Credit cards are wonderful financial tools, but it can get confusing when you have more than two or three. Remembering the payment due dates and interest rates can be a chore, so it is very important to be organised and have all of the information on each credit card written down.
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Automatic Payments
If you have the funds to pay your credit card payments as soon as they are due, it is a good idea to schedule the payments to be automatically debited from your checking or savings account. You still have to make sure that the money is available to be debited, but don’t have to sit down and make payments online, through the mail, or on the phone. The payments will always be made on time and it will be one less thing you have to schedule into your busy days.
Balance Transfers
Transferring the balance of one credit card onto another is a great way to reduce the number of credit cards you have. Having a smaller number of credit cards makes it much easier to keep track of the balances, interest rates and payment due dates for each card. Borrowers with good credit may even be able to transfer their credit card balances to cards with zero percent interest rates, saving them money each month. 0% balance transfer deals are available in most countries, although the duration of the deal varies a lot. For example, in the USA balance transfers can last for 18 months or more, whereas in Australia a 12 month balance transfer is about as good as you’ll get. In the UK, balance transfers are available for up to 2 years at 0%, which is an incredible money saving deal.
Payment Schedule
Creating a payment schedule will allow you to keep track of all of the information about each of your credit cards. This schedule should include information such as the current balance, credit limit, interest rate and payment due date for each card. It is also a good idea to note the card number and the customer service phone number for the company that issued the card. Having the card number and contact information available to you will make it much easier to have the card cancelled if it is lost or stolen.
Pay Online
Almost every credit card company allows their customers to make online payments. Making a payment online is easy and secure. It takes much less time than writing a check, sending the payment and waiting for the check to clear your bank account. Most credit card companies don’t charge a fee for making payments online, and may even offer a small incentive for going paperless and receiving your statements online. Borrowers with multiple credit cards may want to bookmark the website where payments can be made so they don’t have to remember the individual websites.
Change Due Dates
Most credit card companies automatically make your payment due about a month after the account was opened. If you opened your accounts throughout the month, it is likely that your credit cards have many different due dates. Rather than having to remember six or seven dates each month, it is a good idea to call each company and ask them to change your payment due date to the day that works best for you. Some borrowers choose a single date for all of their credit card payments to be due, while others choose two dates so that they don’t spend all of their money at once. Paying credit card bills once or twice a month will help you avoid forgetting due dates. It will also assist you in planning your monthly budget and avoiding late fees.
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