Credit Card Terms Glossary
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Glossary Of Credit Card Terms
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Our Glossary features an extensive collection of credit card related terms with their complete definitions. If you cannot find a term you're looking for, please contact us. We will respond to you with full explanation of the term. Upon further review, we'll consider adding it to our website. |
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Late Fee |
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A fee charged by a credit card company when your payment is received after the due date. In order to avoid any late fees, make sure that at least the minimum due amount, as stated on your monthly statement, reaches the credit card company by the due date. The due date is the date by which your payment should be received by the credit card company, not the date by which it should be paid. Therefore, make your payments several business days before the specified due date. Late payments have negative effect on your credit history, even if your entire outstanding balance is later paid in full. Too many late payments recorded on your credit report will significantly decrease your credit score and damage your credit history.
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