Avoid Finance Charges, Use AutoPay!

Lately I’ve been using my iPhone a lot for my computer tasks. I’m using Siri to help produce content, and I’m also engaging on online banking. In December, I bit off more than I could chew. Email reminders from the credit card company and an alert from Mint.com were buried underneath Christmas shopping, printing Christmas cards, and hunting down Santa.

All my frugality and savings got blown away by my slip up as AMEX hit me with a $25 late fee and finance charges that were accruing every day. Rather than ignore and forget this error I wanted to use this as a lesson and improve myself. You never know when life can get even crazier than usual so I am going to enlist AutoPay to avoid this from happening again.

Have you thought about AutoPay, but just never put in the time? Here are my excuses, but I finally managed to let go of this old mindset. A finance charge can be a great motivator, don’t you think?

I wanted to be in control.
I wanted to safeguard from identity theft.
I did not want to leave my bank information.
Finally, I was just plain lazy.

The setup process literally takes a minute and it helps you avoid future financial pain. Here’s American Express and Chase MasterCard’s AutoPay interface.

American Express

Chase Mastercard

As you can see, both banks require three basic questions answered.

Which bank? (routing and account number)
How much to pay? (minimum payment or full amount)
When to pay?

Final Thoughts

Since we all live at a very hectic pace these days, slow down for a minute and setup your credit card’s AutoPay. You may not make money from this feature, but it prevents finance charges from eating up your hard earned income. Finally, you can focus on more critical tasks rather than having to stress about making your monthly payments on time. This is my resolution. Setup AutoPay on my credit cards that have this feature available.

What is your resolution for 2013 and how do you plan to make it stick?

Stay Inspired!
Buck

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12 Responses

  1. krantcents says:

    I use online banking to autopay my zero interest credit card to make sure I pay off the purchase before the interest rate changes. It simplifies the whole process. Happy New Year.

  2. Arlee Bird says:

    We only use autopay for our house payment. I’m pretty good about using manual billpay to take care of things though I have had a couple of slip-ups that cause unnecessary expense. Not sure I want to go the autopay route though–just be more careful.

  3. AutoPay is the best! I have a bunch of goals for this year as well…the usual mix of financial, personal, home and fitness. I’ll be posting about them soon!

  4. CreditDonkey says:

    Set up Autopay! It’s nice to be carefree once and for all. No need to be on our toes when billing times are due. Let it do the work for us. If it doesn’t deliver our expectations, then we can discontinue use, right?

  1. January 5, 2013

    […] Inspire @ Buck Inspire writes Avoid Finance Charges, Use AutoPay! – We work so hard for our income. Don’t let finance charges from not paying your bills […]

  2. January 5, 2013

    […] Inspire @ Buck Inspire writes Avoid Finance Charges, Use AutoPay! – We work so hard for our income. Don’t let finance charges from not paying your bills […]

  3. January 5, 2013

    […] Inspire @ Buck Inspire writes Avoid Finance Charges, Use AutoPay! – We work so hard for our income. Don’t let finance charges from not paying your bills […]

  4. January 30, 2013

    […] Inspire @ Buck Inspire writes Avoid Finance Charges, Use AutoPay! – We work so hard for our income. Don’t let finance charges from not paying your bills […]

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