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Credit Penalties Top News about Credit Cards!
2008-06-30 03:55:38

Credit Card Deals - Become Immune to Credit Penalties!

We live in the world where every single minute is precious. When it comes to credit matters, time is really money, and late credit charges can bite you in the wallet and hurt your credit score as well. We must acknowledge the fact that people with a limited income have no room for credit mistakes as it can cost them much. However, our life is unpredictable, and no one is fully protected against mistakes. Learn how you can become immune to late credit payments and other credit card penalties.

Increasingly, credit companies are cutting grace periods. In the past, most credit cards have a 30 day grace period from the day the lender received your transaction. Most credit cards issued these days have a 20 day interest free grace period, however, there are also cards offering a 10 day grace period or even none.

No wonder that this information is never heavily advertised, and for some cardholders this information may become a nasty shock. All the more so, some credit issuers may change the statement closing date all of a sudden. With the average late fee of $34, being late with your credit payments can be pretty costly. In addition to that, you will see higher interest rates on your card. They may be as high as 30% and even higher. Needless to say, how this change will affect your credit matters. So, what can you do to stay immune to late credit payments and other credit penalties?

Shorter deadlines make it difficult to be on time with your payments. If you generally pay your bills by mail, you should send payment within a couple of days of receiving a statement. In case you prefer online payments, make sure you leave enough time for electronic transaction.

Besides, some credit companies allow moving your due date to a time of the month that suits you most. All you need to do is to make a phone call to your credit company, and ask for changing your payment due date. The odds are you'll be allowed to do this. Keep in mind, your card issuers can change the due date anytime, but before this they should provide you with a notice.

Even if the worst has happened, and you've made a late payment, you can waive that late fee, by all means if you are a good customer, and generally make your payments on time. There's no guarantee, but you can call your issuer and negotiate this point. Sometimes, it works and customers may avoid late credit fees and penalties. All in all, you've got nothing to lose. Financial experts share the opinion that communication is a key when it comes to negotiating some issues with lenders. Being calm and persistent, you can waive late credit fees, and even negotiate 0% card rates for a short period of time.

The point is, credit companies compete severely to have solvent customers, especially during the hard times of weak economy. So, if you prove to be a good customer, feel free to negotiate better credit terms with your issuer.

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