How to avoid late credit card fees using Excel

Nowadays, credit card companies slap at least a $30 late fee for payments received after the due date. You can avoid unnecessary late fees by using your computer to remind you of your credit card payment responsibilities and to provide you with an online ability to pay your credit card

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Computer
• Microsoft Excel Program
• Basic knowledge of Excel
• Internet connection (preferably DSL)

1. Open a new Excel worksheet and save it as "My Bills to Pay". For easy retrieval, save it on your desktop. Set up the following column headings: Credit Card Name, Due Date, Manner of Payment, Website, Account No., Log In, Password, Amount. Save the worksheet and set aside.

2. Since credit card statements arrive in the mail at different days of the month, initial set-up of the worksheet will take a month until you have completed a cycle. As credit card statements come in, enter the details of said credit card in your worksheet.

3. Under the due date column, do not enter the due date as you see it on the credit card. Instead, enter it as: 12th of the month, for example. Under the manner of payment, leave this column blank for the meantime. Since most credit card statements now allow you to pay your credit card online, locate the website from the statement. Enter this website under the proper column as a hyperlink (how you ask, well enter the website on the appropriate cell. It defaults as a text format. To make it a hyperlink, click the cell where the website is entered, then click the insert command located on the top of the page, click hyperlink and watch the text convert to a blue underlined version of the original text.) Enter the credit card account number and the minimum payment due in the worksheet. Leave the login and password blank for the meantime.

4. In the worksheet, click the Hyperlink and the computer will shuttle you to credit card company website. Browse the website and look for new registration. Go through the registration process which includes providing your name, address, telephone number, birthday, last 4 digits of your SSN, and checking account. Create a login and password and enter these information in the worksheet. At this point, determine if you desire a manual or automatic manner of payment. Some web sites will allow you to set up an automatic payment scheme where on the due date, the credit card company debits a fixed one-time user-defined amount from your checking account, until paid fully. The manual manner of payment requires you to visit the website monthly to generate payment. Enter the manner of payment in the worksheet. After registration, choose to receive your credit card statement as a e-mail notification or website download.

5. Repeat the same steps for each credit card account you are maintaining. This system will also work for scheduling your house and car payments. Schedule of credit card, home and car payments for the month. Always save the worksheet after new entries are entered. Re-use the same worksheet the following month.

Tips & Warnings

• Most credit card, mortgage and car financing companies will allow you to schedule a future payment. Avail of this feature to its fullest. Always print a receipt of payment from the website.
• Allow a lead time of at least three days when paying your account. Some web sites require these lead time. Non-observance of this requirement may lead to a late fee.
• Paying online will save you the cost of postage and the immeasurable cost of worrying if the credit card company received your payment on time to avoid a late fee.
• Consider the advantages of managing your checking accounts through online banking.
• Both online credit card and checking accounts management allows the user to view their accounts for any suspicious activity.
• Be kind to the environment by choosing a paper less alternative way of receiving your credit card statements.
• Online payments of credit card, house and car loan accounts must always be accompanied by proper management of your checking account to avoid hefty non-sufficient funds bank fees which run at the same rate as most credit card late payment fees.

[sexyboo1223]

on 11/5/2007 I like this article! I was writing my bills on a sheet of paper before reading your article.

[Robrigado]

on 11/3/2007 Your welcome. Glad I can help. There's nothing more authentic than what you are actually doing and sharing it to everyone.

[coachmac4]

on 11/3/2007 Thanks for the article! We need more of this step by step approach!