In the world of credit cards, the saying time is money should really be “timing is money,” especially when the topic is the importance of making payments on time. Once you’ve found a great credit card offer like a 0% interest balance transfer card or a great rewards card with a low regular interest rate, you’ll need to make certain that you make each and every payment on time, every time. Defaulting on your payment even once (meaning making a payment after the due date) will at the very least, result in a late payment charge – sometimes as high as $35 or more, and can even mean that your special interest offer will go away.
One great way to ensure that your payments are made on time, every time is to find a card that offers free online account management and automatic bill payments. You should be able to arrange to pre-schedule the minimum amount due, which will ensure that you never have a late payment.
And, if your financial situation will allow, an even better situation is to set it up to pay your balance in full each time. Both options are usually included in any automatic payment program. However, while automatic payments can be a great time saver and safety net, you’ll still want to make certain you review your statements each and every time.
Even credit card companies can make mistakes and good account management requires time and attention.
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