Multiple Credit Cards : In today’s society and lifestyle, Americans are used to the latest and greatest electronic gadgets and modern luxuries. Credit cards are no exception. The typical American has between 5 to 10 credit cards. Using and keeping up payments for all these credit cards can be a daunting task and stressful situation, especially if you have other bills to pay. Even if you think you’ve already paid, you might sometimes be shocked when you get a late payment with your credit card bill. But if you do things right, you can pay on time by using these five simple methods that can greatly reduce headaches in the future.
Step 1: Simplify Due Dates
When you have different due dates for different bills, it can cause financial chaos and be harder to keep track of paid or unpaid bills. This is particularly true if you’re traveling. To avoid overlooking a payment, make sure all of your bills are due on the same time. For example, make your payments fall about one week after you get paid every month. Several credit card companies will coordinate the due date with your other bill’s due dates, making it easier for you to pay each month and keep track of your finances.
Step 2: Online Credit Card Payment
Paying Online is a quick and easy way to pay your credit card bills. While normal mail is an also an option, is it more time consuming and expensive. You can set up your Internet payments by registering once online with credit card company. This will take a few minutes. After that, all you have to do is pay your credit card bills every month. Depending on how many credit cards you have, this process should only take a few minutes as well. It is also a great idea to pay all your other bills this way.
Step 3: Automatic Payments are sometimes a Good Choice
When opening a credit-based account, numerous companies give you the option to take your payment automatically from your bank account each month. It can be a good choice to take this offer up so your credit card balance is paid off automatically each month. Just make sure your bank account has funds to make the payment as you don’t want banking overdraft fees.
Tip: When applying for a credit card, always be sure you read the fine print on the paper that you sign. Most, if not all, credit card companies move your card to higher interest rate after a particular amount of time has passed. Even if your card is getting automatically paid for each month, always be aware of any changes.
Step 4: Using an Online Account for Your Card
Again, the technology we have today has come in handy when paying for our credit cards. We can simply go online, look up the card issuer’s website, and instantly pay our bill from home. This eliminates the 5 to 7 days required for your bill to arrive via the postal service. Caution: It’s not recommended you access your financial accounts from a public computer because this way, hackers have more of a chance to get your account information, without you even knowing.
Step 5: Automatic Reminders Are a Good Way to Go
When signing up for one of your cards’ websites, you can take the option of receiving e-mails about when your bill has been issued, when your payment is due, or/and if your payment was late. If you prefer less e-mail clutter, you can sign up for the automatic payment reminders only.
Tip: Though it would be nice to stay paperless and receive statements by e-mail only, there are some risks you would be taking. You could miss an important e-mail from the card company. Or if your computer crashes, you may loose many important e-mails. Some people like to stay with paper statement, which is completely fine, if you feel more comfortable that way.