Owning a credit card is a big responsibility, which means that you must take all the necessary cautions to stop your bill from ballooning. This means you have to take care of your credit card bills before the due date or suffer the consequences such as accumulating interests. How can you prevent your bill from heaping up because of unsettled dues? Here are a few tips on how to slash your monthly credit card bill.
Set some reminders
There are many ways you can remind yourself of your card’s due date. For starters, you can place your billing statement at the most prominent places in your home or office such as clipping it on your refrigerator. Marking your calendars of your card’s due date is also a tried and tested way to keep track of your bill. Meanwhile, Melanie Pinola of Lifehacker suggested using Google Calendar to manage your credit card bill and other payments. Aside from serving as your virtual financial calendar, Google Calendar can also send you a text message to make sure you never forget.
Use smartphone apps
Maximize the power of your smartphone by using apps that will help you keep track of your bill’s due date. Most of the major banks in the country already have apps that will allow you to track and take care of your finances with a single click. You can also receive an electronic copy of your billing statement through your bank’s native app, which comes in handy for people on the go.
As discussed in one of our articles about different payment modes for your credit card bill, you can use your account’s automated debit function, provided that you have a savings account tied to your credit card. Just set the date when they can deduct the payment from your savings account and you’re done. Since you will be the one to set when will the debit occur, you can worry less about unpaid bills. However, make sure that your savings account has a bigger amount that your credit card bill.
Limit your credit cards
How many credit cards do you own right now? If you have two or more in your wallet right now, then you have to monitor the due date for every card you own, which is actually not an easy feat. To avoid being in arrears, try to limit the number of credit cards you own. While it may not be easy to let go of a credit card because of the perks and other rewards, canceling your least useful card can prove to be advantageous in the long run. There are no laws in the Philippines stipulating the maximum number of plastic a person can own, so it is up to you to know your limit and make the necessary changes if necessary.
Credit cards are here to make our lives much easier. However, problems begin to snowball once we make errors in handling our bills. With the right tools and the right mindset, you can sleep peacefully at night without the worry of missing your payment’s deadline.