Payment By Credit Card

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Payment By Credit Card – If you are a good customer and rarely make payments, lenders may be willing to negotiate a penalty payment. Poike/iStockphoto via Getty Images

It’s that time of the month again – when your credit card bill shows up in the mailbox, accurate and complete with the minimum payment.

Payment By Credit Card

According to a new survey by WalletHub, 16 percent of Americans (about 40 million people) expect to miss at least one credit card payment this year. As NBC News BETTER previously explored, it seems like a small problem that could have serious consequences.

Credit Card Payment

“If you can’t make your minimum payments on time, it’s a tough situation,” says CreditCards.com industry analyst Ted Rossman.

Late payments can not only incur penalties, but also increase your APR (the annual percentage rate or interest charged by the bank), which can hurt your credit score.

If you can’t make a payment this month, we’ve compiled a list of helpful tips you can use to soften the blow or avoid the consequences altogether.

If you are a loyal customer with a history of paying on time, your credit card company may be able to work with you on one late payment.

Credit Card Payments

“Believe it or not, asking your bank or credit card company to waive the fee is pretty simple,” says Logan Alleck, CPA and owner of the personal finance blog Money Done Right. “It’s really not scary, and credit card companies deal with these kinds of requests all the time, so don’t be shy.”

But be prepared. Lenders will be more willing to negotiate with you if you provide a realistic timeline for repayment.

“Um, can you waive the late fee?” don’t say that. Allek said. “Instead, gather your facts and say this when you call: ‘I’m sorry, but I can’t make my minimum payment by the due date on my bill; However, I plan to get my account back current as soon as possible – in fact, I have a check next Wednesday. I will deposit it immediately and hopefully my account will be current next Friday when it clears. If I can do that, can I waive the late fee?”

While there’s no guarantee that a lender will let you go, the odds are in your favor (again, if you’re a historically good customer who never or rarely makes late payments). In fact, a survey conducted by WalletHub found that 9 out of 10 people who try to avoid a late payment are successful.

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Alleck adds that for the best chance of success, call ahead of time.

According to Rossman, one of the most common misconceptions about credit cards is that there is a 21-day grace period for paying off a statement balance, meaning three weeks after the penalty-free period.

“A credit card grace period is the time between when your bill is due and when you make the minimum payment on your card,” says Alleck.

Thus, the grace period of 21 days is similar to one. After receiving the application, you have 21 days to pay the bill. There is no gap in the actual deadline.

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“With credit cards, there’s no grace period [for late payments],” says Leslie Tayne, Esq., founder and principal attorney at Tayne Law Group PCC, a debt resolution law firm. “You need to check the date and time the late fee was charged, and then check other accounts to see if the late fee was reported on your credit report.”

While it is never recommended that households accept a utility bill, there is a strong case for choosing to pay for electricity on a credit card bill when the weather is rough.

“In some cases, it might be smarter to pay a credit card instead of an electric bill,” says Alleck. “One reason for this is that credit card late payment and interest rates are usually more stringent than the rates charged by utility companies. [Also], utility companies are generally governed by state laws that [generally] prohibit turning off your lights to miss your bill. Some states require utility companies to contact you multiple times after a missed payment to set up a payment plan and give you a certain amount of time to get your bill current, so be sure to check the laws. in your state and know your rights.”

“There are services that can help you pay your utility bills, and you should explore those options,” says Ariel O’Shea, personal finance expert at NerdWallet. “The Low Income Home Energy Program is a good place to start.”

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If you know you have debt on more than one card, consider consolidating it into one card, especially “if you owe $1,000 to $5,000,” says Rossman.

“Consolidating credit card debt into a 0% balance transfer card can help you by giving you an interest break in the initial period, which is often 12 to 18 months,” says O’Shea. “Balance transfer offers usually require good or excellent credit, and if you don’t pay off the balance in the initial period, interest starts to accrue again at the card’s standard interest rate.”

You’ll want to do some research when choosing a balance transfer card, as many will charge you interest based on the balance you transfer, which can be avoided.

“Users may be charged interest on the amount transferred,” Rossman said. I like Chase Slate, Amex EveryDay, and BankAmericard because they don’t charge a transfer fee [for the first 60 days of my transfer]. Don’t forget to open the card to transfer the balance immediately.”

Buying And Paying With Credit Card Stock Image

Plus, don’t worry about benefits like cash back or travel points when you do your homework on these cards.

“These cards are designed to eliminate debt and lower interest rates,” says Rossman. “It could save thousands of dollars.”

“Another option is to consolidate it into a personal loan, which can offer a lower long-term interest rate and fixed monthly payments,” says O’Shea. “Credit unions are often the best source of low-interest personal loans, especially if you don’t have a good credit score.”

First, you should talk to a nonprofit credit counselor to develop a debt management plan.

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“These agencies help you in a number of ways: consolidating your monthly payment, negotiating with lenders, and they can get rates similar to personal loans,” says Rossman. “The National Foundation for Credit Counseling is a great organization with many nonprofit counselors as members. “Money Management International is also a good organization with offices all over the country.”

Working with a nonprofit credit counselor isn’t free, but it’s a very nominal cost when you consider how much it can save you in the long run (money and time).

“Money Management International typically charges a one-time setup fee of $50 for its debt management plans, and its average monthly fee is $25,” Rossman said.

Although the terminology is similar, debt management is not the same as debt resolution. If you want to reduce your credit card burden without damaging your credit score (and risking bankruptcy), you need to create a debt management plan.

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“Many debt settlement services advertise things like ‘paying pennies on the dollar,'” Rossman notes. “It sounds too good to be true, and it is, because it can destroy your credit. A debt management plan from a reputable nonprofit credit counselor can go a long way. This will help your credit while paying off your debt regularly.”

Keep in mind that none of these options will work long-term unless you try.

“Remember that you need to budget for [any] debt consolidation, and plan to stay debt-free after you pay it off,” says O’Shea.

Want more tips like this? NBC News BETTER is dedicated to finding ways to live an easier, healthier and smarter life. Subscribe to our newsletter and follow us on Facebook, Twitter and Instagram. Karl and I recently spent a few days in São Paulo. It was a great trip! When I saw that Carl was using a credit card in Brazil, I realized that there was a payment situation in Brazil.

Pay Via Credit Card Instructions

There are keywords and phrases to help you navigate the buying process with ease. This is the topic of this lesson.

If your card has a chip on the front and a stripe on the back, your life will be easier.

In Brazil, we haven’t used the strip on the back of the cards for a long time. Credit card machines read the chip on the front of the card. Insert yourself

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