Money Tips: Make Minimum Credit Card Payments ASAP to Avoid Late Fees

Posted On: October 16, 2006

Guest: JoyJoy
Credit Expert (100+ Posts)
Post subject: Make Minimum Credit Card Payments ASAP to Avoid Late Fees
Posted: Mon Oct 16, 2006 4:58 pm

Just a little advice after experiencing a 22-24 inch snowstorm in Western, Ny on Columbus Day. Try to pay the minimum atleast when you get your credit card statement and then pay more by the statement date if you wish.

Many cardholders expressed their concern about their credit card payments being late (0%, etc.) this week because of no power, not being able to pick up their paycheck because their job is closed and also a ban on traveling along with other emergency situations.

JoyJoy
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Polonius
SENIOR MEMBER (Member for 2 yrs.+)

Joined: 19 Jan 2004
Posts: 2438

Posted: Mon Oct 16, 2006 5:33 pm Post subject:

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Good advice. I schedule my minimum payments online as soon as the statement arrives (or I see a new statement closing date online). Avoids the problem entirely…
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“Neither a borrower, nor a lender be; For loan oft loses both itself and friend”

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mouse
SENIOR MEMBER (Member for 2 yrs.+)

Joined: 29 Jul 2004
Posts: 2419

Posted: Mon Oct 16, 2006 6:19 pm Post subject:

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THE BANK “CAN” WAIVE ANY LATE FEES THEY WANT

THEY CAN ALSO SAY YOU SHOULD HAVE PAID (ON-LINE) BEFORE THE POWER WENT OUT

“IF” YOU HAVE NOT BEEN LATE IN YEARS…IT SHOULD NOT BE AN ISSUE TO DO A CREDIT

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Board Monitor
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Posts: 2606

Posted: Mon Oct 16, 2006 7:55 pm Post subject:

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Good tip. Thx for sharing JoyJoy!
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maddybeagle
Credit Expert (100+ Posts)

Joined: 18 Jul 2005
Posts: 799

Posted: Mon Oct 16, 2006 7:58 pm Post subject:

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yeah, I do the same thing and track the statement closing dates of all my card offers…I dont get folks that would put off paying esp. when people have thousands of dollars in investments with bt’s…what is a couple of days of keeping the min. payments…

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mouse
SENIOR MEMBER (Member for 2 yrs.+)

Joined: 29 Jul 2004
Posts: 2419

Posted: Mon Oct 16, 2006 8:00 pm Post subject:

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Some of my cards let me PICK the payment amount and date

DAYS or WEEKS or MONTHS AHEAD

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JoyJoy
Credit Expert (100+ Posts)

Joined: 03 Dec 2005
Posts: 206

Posted: Tue Oct 17, 2006 10:33 am Post subject:

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[quote="Board Monitor"]Good tip. Thx for sharing JoyJoy! [/quote]

You’re welcome Mr. Arnold!
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“You may never know what results come from your action. But if you do nothing, there will be no result.” Mahatma Gandhi

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hdporter
Credit Expert (100+ Posts)

Joined: 24 Jan 2005
Posts: 574
Location: Philadelphia
Posted: Tue Oct 17, 2006 4:08 pm Post subject:

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mouse wrote:
THE BANK “CAN” WAIVE ANY LATE FEES THEY WANT

“IF” YOU HAVE NOT BEEN LATE IN YEARS…IT SHOULD NOT BE AN ISSUE TO DO A CREDIT

I agree, mouse, and have been granted this benefit a couple of times in the last few years. However, it’s important to bear in mind that even if the bank waives the fee, they may still continue to treat the payment as late in their records.

If something should fall through the crack and you are again a day late in the next 6 months, the bank may put you into penalty pricing (assuming you occasionally carry a balance over).

This is the rather unamusing feature of Citi’s Simplicity card. “We don’t charge late fees … but if you’re lulled into paying a little late now and then, we’ll smack it to your interest rate.”

- Harry

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Brammy
Credit Expert (100+ Posts)

Joined: 05 Jun 2006
Posts: 378

Posted: Tue Oct 17, 2006 6:10 pm Post subject:

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This may sound strange but I schedule my minimum payments six months in advance. When Money tells me how much I’m going to actually pay when I enter my extra payment (25% of what I make over the bare budget necesseties) I update the amount about a week before the payment date. I schedule them all the day after the statement falls and have money auto-enter it 10 days early. I use my biweekly pay to calculate what I need and what I make over

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Polonius
SENIOR MEMBER (Member for 2 yrs.+)

Joined: 19 Jan 2004
Posts: 2438

Posted: Tue Oct 17, 2006 6:15 pm Post subject:

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You have to be careful about payment dates, though. Payment dates can change and, if that happens, the long-in-advance minimums may arrive late. It’s a good idea–but you still have to be check things….
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Polonius
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Brammy
Credit Expert (100+ Posts)

Joined: 05 Jun 2006
Posts: 378

Posted: Tue Oct 17, 2006 6:28 pm Post subject:

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Polonius wrote:
You have to be careful about payment dates, though. Payment dates can change and, if that happens, the long-in-advance minimums may arrive late. It’s a good idea–but you still have to be check things….

That’s one reason I sschedule them the day after the statement generates. Unless they totally change the statement date that is not a factor. My payment is in their hands before I ever receive a statement. I also make my adjustments before that time because the extra actually comes from the income of the previous month.

One problem I have had is on those days when the statement generates late such as on a weekend and the payment is received before the statement falls and the next bill has a min due. That generally isn’t a problem anymore because I NEVER pay the minimum and can tell which day the bill will fall when I go in to make adjustments.

When that happened before I got smart I just scheduled another min plus 5.