by: Edward Vegliante
Credit card late fees are a fact of life for some consumers, but they dont have
to be for you. Legally, credit card companies can hit you with pretty much
whatever fees they want. On the other hand, you dont have to pay them, but only
if you avoid them in the first place. Here are five sure fire ways you can
avoid costly credit card late fees:
1. Pay Before the Due Date. Of course, this makes the most sense. However, this
is also the single most important reason why people get socked with fees: they
receive their bill and immediately forget about it! When you get your bill,
open it up and pay it promptly. Waiting means forgetting and forgetting about
your credit card bill will cost you money.
2. Pay on the Internet. If you have access to a computer, then paying online is
the best way to make certain that your payment gets to your credit card
provider on time. Be careful, as there is still some lag time from when you
authorize funds to be released from your checking account and when that payment
is finally credited to your credit card account. The gap between the two can be
as long as one week!
3. Schedule Automatic Payments. Some credit card providers allow for you to set
up a scheduled deduction from your checking account which is then automatically
sent to your credit card provider. You should set it up to take money out of
your account well before the due date to ensure that your funds are received on
time. You can always send in a separate, extra payment if you want to pay down
your debt faster too.
4. Question a Late Payment. Even if the credit card company claims that your
payment was late, it doesn't mean that you must be charged a late fee. Contact
the company and ask them to reverse their charge - which usually runs between
$29 and $39 -- and to expunge their records of your tardiness. You not only
want to avoid any fees, you want to avoid their possible notification of your
lateness to the three major credit report agencies [Experian, TransUnion, and
Equifax]. Any information supplied to the credit reporting agencies can work
against you in the form of higher interest rates on current cards as well as on
future loans!
5. Go with the Citi Simplicity Credit Card. Now, consumers have a new option to
help them avoid late fees: Citis new Citi Simplicity card doesnt charge late
fees. Please click the link below for more information about this breakthrough
card.
Taking the appropriate action can help you to avoid late fees and allow for you
to keep more of your money in your pocket. Become better informed and start
saving money today!
Copyright 2006 Edward Vegliante
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