Tips To Stay On Top Of Credit Card Payments
Even the most organised of people can slip up on credit card payments once in a while, and it can end up costing even more than you think.
As well as adding interest and late payment fees to the balance of the card, people who regularly pay off the account may be faced with additional penalty rates. There are a number of ways to avoid these charges and stay on top of your credit card balance, and here are some of the best tips that are both helpful and easy to use.
Set Up Automatic Credit Card Payments
Most bank accounts and credit card providers will give people the option of setting up an automatic payment option so that money is regularly debited from a bank account into the credit card account.
This process is usually easier if the accounts are with the same financial institution, for example, using an HSBC bank account to make payment on an HSBC credit card. With automatic payments you will not have to worry as much about when a statement is coming and are more likely to pay the balance off in full every time.
Use A Reminder To Make Payments
Whether you have a calendar on your wall, in your emails or use a smart phone for organisation, there should be some option that will help remind you when credit card payments are due.
Setting up a regular reminder will make sure you know when to transfer money to your credit card account. Some banks, like NAB, also have an SMS service that will alert you when payments are due so that you never forget.
Put Money Aside For Payments
Even if you do not like to look at the balance on your card before your statement is due you can still put money aside to help meet payments. Budgeting just $50 a week will help you to meet repayments, while putting more aside may even mean you have money leftover at the end of a statement period.
Pay As You Go With Your Credit Card
If you have a rewards card that you favour for points then paying as you go may be a great way to help keep up with the balance and increase your rewards.
This option is also great for people who have taken advantage of a balance transfer offer but still make occasional purchases on the card. While many of these credit card offers will advertise a number of interest free days, if a balance is carried that may not apply, so by paying as you spend you will still be able to make the most of the lower interest rates.
These are just a few of the tactics you can use to stay on top of your credit card payments. By reading up on payment tips and keeping finances organised you will be able to get even more out of using your card.