You see ads across newspapers, TV and on the Internet all day long of people who look like they’ve made some major financial mistakes. These commercials have always been popular among the ‘middle class’ and it soon becomes clear to us that many are not just taking advantage of the situation when they shouldn’t but already have a problem with interest payments.
Almost all of the large and often small companies in the market for credit cards always have a problem and we all know how this deal goes. This is because we all know companies don’t make this kind of mistakes. The interest charges are usually high. The late fee works its magic and just like with most credit cards, the late fee paid by the lender is minimal. And how can you not be banking on this?
Obviously, your bank or creditors will not accept your late fee waiver or you will be billed. However, most small and medium sized banks and credit card companies will only reimburse you for the late fee. If you are late with a payment or make only one payment and you are still late, it is not included in their late fee percentage. Any late fees usually do not exceed ’25.
Some of you will think that if you do not report late, this will not hurt you or that you are damaging your credit. It is quite the opposite. Unless, you have made a payment late and are also hitting all your credit card limit, you will not be charged any late fees even though your payment is still late. All of your late fees are covered by your credit card processing charges.
We all should strive to never get hit with late fees. Just look around for the best deal and find the one that will work best for you and your family.