Sunday, July 14, 2024
Personal Finance

04 easy ways to escape from expensive late payment fee

Credit card users know the pain of seeing a late payment fee in the statement, and it could be the most annoying fee to look at as a single day delay can cost you approx. 750 LKR to 1500 LKR as the late payment fee, this means it is more important to remember your due date and pay your minimum payment on time to save the late payment fee.

Saying that, we are humans and we tend to forget or miss the payment due to our busy lifestyle and we lose our hard-earned money in a flash, worry not, we got some smart solutions to overcome such situations and you will never have to pay late payment fee or any unwanted charges towards your credit cards hereafter.

Make use of your mobile phone calendar

Mobile phone has become a part of our body, it travels with us wherever we go, simply go to the calendar and enter a reminder on your credit card due date with a note. I normally set a reminder a day or two before my due date and I never missed a payment. To do this, you must know the basics such as the start date and end date of the statement period, knowing what is the credit period and knowing when the payment is due.

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Activate SMS Alerts

Again, your mobile phone can save you from credit card-related scams and unwanted late payments, simply activate the SMS alerts and relax, you will be notified about the transactions, credits, due date, minimum payment and offers through SMS. Still, setting a reminder on your mobile calendar is advisable.

Limit the number of credit cards you use

Having all possible credit cards is never a privilege, it will make you lose money as you will find it difficult to manage your cards, having too many credit cards will result in forgetting the due dates of the cards, also, having multiple credit cards might negatively impact your credit score too, thus, compare the cards and try to have the cards with maximum benefits and offers. You can use web-based services to find which cards suit you best.

Use Technology (fintech apps)

Fintech is changing the way people spend and save, it’s very easy to keep track of all your spending through technology applications, commonly known as mobile apps, these apps can track your spending and give you a better recommendation, remind you of your payments due date and many more smart money management hacks can be obtained through apps. Also, you can make your credit card payment through the mobile banking apps. 

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by following these simple steps you can save your hard earned money. together we can save millions by understanding financial basics and using the right technology. Why pay your hard-earned money as a late payment fee when you have solutions to avoid it.

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Kathirnathan Ragulan

Kathirnathan Ragulan is the founder of and a serial entrepreneur, Business Consultant, Wealth Tech entrepreneur, Personal Finance & Debt Management Expert with over a decade of banking and investment industry experience.

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