When a credit card bill has arrived at home, or appears in the e-mail inbox (e-mail inbox), it means it’s time to immediately pay the bill. In reading credit card bills, you usually can immediately find out what the nominal must be paid. To make it easier for you to see the total bills this month, you can simply immediately see the total bill at the top. You must pay the nominal before the due date.
The due date itself means showing the bill payment limit, usually lasting 20 days from the date the bill is issued. Usually banks will advise you to pay bills 2 or 3 days before the due date to avoid delays. If you don’t pay a penny, then you will be charged a late fee for billing the following month.
Therefore, it is strongly recommended to pay bills in a timely manner so that you are not subject to late penalties. Talking about late credit card fines, let’s discuss in full in this article.
Credit Card Late Fee
If you view from IFF Bank Circular Letter (SE BI) No. 14/17 / DASP, which is a Amendment to IFF Bank Circular Letter Number 11/10 / DASP concerning the Implementation of Card Payment Instrument Activities, there are a number of legal rules governing credit card late fees.
In the regulation, it is written clearly that late credit card penalties are imposed if the credit card holder does not make payments or make payments after the due date. Of course this does not apply if the due date coincides with a holiday. Then, how much is the nominal fine that must be paid?
The value of late credit card fines that can be charged a maximum of 3% (three percent) of the total bill and does not exceed Rp150,000.00 (one hundred fifty thousand Rupiah). If the result of the calculation of a fine of 3% (three percent) exceeds Rp150,000.00 (one hundred and fifty thousand Rupiah), then the value of the fine that can be charged at most is Rp150,000.00 (one hundred fifty thousand Rupiah).
For Credit Cards that have an additional card, then late fees are only charged to the main credit card. Then, the delay fee itself will be stopped if the credit card you have has been classified as a default, or a bad IDI Historical score or 5. (Keep in mind, now applying for Historical IDI / BI Checking is no longer through IFF Bank, but through OJK SLIK. )
Pay Credit Card Bills On Time In Order Not To Be Affected By Late Fines
After knowing the amount of late fees, you already know that the nominal can be detrimental to your finances. Maybe the nominal Rp150,000, – not too big. But just imagine, how much such a nominal can be allocated to other things that are more useful. Too bad if used to pay late fees, right?
To avoid this, there are several solutions that you can do:
Activate Bill Letter Delivery via E-Mail
One reason for the delay in paying credit card bills is because you are not aware that the invoice has been sent to your home or office. This of course can make you forget about the obligation that must be paid every month. To avoid this, try asking the bank to activate the sending of billing letters via e-mail. The e-mail system that is currently integrated with smartphones will certainly make it easier for you to read the bills. Activate the push notification feature in the e-mail you use, so every bill is sent you can read it directly. After all, by doing this you also support environmental love programs by minimizing paper use, right?
Paying a maximum of three days after the bill is sent
To be more organized, you can set the time for credit card bill payments. One effort that can be done is by always paying at least three days after the bill is sent. That way, you can avoid delays. It can also create new habits that you can slowly obey. No need to be afraid of paying late, because if the third day is a maximum day, of course you still have plenty of time to use the remaining time for other priorities.
When paying a credit card, make sure to pay attention to the payment nominal. Do not let the nominal that must be paid less, so that later will not bother and burden your bill in the following month.
Using the Auto Debit Facility
One other way to avoid late credit card bills is to use the auto debit facility from a savings account. So, your payment will always be on time, and avoid delays, of course. That way, your credit status will always be smooth and will be released from the shadow of a bad IDI Historical score.
Pay Late Penalty = Pay Credit Card Interest
Keep in mind that every time you make a late payment, you will actually pay two additional fees at once, namely the late fine and the interest on the credit card itself. Of course this will further increase your expenses, consider this well. If you have a structured budget, of course these costs will only damage the budget, and make everything planned out of budget. Again, remember that it is better to allocate fines for other things that are far more useful.
Don’t Use Excessive Credit Cards
One of the causes of late fees is because the card owner delays payment. Why was it postponed even though I knew the consequences would be subject to late penalties? Usually one reason is because there are not enough funds to pay the bills that are running. To avoid this, you can work around this by always using a credit card wisely and as needed. Reduce the habit of paying for everything with a credit card, make it a habit to use debit cards and cash only. If you are accustomed to using a credit card, shopping is usually more not felt, so suddenly the bill that comes to soar and may not be in accordance with the ability to pay the card owner.