If you don’t have enough money to cover your bills (that is, if you overdraw your account), your bank or credit union may charge you a fee. The bill amounts you pay could vary each month. The credit card issuer might take out the wrong amount or bill you for something you didn’t charge. If you decide to set up automatic debiting to pay your credit card bill, here are some things to know:Īutomatic debiting can be convenient but check your credit card bills and statements so you know the withdrawals are accurate. But the convenience of automatic debiting comes with risks. How you remove or correct charges depends on whether the problem is with something you bought or there’s a mistake on your bill.Īre you considering paying your credit card bill through automatic debiting? You may have the option to sign up for automatic debiting where you give your credit card issuer account information and permission to electronically withdraw your payment directly from your bank account. Keep your receipts: Having the details of your transactions readily available can help you get inaccurate charges fixed. Federal law says you have the right to get mistakes fixed promptly - for instance, if the issuer hasn’t billed you correctly or noted your payments properly. Check your statement when you get it, when it’s posted, or as soon as possible to keep track of your spending and spot mistakes or unauthorized charges. Make it a habit to review your credit card account statements. Mistakes happen – you have a right to fix them. You may also be able to sign up to get a return electronic notice showing the issuer got your payment. If you pay electronically, set up reminders on your account to help you pay on time. Using the wrong address - even if the issuer gets the payment at one of their other offices - could delay crediting your account. If you pay by postal mail, check your billing statement for the correct due date and address for payment. It also could damage your credit history. If you don’t pay at least the minimum payment, your interest rate might go up and you might have to pay fees. Credit is more expensive if you pay the minimum amount due.

That means you will pay interest on the amount you did not pay back. If you can’t pay your full balance, make at least the minimum payment. That means you probably will not pay interest (and that makes credit less expensive for you.) Credit card issuers aren’t required to give you a grace period - but many do, sometimes with restrictions. If you can, pay off your full balance to take advantage of the credit card issuer’s grace period (the time between the end of the billing period and when your payment is due). Make your credit card payments by the due date every month. If lenders see that you always pay your bills on time and never take on more debt than you can pay back, they’ll generally feel more confident doing business with you. Lenders decide if they want to do business with you – and what interest rate to charge you – based on how you handle your money and bills. Staying on top of your bills can help you avoid damaging your credit history. You pay less for your credit if you pay everything you owe every month. Some people use a credit card to buy things they cannot afford right now or to help build or improve their credit history. Later you pay back the money, usually with interest.

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