Zero Percent Credit Cards

This is a very simple way to never have a late payment on your credit card. I have several cards and I play the zero percent interest game with them. I am borrowing money at zero percent and making payments. If I am late by just one day the credit card company will double penalize me. They charge me a late payment penalty and then they convert my balance to a high interest rate. Often this rate is higher than normal.

How to Never have a Late Payment
I have set up auto pay on all of my credit cards. My cards are all set up to automatically pay the minimum directly from my checking account. If you accidentally miss a card payment this will keep you from having to pay a late fee. This can save you a lot of money if you are playing the Zero Interest Game.

To set up Autopay you will have to call the Credit Card company and get a form sent to you. You will have to send in a deposit slip from the account you want to have automatically withdrawn from along with filling out the form. They will no longer allow you to register for autopay this over the phone. In my experience you will have to use snail mail both ways to get this done. I believe this is just a stalling tactic because the Credit Card company knows they will not be able to ding you for late payments again.

If you have ever been hit with penalty and interest on a $15,000 zero percent credit card loan because you were a day late you will realize that setting up auto pay is a great insurance policy to keep from getting bumped up to a high interest rate on your loan.