It’s another lean financial month. You’ll be lucky just to make the minimum payment on your credit card bill. Should you wait until you can pay a larger portion of your bill, or pay what you can on time?
In a recent WalletHub survey, almost 16% of respondents said they expected to miss at least one credit card payment in 2019, equating to over forty million people nationwide. That’s the wrong answer to the above question.
It’s far better to make a partial credit card payment on time than it is to delay payment. Not only will you incur late fees (typically in the $20-$40 range) per missed payment, you’ll also temporarily lose your grace period. Grace periods keep interest charges from the beginning until the end of the monthly payment cycle. Without a grace period, interest accrues from the time of purchase.
You may also incur a penalty annual percentage rate (APR) that’s h…