I almost pulled a significant blunder this month by forgetting to pay my MasterCard Bill when it was due. It wasn’t in my Calendar.
Let us review. When you don’t pay your Credit Card Debt off monthly, you then incur exorbitant usury fees that dig you a hole that you will have a tough time getting out of, so paying your Credit Card debt off monthly and on time is of vital importance in any financial plan you put together.
I usually end up putting the date of when the payment is due in Outlook or Google Calendar. My Calendar will remind me on my SmartPhone (or Watch), but you need Notifications turned on as well. I should write it on the Calendar at home on the Fridge as well, and you may have other places where you put important dates, but that one is essential.
Pay that darn credit card off ASAP!
Carrying credit card debt will hurt you financially. Make sure you get rid of it and pay it right away.
You Can Get Penalties Reversed
I was able to call and ask that the penalties be reversed since I am a “good” customer (i.e. I spend a lot of money with the card, and I pay it off every month). MasterCard was nice enough to forego it for that month. Since I had paid the entire amount, I didn’t have to pay any more penalties.
Use Your Calendar Don’t Be Proud
Don’t be too proud of your memory. This is creating a reminder for you, and maybe for your spouse. If you share your calendar with your spouse they can be aware of bills as well. The more information you share (financially) the fewer misunderstandings about money. Shared Calendars can be a very good thing.
This brings up one of my pet peeves. My PC Mastercard changes the due date every month, I’m sure with the hope that people won’t notice and miss the payment date. I have complained to them about it to no avail.
I guess this is one of the few things us debit-only users don’t have to worry about….
Took two years after bankruptcy to WANT to have a credit card again. I was running into problems being able to pay things with a “pay as you go” CC from the Payday loan places. So I hit up one of the companies that sends card offers out monthly and got one.
I have a 1k limit, and have been almost maxed out and paid it off EVERY month! They made their money with the $50-60 fee they hit me with at the start, but not a cent in interest yet. The day the bill comes in, the payment goes out as soon as I have opened the bill, checked the charges, and paid it online. This is enabling me to rebuild my credit rating, and have a proof of prompt payments for this card AND all my other bills. I can no longer be arsed to pay bills on the last day due as I hear that some companies may delay posting the payment to hit you with a late charge. If I pay the day I get it, they can’t do that. No more worries about did I pay this bill or that bill. It is just done.
I check my card balances at least once a week – reminds me how much I owe, lets me watch for fraud or duped charges, and reminds me of due dates. And I generally schedule a payment early – even if the payment isn’t due for 3 weeks, I schedule the payment now so I don’t forget it later. Most card companies let you pick a payment date in advance when paying online.
When I set up online access for my CCs, I also set up the preferences to receive my statements electronically. Each of the companies email me a notice that the new statement is ready, which includes the due date. They also send me a reminder notice about a week before the due date. I could also set them up to automatically pay at least the minimum due each month (which would avoid late fees but also potential overdraft if the dates hit wrong) and then go in & manually add the rest of the payment for the remaining balance. I did do that once when we were going to be out of town for an extended period.
Good point about making sure your bills are paid (or will be paid) while you are on vacation (sounds like an idea for a post 🙂 )
I totally agree with using the Automatic calendar approach to bill payments.
However, to save some headaches, I also registered with my credit card providers to automatically have them take the payment directly from my bank account. Of course, this implies that you continue to check your bill as it comes in and check that the amount debited from your bank account is correct, but it reduces the quantity of bill payments to be done manually.
Have a good weekend !
I have a level of paranoia letting anyone take money directly out of my bank account (yes it is irrational, but at least I know it is there).
Many of us carry consumer debt and paying it off monthly simply isn’t a realistic option but making sure you can pay your bill on time is I agree crucial.
Good for you that you were able to pay off the balance and I think you’ve got a lot of flexibility with the card company because you do pay it off regularly.
I just post-date the payment on online banking after I have gotten the bill, gone through it and given my wife an earful. 🙂
Then I know its done.
Nice, how long do you sleep on the couch after your tirade at your significant other?