Being late is going to cost you, big time.
With credit card late fees at $39, this is no time
to be the least bit tardy with your card payment.
| These payment tips and strategies
from Bankrate.com will show you how to steer clear of
those monster late fees. |
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| 7 ways to avoid
late fees |
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1. Mind those payment rules
One of the most important things you can do is follow your card
issuer's payment guidelines precisely. These guidelines are outlined
on the back of each credit card bill.
When it comes to processing credit card payments,
all these little details are incredibly important.
Payment guidelines may include everything from a specific
payment address to the time of day by which the payment must be
received to be credited that day. Many issuers also stipulate that
payments must arrive in the preprinted envelope sent to the customer.
While the Fair Credit Billing Act requires issuers
to credit payments the day they are received, each issuer is allowed
to set specific payment guidelines. If any of the guidelines are
not met, the issuer can take as many as five days to credit the
payment.
An on-time payment could easily become "late"
during that five-day period, so follow those payment guidelines
carefully.
To ensure your payment gets credited immediately:
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Use the preprinted envelope provided
by the credit card company. |
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Include the billing coupon, and
be sure to write the amount being paid in the box provided. |
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Make sure checks are legible and
the payment amount is correct. Sign the check. Write the credit
card account number on the check. |
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Send payment with proper postage to the payment
address requested by the issuer. It's a good idea to mail
your payment at least one week in advance of the due date.
Ten days to two weeks prior to a due date is even better. |
2. Pay minimum
immediately
The safest strategy for anyone sending a card payment by snail mail
is to pay the bill as soon as it arrives, even if you can only make
the minimum payment. Giving your issuer the 2 percent minimum payment
it wants ASAP is a great way to guard against late fees. And you
can always send a bigger payment when you've got more cash. | 
