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Latest Accounting News
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Articles
Help investor's to save $82 per week
Postage Stamp Increase
eBay Fees
Federal Budget 2014-15 - Overview
Federal Budget 2014-15 - Overview of main responsibilities
Federal Budget Papers 2014-15
Deadlines for Superannuation Contributions
Three property depreciation tips
Case for corporate trustee strengthens
Superannuation Death Benefits
Credit Card Users - Do you have monthly fees?
Credit Rating
Credit Card Tips
Credit Card Tips

 

Ever been late by a day on the credit card payment date?  Expensive mistake!!


The due date for payment on a credit card is not a guide or a suggested date for payment like an electricity or other utilities account.

 

 

 



     

 

 

If your repayment is not received on or before the due date, expect a late payment charge (a fixed amount, which could be quite disproportionate to the balance owing) and then interest, and interest and interest.

Even if you have paid off the balance on the paper statement, there will still be unrecorded transactions upon which interest is charged.

Sometimes you have to stop using the card and pay off the up to date debt, before the interest charges stop.

This vicious circle can start when an electronic payment does not occur when you plan – insufficient funds or a non-banking day.

Don’t rely on electronic transfers or bank tellers to process on the day expected.

Prudent persons will ensure that the payment is a day or more before the due date – just in case.

 

 

 

 

 

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4th-April-2014