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5 credit card mistakes to avoid making

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Waiting too late to make a payment
Waiting too late to make a payment © Maree Stachel-Williamso/

Waiting too late to make a payment

The rationale: Because you can pay your bill with a few computer clicks, you figure you have plenty of time.

The rebuttal: Failure to factor in enough time for account processing (and mailing, if you take the snail mail route) when paying your credit card bill can be disastrous, Ray says. 

Credit reports indicate late payments in 30-day increments, so any payment overdue by 30 days or fewer counts as 30 days late. The penalty for that mark against you can be a late fee, a bumped up interest rate and a lower credit score. In fact, your payment history accounts for about 35% of your credit score.

Paying online is more foolproof than using old-fashioned snail mail. You get confirmation of your payment when you submit it and at the same time the credit card company tells you how long it will take to process it.

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Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.

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