How To Avoid LFRC Charges On Credit Card
LFRC charges typically refer to Late Fee and Related Charges on credit cards, which happen if you don’t pay your bill on time or miss the minimum payment. Avoiding these charges is key to maintaining a good credit score and saving money.
How to Avoid LFRC (Late Fee and Related Charges) on Your Credit Card
1. Pay On Time
- Always pay at least the minimum amount by the due date.
- Set reminders or alerts for payment due dates on your phone or calendar.
2. Set Up Auto-Pay
- Enroll in automatic payments from your bank account to avoid missing deadlines.
- You can usually set auto-pay for the minimum amount or the full balance.
3. Check Your Billing Cycle
- Know your billing cycle and statement date to plan payments accordingly.
4. Monitor Your Account Regularly
- Frequently check your credit card balance and transactions to avoid surprises.
5. Keep Contact Info Updated
- Ensure your bank has your current phone number and email so you get payment reminders.
6. Avoid Spending Beyond Your Means
- Don’t spend more than you can pay off to prevent missed payments.
7. Contact Your Bank If You Can’t Pay
- If you anticipate trouble paying, contact your credit card issuer.
- They may offer hardship programs or waive fees as a one-time courtesy.
Summary Table
| Action | Benefit |
|---|---|
| Pay on time | Avoid late fees and interest |
| Use auto-pay | Prevent missed payments |
| Monitor account | Stay informed and in control |
| Update contact info | Receive timely reminders |
| Contact bank early | Potential fee waivers or plans |