How to Avoid Late Credit Card Fees

How to Avoid Late Credit Card Fees

Students with college credit card often end up paying more than what they owe because of additional credit card charges. Late penalty fees plus the high interest rates can definitely cost you more. But why pay more when you can avoid those additional fees by submitting your payments on time?

Avoiding Late Fees on Student Credit Cards

It’s All About Business

Regardless of what credit card companies advertise, it’s still about business. Credit card issuers want to make money and charging late fees and interest is just one of the most subtle and effective ways to achieve this.

Late fees can range anywhere from $5 to $50 or more depending on the amount of your balance. Imagine being able to save that much just by submitting your payment on your deadline. Add the interest and you can end up with extra hundred dollars of debt in your account. Obviously, you need to outsmart your credit card issuer by avoiding those extra charges.

Take Charge, Pay on Time!

How can you make things a lot easier for you? One way is to request your student credit card issuer to adjust your due date to your most preferred schedule. For instance, if you receive your allowance in the first week of the month, you can request your cut off to fall on the 1st or 2nd week while you still have money on hand. This prevents the risk of spending your cash on unnecessary things and puts debt repayment on priority.

Another way to avoid late penalty fees is to submit the minimum due on the same day you made the charge. Avoid the interest by paying off your entire balance before your due date ends. It is also recommended to choose a student credit card that enables online account access and online banking. This way, you can send payments online and you can easily monitory your account despite your busy schedule.

About the Author

Samantha Wilson is a consultant for credit cards for students. For years she has written student credit cards articles that would help build student credit.
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