Ways to Avoid Paying Fees on Your Credit Cards

[Apr 16, 2008.]

 

The last things you need when you're trying to rebuild your credit are more fees on your credit cards, adding to your already too-high balances. What you need to do is learn some basic tips on how to avoid these fees and only pay for what you're bought in the first place.

• Pay your bill on time - The easiest way to avoid late fees on your credit cards is to pay your bill on time, every time. If you do this 99% of the time, but forget once, a quick call to your credit card company can usually remove that fee because of your good track record.


• Read your credit card rules - While it's not always easy to read the guidelines that come with your credit card, you will want to make sure that you aren't going to have to pay any fees without knowing about them in the first place. Some cards require an annual fee, for example, which you may not realize you have to pay until it shows up on your bill. Be smart, read the rules first.


• Ask to move the due date- Most credit card companies are pretty lenient about moving your due date for bills, so long as you request ahead of time. Some credit cards have places on their websites to do this, or you might need to call the customer service number. In any case, this is a simpler option for most, though it will change the schedule of the charges that you put on the card.


• Use automatic bill pay - Most credit card companies allow you to submit your banking information to automatically pay the minimum payment on time each month. This allows you to always make your payments and avoid any fees for lateness. In the case of a late payment, this might be the credit card company's fault and you will not usually have to pay a late fee.


• Always have enough money in the bank - By sending a check that isn't going to cover the payment you're making, you will be assessed an additional fee. Never send a check unless you know that you're going to have the money.


• Pay over the phone - If you've forgotten to pay your credit card until the last minute, call the customer service number and make a payment that way.

When you pay your credit cards on time, you won't have to deal with excess fees that simply turn into more interest that you need to pay. With these tips, you'll certainly see fewer fees in your future.