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It may sound strange that you need to take certain precautions in order for your credit card payments to be processed properly but truth is that there are certain guidelines included in your credit card balance bill that you need to follow or you may have to face punitive fees. Learn what to do in order to avoid overpaying.
If you don't follow the credit card company's guidelines, they can wait up to five days to credit your account. The Fair Credit Billing Act requires that they credit your account the day your payment arrives, but some credit card companies demand you follow particular requirements, like sending your payment in a pre-printed envelope, in order to credit your account in a timely manner.
Even if you send your payment to your creditor on time, it could end up being late if you don't follow their rules. With the average late fee now on the edge of $40, you don't want that to happen. Here are three tips to make sure your payment is processed quickly and without hassles at all:
Pay The Minimum First
Pay the minimum as soon as you get your bill. This is very important if you are sending your payment through the mail. You can always send a larger payment later in the month when you have more money. Many credit card companies are “red flagging” accounts on which the minimum is being paid every month, so add at least $5 if you can.
Moreover, and as a side note, you should never pay only the minimum on your credit cards if you want to reduce your debt. Interests contribute to accumulate debt easily. Start by paying as much as you can on the highest interest credit card and then continue with the next one. This way you’ll be able to become debt-free and worry less about your credit cards and their payments.
Be Careful with Checks
Be sure your check is legible and the payment amount is correct. Include the credit card account number on the check. Don't forget to sign the check. Common mistakes like not signing a check or illegible checks are responsible for many late payment fees that add up to already packed debts making things even harder for debtors.
The above precautions are very important. Credit Card companies won’t take any responsibility on this matter. If the check is wrong or illegible you won’t get additional time to pay without a penalty and this delinquency will be informed to credit bureaus. Thus, it is better if you make sure everything is correct or choose another payment method like debit from bank accounts.
Be Careful with Mail
Send payment with proper postage to the payment address requested by the issuer. Just to be on the safe side, mail your payment at least one week in advance of the due date. Ten days to two weeks beforehand is even better. If payments do not arrive, you will have time to try with other payment methods or even go personally to the credit card issuer’s offices and deliver payment on hand.
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