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Avoid Late Payments On Credit Cards
To AVOID late payment penalties on your Credit Card, set an automatic minimum payment in your online bank account or mail a payment at the beginning of the billing cycle or right after you receive your monthly statement - do this at least two weeks before the normal due date for your payment on your account to allow for processing. Credit Card companies PURPOSELY rotate the due date to trap you into making a late payment, which results in outrageous LATE FEES and can, and will, increase your credit card interest percentage rate for not only that particular card - but ALL YOUR CREDIT CARDS. Simply paying the minimum due when you first receive your statement will save you hundreds if not thousands of dollars in late fees and increased interest rates. You then have time to make a more substantial payment - never pay the minimum payment for several months running. CAUTION: There is a new federal law that if you only make minimal credit card payments for a period of time, I believe it is 3 consecutive months, the credit card company must increase your minimum payment to 20%. I am recalling these facts, so please verify. I also do not know if they apply in other countries.
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Contributor's Note
If you have documented information on the exact specifics, please email me and I will edit this INTEL, thanks.
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PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
Jussta
Writing, videos, photographs
www.jussta.com
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The copyright for this content entitled "Avoid Late Payments On Credit Cards" has been specified by the contributor as:
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This intel was contributed by Jussta
Jussta
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May, 2012
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