Do not be late in paying your Credit Card bills. Pay them on time and never incur any late payment fee. Sometimes, circumstances can force you to make a late payment. Let us look at such instances and share tips about how to manage the late payment fee hike on your Credit Card.
You can always request the bank to waive your late payment fee on your Credit Card payment, especially if it was for the first time. You make your payments on time and have a good record of repayment. Banks would consider such requests favourably, especially if the delay were for a short period of a day or two. You have to call the hotline number and place your request. It is advisable to be firm, and not demanding in any way. Remember, the waiver is not a matter of right. Do not give up easily.
Change Your Billing Cycle
All Credit Cards have to adhere to specific billing cycles. Some cards have a due date that falls on the 15th of the month whereas you have Credit Cards that fall due at the end of the month. Check which of the dates is favourable to you. Do you receive your salary on the 25th of the month? Under such circumstances, it is better to settle for a due date that comes after your salary date. You would not miss the payment because of lack of funds. Explain your difficulty to the bank. Usually, they cater to such requests, if they find it genuine.
Have a separate account for debiting your Credit Card bill payment. Remember to fund the account in advance. Register your standing instructions with the bank to debit the account automatically for the amount of the Credit Card bill. Set the date a couple of days in advance of the due date. In this way, you will never miss any payment. Specific banks offer a higher rate of interest on such special savings accounts. You can fund the account in time and avail the benefit of a higher rate of interest as compared to the regular savings accounts.
Today is the age of competition between various banks to gain supremacy in the market. Under such circumstances, banks resort to reduce the rates rather than increase them. If they have raised the rates, you can ask for a waiver, especially if you have a good record. Banks love to have good customers. Hence, they might agree to your request as an exceptional condition.
Also Read: Failing to Plan is Planning to Fail
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