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All  |   Discussion (0)Paying debts

Rules to save you extra costs: Try to pay your card 72 hours before it is due as internet payments may clear after the due date. The bank's computer will automatically charge interest in that case. Be aware of the first day of your statement cycle (usually listed on the statement). Purchases made on that day get the full 55 or 62 days interest free before payment is due. Also, hold back on purchases during the last 10 days of your monthly payment cycle. If you cancel a gym membership or something and they still charge you, keep a copy of the letter you sent (and send it at least two weeks before the last payment) and call the credit card company which processed the disputed transaction. With a copy of your letter, they will take up your case on your behalf, as a disputed transaction case. I have received refunds through this method. Be wary of phone and utility companies that charge an extra percentage for direct debits off credit cards. Use a bank account direct debit instead.   myxlfidian (150)

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Pre-scheduling payments: The longer you have a payment scheduled online, the more real it is and the more you can deal with and accommodate it. I recommend you set up online access for all your credit cards. Nine times out of ten the electronic statement for the previous month is released on the first day of the new cycle, and this will tell you due date, total amount and everything else the paper one will, only about 2-3 weeks earlier. Schedule your payment based on that document online and you will not get any nasty surprises when the bills arrive in the mail.   myxlfidian (150)

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