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CREDIT CARD PAYMENTS
Credit cards offer great advantage and benefits. However, it is very easy to overlook and forget to make payments for your credit cards. Not only is a late credit card payment going to cost you money in penalties, your interest rate is likely going to be raised by the card issuer. In addition, your credit will negatively reflect this, for a long time (seven years). Learn more about default credit card rates.

There is no excuse for missing payments. The easiest way to eliminate the chances for being delinquent is to pay your bill the instant you get it. Below are some tips and advice on what you can do to ensure promptness!

Don't wait! Make your payments early!
You should always be aware of what the due date for your bills are. It will typically be one month from the time you receive your statement. This is more than sufficient time to make plans for payment. Determine what date is going to be two weeks before the payment due date. Mark this date on your calendar and/or create a reminder on your computer and/or phone. 

Once that day arrives, make the payment and mail the bill out. By mailing it out two weeks early, you are giving yourself enough time to make sure that it that the mail system does its job and gets your payment to your credit card company. Suppose you wait until two days before the due date to mail your bill, and the it gets lost in the mail. Do you think the credit card company is going to offer you any grief? No, they are not.

Regular early bill payment is also beneficial for other reasons. Suppose you make a late payment, or miss one altogether one month. Normally when this occurs, your credit card issuer is going to impose penalties, including increased interest rates. However, they are going to be less likely inclined to raise your interest rates if you have been making regular early payments. In addition, either one will result in a negative impact on your credit.

Pay More Than the Minimum!
Paying more than the minimum exhibits that not only are financial secure, but that you practice smart credit card use. In addition, you will eliminate credit card debt quicker. The typical minimum payment required is 10% or $25, whichever is higher. Even if you pay just an extra 5-10% than the minimum, you are going to be helping your self reduce debt faster. Use this credit card calculator to see how long it will take you pay off credit card debt when paying only the minimum.

Paying more than the required minimum is also going to help you in the event that you are late or miss a payment. Your credit card company is going to view your payment activity positively and will less likely raise your interest rates.

Always Keep Track of Your Spending and the Payments You Make!
It is very important that you always know how much credit is available! Never spend more than you can afford. The fees associated with going over the limit are very high. This will also be displayed negatively on your credit report. By staying within your available credit limits, you protect yourself from unneeded fees and costs and from damaging your credit. We suggest that you order a copy of your credit report so that you can see exactly how your payment activity is being reported.

In conclusion...
It is important that you use credit cards wisely. The tips above will help you remain in good standing with your credit card issuer, keep your balances down and improve your credit score.


 

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