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Avoiding late payment fees on your credit card

Your credit card statement will include a payment due date. This date is one to remember if you’re keen to avoid late fees.disclaimer

If you don’t pay at least the ‘Minimum Monthly Payment’ (plus amounts due immediately like overlimit or overdue amounts) shown on your statement by the due date, then you may be charged a late payment feedisclaimer. This fee is added to your purchases balance, which means you could also end up paying interest on the fee (as part of that balance). 

Not an ideal scenario, right? So, read on to discover how you could avoid being charged a late payment fee on your credit card.

Know your payment Due Date

Your ANZ consumer credit card statement will include a payment due date. 

Generally, the payment due date falls around the same time each month. Find out what your next due date is – either by looking at past statements (if you have them) for an indication, or by contacting ANZ. You can also consider setting up alerts or a direct debit to help ensure you don’t miss your payment due datedisclaimer.

A reminder about interest-free periods on purchases

If your account has interest-free periods on purchases, you can avoid paying interest on the purchases balance by always paying the full closing balance shown on each statement of account by the applicable due datedisclaimer. If you miss this payment, you will generally be charged interest on your purchases balance from the day after the due date shown on that statement. 

Learn more about how interest is calculated on personal credit card accounts.

Don’t fall into the “I’ve already paid” trap

You might think that if you’ve made a payment to your credit card during the statement period, then you don’t need to make any further payment before the payment due date shown on your statement. However this may not always be the case. 

If your account currently has the benefit of interest-free days on purchases, and if the payment you make each month is sufficient to pay off the closing balance in full, then you may be rightdisclaimer.

But if you make a payment that is not sufficient to pay off the closing balance in full then, you will still need to make a further payment by the due date to avoid interest and a late payment feedisclaimer. Always check your latest statement to see what’s owing and by when.

Late fees can attract interest, too

Remember that late payment fees are added to your purchases balance and can attract interest. So, if you don’t pay at least the Minimum Monthly Payment shown on your statement of account by this date, as well as any overlimit or overdue amounts, then not only could you be charged a late payment fee but that fee could begin to attract interest from the day after the due date on your statement (assuming you have previously been paying the full closing balance and you have a zero balance at the beginning of your statement cycle)disclaimer.

If you’ve missed a repayment, then you could miss out on the benefit of an interest-free period (if one applies to your credit card account) too.

Need help?

If you continually miss credit card repayments, your credit rating could be affected. If you’re worried about your credit card debt and your ability to make repayments, contact your credit card provider. They may be able to assist.

Information on current ANZ account fees is available on request at any ANZ branch, at anz.com or by calling ANZ Cards on 13 13 14.

Learn more about credit card payments

The Closing Balance vs the Minimum Monthly Payment

Whether you decide to pay off the full closing balance, the minimum monthly payment or an amount in between - it's important to understand the different and what they might mean for your bottom dollar.

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Things to know about your credit card due date

It's important to remember the due date on your credit card statement. If you miss the due date, it could cost you in late payment fees or you could lose the benefit of an interest-free period.

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Getting to know your credit card statement

Even if you only use your credit card sporadically, you should check the statement of account carefully.

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Information in this article refers to personal credit cards, is general in nature only and does not take into account your personal objectives, financial situation or needs.

By providing this information ANZ does not intend to provide any financial advice or other advice or recommendations. You should seek independent financial, legal, tax and other relevant advice having regard to your particular circumstances.

The information is current as at June 2019 and may be subject to change. ANZ recommends you review your personal credit card contract for information about the terms that apply to you.

ANZ interest rates and fees and terms and conditions are subject to change. Refer to the current credit card interest rates, fees and terms for further information and current interest rates, fees and terms.

Applications for credit at ANZ are subject to ANZ's credit approval criteria, terms, conditions and fees and charges apply. Australian Credit Licence Number 234527.

ANZ consumer credit card account holders can avoid Late Payment Fees by paying the Minimum Monthly Payment shown on their statement of account by the due date, as well as paying any overlimit amounts or overdue amounts.

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Direct debiting is not available on all accounts. If in doubt, please refer to your bank or financial institution. Terms and conditions may apply to direct debit arrangements, including that your nominated account has sufficient cleared funds. Temporary service disruptions may occur. Contact your credit card provider for further details. ANZ recommends you read the applicable Terms and Conditions and the ANZ Financial Services Guide before acquiring any ANZ product with a direct debit arrangement. 

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At ANZ, if a consumer credit card account has interest-free periods on purchases, the account holder can avoid paying interest on the purchases balance by always paying the full Closing Balance shown on each statement of account by the applicable due date. If the account holder doesn’t pay the full Closing Balance shown on a statement of account by the applicable due date, they will generally be charged interest on their purchases balance from the day after the Due Date shown on that statement. Not all transactions (e.g., cash advances) get the benefit of interest-free days. Refer to the applicable credit contract for details. 

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Outcomes for individuals will depend on how the account is used, as well as the terms and conditions, interest, fees and charges that apply.

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