as a result, when the credit cards online payment due date comes up, they just haven`t got any cash to square the bill. A good way to resolve this issue is to ask for your due date to be adjusted to another part of the month. A lot of creditcard companies give you the option to decide a payment-due date that is most suitable for you. If you have trouble saving money, revise the payment due date to that period of the month when you do have funds available, like as soon as you get your paycheck. When you time your card bill to come the same day you receive your paycheck, you`ll be sure to have the money to pay the card bill.
Use the `pay by phone` service -- In case you`re among those who always leave things pending until the last minute before finally doing the needful, or in case it just slipped you mind to send in your online creditcards payment early enough, you always have the option to square your dues by picking up the phone and calling the card company. This insures that you`ll have submitted your payment on or by the due date. You just need to provide the card company with the number of your checking account, as well as your routing/ transit number, which is at the bottom of each personal check. Normally, your routing/transit number is first and the account number is second. A lot of providers make it possible for you to pay over the phone, although certain companies will charge you a pretty penny for this facility. Fees can be anywhere between 5 to 20 dollars.
Use other express methods -- In the event that your bank doesn`t offer a facility that allows payment over the phone and if you have to get payment to your credit card issuers as soon as possible, you should try either getting your payment across via a same-day expedited mail service or by an express electronic payment system such as Western Union. Either one of these express services will make it possible for you to submit your card payment to your charge cards companies without delay. Such express payment mechanisms come with a large price tag, although whatever you have to pay will always most likely be less costly than any pecuniary charges you`d otherwise have to pay in the form of late fees. Double check you send your express payment to the proper address. Several credit card companies have separate payment addresses for express payments. The last thing you want to do is slow the processing of an express payment by erroneously directing it to another payment address.
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