Bad at remembering deadlines? 6 strategies to follow to make sure you pay credit card charges on time | Mint

If you tend to forget things easily, it must be common for you to skip the last date of paying a bill or an annual subscription. Sometimes it could be a gym membership or annual subscription of a club, on other occasions — it could be your mobile bill or a wi-fi bill.

However, it is not something to be proud of. In fact, you need to plan your bill payment cycle in such a way that you don’t miss out on the last date to pay your credit card bill.

Here, we describe the steps that you need to take so that you don’t miss paying annual charges for your credit card.

Credit cards: Key strategies you may want to follow

I. No annual fee cards: If possible, apply for the credit cards that do not have an annual fee to avoid the problem entirely. If you must have a card with an annual fee, ensure the benefits outweigh the cost.

If you no longer find value in your current card, ask your bank to downgrade it to a no-annual-fee version.

II. Reminders on calendar: You can mark the renewal date of your credit card’s annual fee in your calendar such as Google Calendar, Apple Calendar). You may even consider setting multiple reminders a few weeks before the fee becomes due.

III. Option of waiver: Banks often waive annual fees if you request it. Just call customer support and ask if this is even possible. Some cards may consider the possibility, although they may even decline it.

IV.Automate tracking: You can make use of some user-friendly apps to monitor upcoming fees. Some banking apps also show upcoming charges if you allow notifications.

V. Credit Card benefits: Some credit cards even refund the annual fee in the form of travel credits, cashback, or reward points. So, you may want to make sure that you maximise these benefits.

VI. Consider cancelling your card: If you don’t want the card anymore, you may decide to cancel your card before the fee is charged. But this has to be done usually 30 to 60 days before the date of renewal.

However, you must be aware that cancelling a card could slightly impact your credit score, albeit slightly, on account of lower total credit limit.

(Note: Using a credit card carries its own set of risks)