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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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Any advice contained in this website is of a general nature only and does not take into account your circumstances or needs. You must decide if this information is suitable to your personal situation or seek advice.

Rolanda Adams Financial Services have been my financial advisers for over 20 years. I have always found them to be highly intelligent, knowledgeable and professional in what they do. Rolanda Adams Financial Services is accessible at all times and patiently explain terms that I do not fully understand. I can highly recommend Rolanda Adams Financial Services and it is a pleasure to do so. I do this with the utmost confidence. Marcia Montgomery (Retiree – home duties and ex-clerk with Water Board)

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