Even though credit cards with low late payment fees are available to people nationwide, there are many reasons why one should strive to make heir credit card repayments on or before time. Delaying payment on credit cards is a very common occurrence especially when one is low on cash during a particular month. When credit card payments are done on time, the account stays clear of collections. Many credit cards issuing institutions are more and more using services of debt collecting agencies because customers are not honoring their payment schedules. Even if the balance on the credit is a small amount, the account is still given to the collecting company and one does not want to appear in the list of a debt collector.
When one pays their credit card amounts regularly and on time, they stand to enjoy lowered interest rates. Issuing companies have the right to increase and decrease interest rates whenever they deem fit to do so. If they increase the interest rates, this means that the account is over sixty days late in their credit card payment. When credit card payments are done in good time, this improves the credit scoring of the holder of the card.
Also, avoid late fees by making credit card payments on time. With the technology today, issuing companies levy a late fee seconds after the due date and to avoid having to pay these amounts, which sometimes amount to $39, send payments in good time.
Critically looking at Credit Card with Low Late Payment Fee
Fees on credit cards especially late payment fees, are alarmingly increasing and the increase is rapid. The increase is so large such that Congress is finding it fit to discuss the issue in their bid to stop what is otherwise been seen a not-so-fair practice by lending institutions.
There are several cards that have low late payment fees. One such card is the American Express clear credit card. Another is the Advanta card which charges from $19 to $39 depending on the balance of the card at the time of late payment. The American DreamCard has a higher rate of $39 on late payment. Another credit card with low late payment fee is the Aventium which charges an average of $29 as late pay for balance that amount to $500 and below or a $35 late pay for balances that amount to more than $500.
BB&T credit cards charge a low amount of $19 on late payment of their credit cards on balances that are less or equal to $500. $39 is the charge they place on a late credit card that has an amount that is more then $500. Capital One credit cards charge a low late fee but the amount depending on the amount of balance when the charge is imposed. For the customer with a balance of between $1 and $99.99, the charge is $15 while for the customer having a balance of $100 to $249.99 remaining on their credit card will be charged $29 as their late payment fee. Still, on a balance of $250 and more, the fee is $39.
When choosing a credit card, the late fee penalty is very important to consider in case of an eventually such that one is not able to pay their credit card payments and have to pay a late fee. Choose credit cards with low late payment fees charges on them.