Pay Your Bills On Time Or Face Double Jeopardy

I know I’m not using Double Jeopardy correctly, but just hear me out. Last week was a hectic week and life happened, again. In the chaos I missed making my credit card payment. Although I get email reminders, I must have hit the snooze button. Thankfully since I use Mint, it detected the $11.00 late fee.

Dodged A Bullet

I called my credit card company, explained my situation, and requested a courtesy fee reversal. They were happy to oblige. I immediately setup email and text alerts ten days before my bill is due.

Second Bullet

A day later, Mint saw credit card finance charges. It was worse than the late fee ($14.48)! What to do? Think! I almost convinced myself there’s no way to dodge this because it was a legitimate finance charge for my one day loan on my balance. But I decided to ask for a reversal anyway. Doesn’t hurt to ask right?

Final Thoughts

Voila! Like magic, they made it disappear. I dodged two bullets, but more importantly I need to remember my lessons learned. Pay your bills on time! Who needs whopping late fees and finance charges tacked on to your credit card debt? Even more insane is letting this cycle repeat itself. You would be paying interest on your interest! No wonder people get crushed under a mountain of debt. Secondly, it doesn’t hurt to ask. Take a shot in whatever you do. For example, asking for a fee reversal, applying for a student credit card, requesting a guest post opportunity, or proposing an advertising campaign. You will miss 100% of the shots you don’t take!

Stay Inspired!
Buck

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13 Responses

  1. MoneyCone says:

    Use of mint.com, never hurts to ask, pay on time and a movie trailer! You packed in a lot of great advice in a short post Buck!

    Love it!

  2. krantcents says:

    I use online banking to pay my bills! When the bill arrives, I immediately set up the payment to arrive on the due date. Then I take the bill and put it in a stack in due date order. As the bill is paid I file the bill. I probably could skip the last part, but it is a additional step to catch problems. In 40 years, some of which was before online banking, I think I incurred only 2 or 3 late fees and I had those reversed!

  3. The last time I paid late was quite a while ago, probably close to 5 years ago. I got the charge reversed back then as well. If you’re a good customer that pay on time, usually they’ll reverse the charge pretty easily. I set up an Outlook calendar appointment to remind me to pay credit card and utility bills these days.

  4. It never hurts to ask!

    BTW why aren’t you setup with online banking? you will see all your outstanding bills and get an email alert when you receive one. I no longer wait for the last minute to pay my CC so I’ve eliminated that problem altogether!

  5. Yes, you dodged two magic bullets. It def pays off to have a creditor that respects the business their clients bring them. This had to be pretty scary though.

    • Buck Inspire says:

      It sure was scary! It is encouraging that they value clients. I also thought 25 bucks in fees won’t kill them. Wonder if there is a magic number where they won’t reverse?

  6. You know what would be even worse? Universal default on your OTHER credit cards. That’s when those sneaky bastards jack up your interest rate because you missed a payment on a card for a totally different company. Gives me chills just thinking about it.

  1. March 29, 2012

    […] Pay bills on time – This habit is essential for your financial well-being. I use auto payments to ensure to avoid late payment charges. […]

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