Credit Card payment terms are getting worse.

One of the most important payment terms on your credit card is the deadline for payment. Even if you are a person who pays the whole balance every month – depending on your balance – missing the deadline for your credit card payment could cost you well over $100.

First they charge you interest. They not only charge you interest for the month you were one day late, but they charge you interest on all of your balances for the next month as well!

Then there are late fees. They just add those on top of your bill and interest. If you carry a balance anyway, you still pay those fees.

Pay attention to how much time you have to pay off your balance each month. Remember, it has nothing to do with when the statement closed. You need to look at when you get the statement and at the payment due date.

For example. I checked my most recent credit cards bills. One (Bank of America) closed July 9th but did not arrive in my mail box until six days later. The due date was July 29th, two weeks after I got it. The other (Citibank) closed July 3rd, but the bill took 9 days to get to me. It arrived in my mail box July 12th. The payment deadline was only 11 days after that.

I like to stack my bills and pay them twice a month. This no longer works. When the credit card bill comes in, I go right to the computer to pay it immediately.

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