How to avoid fees when you make credit card payments
Aside from interest and finance charges, credit card companies are also making money with fees such as late payment penalties and pay-by-phone charges. But there ways around the fees.
A new found card holders are being charged anywhere from $15 to $39 for such actions as paying by phone or making payments late. That’s even if they’re only a couple of hours late.
Most major credit card issuers also have the right to change their terms for any reason at any time.
The Government Accountability Office estimates interest and penalties make up about 70 percent of the credit card industry’s revenue.
So instead of paying by phone, you may want to consider paying your bill online. For most credit card companies, that’s free of charge.
And another way to avoid late fees is by automating your monthly payments, either online or through your checking account.
If you’re charged a late fee but you usually pay on time, call to complain. Many credit companies will waive late fees at least once for customers with good payment records.
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