Managing Your Credit Card Payments to Avoid Late Fees

The Double Whammy

Your main goal when your payment due date is upon you is to get a payment to your account before a late fee is assessed. Late fees can be disastrous if your priority is to get out of debt. The reason is that the late fee is charged today, and it accumulates interest if your balance is not paid in full. You must investigate your options to avoid or eliminate a late fee on your credit card accounts.

Department Store Credit Cards

For department store credit cards, one of the best ways to avoid credit card late fees is to pay with cash at the retail store if they accept payments on your account. If the payment is received before 5:00 pm it is usually credited to account the same day. Use this option if it is available. The best way to find out is to call your credit card company or look in the frequently asked question section online.

Expedited Payments

If this option is not available, then you should see if you can make an expedited payment online that will be credited immediately. Sometimes this option is available for a small fee, perhaps as little as $5. If you cannot make a payment to your credit card that is credited the same day, then do make an online payment because it will probably take at least 48 hours to credit your account.

Phone Payments

Another option available is to call the credit card company and ask whether you can make a payment over the phone. This requires a checking account. The standard fee for this transaction is $10, which is usually posted to your account. While $10 may seem like a lot, it's better than having to pay a $35 late fee.

Be Honest and Plead For Mercy

If you still have no luck with any of these options, then just call your credit card company and explain the situation. They may be able to waive the upcoming late fee if you make a payment immediately. Again, each credit card company has different rules and policies, but it doesn’t hurt to politely ask.