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Your credit card issuer may waive some fees if you request it.
Key Point
- It’s a best practice to pay your credit card bill on time every month, but sometimes mistakes happen and payments are late.
- If your credit card issuer charges you unpaid late fees, we recommend that you ask if you want to waive the payment.
- Automatic payments help you avoid future late fees.
Even with good planning, mistakes happen. The day may come when you forget to pay your credit card bill. Most card issuers impose late fees if payments are late or missed. This mistake can cost you money and affect your bank account balance. If this happens infrequently, it’s worth checking to see if your credit card company waives the fee.
Missed or late credit card payments cost money
Failure to pay your credit card bills will have consequences, whether accidental or intentional. Late fees may be charged if the original payment date has passed. Continued late payment may result in additional charges from your card issuer.
But the results don’t stop there. Your card issuer may impose an Annual Percentage Rate (APR) penalty on your account, depending on how long it’s been since you’ve missed a payment. When this happens, you will pay more interest now and in the future on your outstanding credit card balance.
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In addition, delays or delays in payments can damage your credit. Late payments cannot appear on your credit report until they are at least 30 days past due. But if you fail to make payments for several months, you may eventually see a negative mark on your credit report.
Your payment history accounts for 35% of your credit score, so paying your bills on time is essential. If you realize that you have missed a payment by mistake, we encourage you to pay as soon as possible.
As you can see, personal financial errors can be costly. We recommend paying all bills on time each month, including credit card bills. But of course, mistakes can and do happen. After all, we are just human.
Request a fee waiver
So what happens when you make a mistake like this? Let’s say you normally pay your bills and realize too late that you didn’t hit the final confirmation button when scheduling your credit card payment. If this story sounds too real, yes it happened to me too.
If this happens, we recommend contacting your credit card issuer, explaining the error, and asking them to waive the late charge. If this is unusual behavior for you, they may agree to waive.
Credit card companies are not obligated to waive fees. But it’s always worth asking. If you don’t, you’ll never know. With fees waived, you can put more money in your pocket. Life costs money, so it helps if you can save even a little money.
How to avoid forgetting credit card payments
For those who tend to forget, we recommend that you consider setting up automatic payments. This can be easily done through the card issuer’s website or mobile app. You can choose your payment method and the amount you want to pay, and have the payment made automatically.
If you can afford it, we recommend setting up automatic payments to pay the entire balance of your statement each month. By doing this, you can avoid high credit card interest charges. This feature helps eliminate forgetfulness, late fees, and other negative effects.
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