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.
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?
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?