To Avoid Late Payment, You Should Always Post Your Payment A Long Time Before The Due Date( At Least A Week)

Category: Finance, Credit.

When you re dealing with credit cards, you re playing with fire.

Paying Late. Unfortunately, there are plenty of people out there who don t realize that, and make all sorts of dangerous mistakes with their credit cards every day. If you don t set up any kind of automatic payment, then it can be tempting to just put your credit card bill on a pile and get to it when you have time. If you leave it to the deadline, you might find that the payment won t get there quickly enough- it s not a deadline for sending the money, it s a deadline for them receiving it. Before you know it, a few weeks have gone by and you re late. Paying late is a big mistake for an awful lot of reasons. You may also find that you lose any good rate you had, and your debt is automatically thrown onto the very worst rate the company offers.

You will almost certainly be charged a late payment fee, and your late payment will go on your credit report for everyone to see. To avoid late payment, you should always post your payment a long time before the due date( at least a week) . Being Taken in By Rewards. If you ve left it to the last minute, phone up and try to pay that way. It is never, ever worth getting a higher- interest card simply because it offers some kind of loyalty points, flight miles or whatever. All rewards do is pay you off with your own money to make you feel like you re getting something for nothing. Even if it offers a cash reward, it is unlikely to be more than you would pay in extra interest- after all, why would they give you free money?

You re not. Seeing some people opening their wallet or bag is a scary experience. Collecting Cards. It looks like they have about a hundred credit cards in there, some of which they haven t used in years. Don t be one of these people. They have trouble keeping track of all the different cards, balances and interest rates.

You should limit yourself to a maximum of three cards at a time- any more starts to make you look over- committed in your credit report, and could get you turned down for a bigger loan. Your limit is just that: a limit, not a minimum! Maxing Them Out. Whatever you do, don t get a card and immediately spend your whole limit. It is better to spend about halfway regularly and pay it back. This looks very bad.

Wait for the company to increase your limit( which they quickly will) , and then you ll get that extra money without the stigma of having a maxed- out card. Finally, don, as ever t sign anything you haven t read! Not Reading the Terms and Conditions. I know it s hard going and you re busy and all, but if you can t manage to read the terms and conditions then you shouldn t get the card. Pay special attention to any future increases in rates, and what kind of fees you can be charged.

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