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When is the credit card worth repaying by?

Realizing that your credit card is due today and we haven’t done it yet is a stressful feeling. What to do if you are stuck in a meeting or traffic jam and you cannot make the payment immediately? Do you still have time to pay? How to avoid late payments and high interest or penalties?

By when should the card be repaid to avoid high interest rates?

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In order not to incur additional fees, you must repay your credit card before the specified date.

Even if the repayment of the debt on the credit card falls on a holiday or weekend, it is still payable before that date if the credit card issuer accepts payments on that day. Most card issuers accept payments on any day of the week or at any time, so payment periods on holidays or weekends are usually not a reason to skip payments to the next business day.

We can avoid paying high interest rates and speed up payments by sending funds several days in advance. Even online payments should be made two or three days in advance. Thanks to this, we can be sure that they will be credited to our account before the payment deadline.

How do late payments affect your credit scoring?

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Late payment in your credit report will affect your credit rating. In general, payment delays are reported with a 30-day delay. So if you miss your payment for a few days, you’ll still have to pay interest and your credit scoring will be secure. However, if you skip a payment and don’t make it by the next payment date, there is a good chance that it will affect your result.

Penalty rates

Another consequence of making late payments is raising the interest rate to the highest possible. By law, credit card issuers cannot raise your interest rate to a penalty level unless you are late paying more than 60 days. In some cases, the penalty rate will apply to your balance for an indefinite period, or the card issuer will raise the interest rate on other credit card accounts that you have at your bank. Avoid situations where payment is made so late. Not only will your interest rate and fees increase, but you’ll also have a 60-day delay in your credit report.

Credit card repayment on due date

Credit card repayment on due date

You don’t have to wait until you’re in front of your computer to pay off your credit card. Credit card publishers offer several convenient payment options that allow you to make them from almost anywhere. For example, you can make a payment by phone through the bank helpline. Please note that there may be a charge for making such an order.

You can also log in via the phone’s web browser or download the bank’s application on your smartphone.

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