Have you noticed that some credit card companies are getting their bills to you just in time for you to pay them. We basically use two cards in our home, Discover and one Visa. Luckily, we have always been in the habit of paying off the whole balance every month. (If you find this habit hard to do, I highly suggest not using credit cards.) Our Discover card bill comes about 3 weeks before it is due. This is great. If I get to the bill on Friday instead of Wednesday, not a big deal.
Our Visa bill on the other hand generally gives us less than 2 weeks to pay. That means that if it comes on a Thursday I might have to get on my electronic bill payer (through my bank) by Tuesday to give it the 5 business days to get the bill there in time to not get hit by late and interest fees. I think that is crazy.
Four ways I know to combat what I consider to be an unethical practice of some credit card companies are:
- Set up an automatic payment of an average credit card amount through your electronic bill payer. This way you just have to go in and change the amount when the bill comes. And, if something comes up in the short time they give you to pay the bill at least they got some money.
- Keep track of your purchases and when the credit card bill is generally due and send the amount due. (I use http://www.mint.com/ to keep track of my spending. It is super easy to use.)
- Call or get online to check your credit card amount and send when due.
- Cancel the card. I would make sure that you explain why you are canceling. The only way to curb this practice is to hurt the company where it matters, their business. (Note: I recently learned from Clark Howard that you can hurt your credit score by cancelling credit cards. Can you believe that? I need to check into that more, but keep that in mind before canceling any cards.)
Do your credit card companies send their bills to you in what you would consider at timely manner? Let me know.
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