A home loan EMI on the 5th, a car loan on the 10th, two credit cards due on the 18th and the 25th. With so many dates, it's easy to miss one, and a late payment usually means a late fee, interest, and a mark on your credit report.
Why paying on time matters
- Late fees and interest: credit card companies charge a late fee and interest on the unpaid amount, and paying only the minimum due still leaves interest on the rest.
- Your credit score: banks report late payments to credit bureaus. A lower score can make your next loan more expensive, or harder to get.
- Bounced auto-debit: if there isn't enough money in the account on the EMI date, the bank can charge a bounce fee as well.
Five habits that help
- Write down every due date for loans and cards in one place.
- Keep money in the account a few days early. Auto-debit only works if the balance is there.
- Get a reminder before the date, not on it: 3 days before for cards, and the day before for EMIs.
- Pay the full card bill when you can, not just the minimum due.
- Check your statement every month for wrong charges.
Reminders that repeat every month
DueDateAlerts can remind you every month, a few days before each EMI or card due date, by email or SMS. Set it up once and it repeats until you stop it.
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