Ever since credit cards was introduced by banks and financial institutions, the card has helped individuals in buying things without needing to pay for it immediately. The card can be used to make purchases both online as well as in person. Apart from allowing individuals to pay for their purchases at a later date, there are other benefits that come with credit cards like rewards points, cash-backs, lounge access, complimentary movie tickets, dining offers etc.  However, all the benefits that come with credit cards can be undone if the amount due on the credit card is not paid on the due dates, with the cardholders needing to pay high interest rates. Not making the payments on the due date can also lead to a negative impact on the credit report. In this article, we take a look at how an individual can avoid paying high-interest rates as late fees with regard to making credit card payments. Below mentioned are a few ways through which an individual can avoid paying money as penalties:

  • Use auto pay facility: In a bid to ensure that one does not pay a hefty sum of money as late fee when it comes to making credit card payments, an individual can use the auto pay facility. This can be done by linking the credit card with the bank account and choosing to make the minimum payment or the full payment with regard to the purchase made using the credit card.
  • Set reminders: Setting reminders can also minimize the risk of paying a huge amount of money as late fees. Doing this will ensure that banks and financial institutions send gentle reminders to the individual in the form of SMS and emails on the registered mobile number and e-mail ID.
  • Change the due date: A cardholder can also request the bank from which the credit card is issued to change the due date. This will enable the individuals to set the date as per their convenience and make the due payment without them needing to pay a hefty amount as interest.
  • Ask the bank officials to waive the late fee: An individual can also request the office of the credit card company to waive off the late fees. Though not all banks provide this facility, some banks do allow individuals to ask for the late fees to be waived off.
  • Make the payments early: To avoid credit card late payment, the best thing an individual can do is pay the due amount before the due date. Be it paying the amount online or through a cheque, doing it early saves the individual a lot of hassles.

These above-mentioned tips can help an individual to cut down on paying a huge amount of money as late fees as well continue to enjoy the benefits that come with a credit card without any interruption.