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Just missing one credit card payment can have a devastating effect on your credit score.
Luckily for you, We have compiled a comprehensive list of five excellent tips so that you never miss a payment again.
Make use of Autopay
Autopay is a great way to avoid late payments. The way it works is you authorize your credit card issuer (or your bank) to automatically debit your checking account with charges on a set date. This will require no intervention from your side, and the transaction will go through.
Automating bills is a great way to minimize the risk of late payments, but make sure you do not pay less than the minimum amount, as that will only increase your troubles. But Auto-pay only works if you have sufficient funds to let the payment go through. A small tip can be setting a date for your Autopay shortly after your payday. That way, you will have sufficient funds and be responsible as you know you have to get through the month with the remaining amount.
Set up a reminder
If you are like me and prefer to do things manually, you may consider setting up a reminder. I am constantly working on my laptop with my phone around, so setting up a reminder with my voice assistance makes the most sense. But make sure you can rely on yourself to make the payment. Make sure to set multiple reminders so that in case you miss one, there is another chance.
Also, consider setting up reminders on your calendar and sign up for online alerts. What I do is I set all my payment due dates scheduled in my online calendar as a recurring meeting. And as my calendar is synced on all my devices, I am sure not to miss the payment date. If you need help setting up a calendar reminder.
You may also sign up for an online alert from your credit card company. Mine sent an email five days before the due date. But please don’t discard the email. Try paying all the outstanding amounts once you receive the reminder.
Plan your Payment
Although credit card payments are usually due once per month, this could lead to cash flow problems. It is easy to make a purchase and put it on your credit card, but you may find it difficult to pay off your balance and manage other bills like rent. So, I will suggest that you evaluate and plan your purchase before committing. You may also consider making weekly payments to keep your budget in check and ensure you pay your bills on time. This will help you avoid late charges and additional fees. If you make weekly payments, you may be more inclined to spend less and keep your cash flow under control.
Use a third-party app
If you have multiple credit cards, things can get really complex for you. In that case, I will suggest you get a third-party app to manage all your credit card payments for you. Tally is a great app to manage all your payments, so you don’t have to worry about a late fee again.
What to Do if You’ve Already Missed a Payment
Let me first tell you what not to do in case of a missed payment. Credit card companies are notorious for their late fines. They are known to add penalties daily. So no matter what, do not let a due left unresolved.
Here is a list of steps you can take in such cases
Pay Minimum Amount
If possible, at least pay the minimum amount that is due. If you are lucky, the credit card might not yet have reported the issue, and you still may get away without affecting your credit score, so better to pay off right away when you can and hope that the credit card company did not report it yet.
Make a call
Depending on your relationship with your bank, you can still get away without paying any fines. If you missed the payment either for an emergency or by an honest mistake, and given that you have a long history of paying your credit card fees on time, you may consider calling the company. They are entitled to either entertain or discard your request, but if you clear all the payments and any interest you were charged for, the company may drop the charges and refund you the late fees. But remember, it is up to the bank to decide so that a friendly, respectful request will take you a long way.
Missed a payment for Covid-19
If you have missed a payment for covid or are worried about missing one, you can call the bank to extend the due date. You may get up to 14 days of additional time to repay your outstanding credits.
What to Do if You Can’t Make a Payment
Sometimes, money may be a crunch, and it becomes challenging to make all payments on time. Prioritize and strategize in this situation. You can review your budget and identify unnecessary expenses you can cut or eliminate to make sure you pay your debts on time.
You might also consider other ways to quickly make some cash, such as selling assets, finding a side gig, or borrowing money from a family member or friend. But all of these are not a sure-shot way of getting you out of your financial worries. A neat trick for you can be to apply for a quick payday loan. These loans are quick to dispatch and usually get approved within a couple of hours of using. They are not affected by credit score, meaning you can get a loan approved even with a bad credit score.
Late payments are more than annoying. They can also negatively impact your credit score. These steps above can help you avoid late fees. Although, if you miss a payment, contact your credit card issuer immediately to take measures to prevent it from happening again, and in case of a cash crunch, you can always take a quick, inexpensive PLnearme payday loan.