Set Up Credit Card Autopay

Making timely bill payments is one of the biggest factors in determining your credit score. If you have trouble paying your credit card on time each month, your score could suffer. One of the best ways to avoid that is to set up autopay. Here’s what you need to know.

Why Autopay?

Here are just some of the reasons you should use credit card autopay:

• No Late Fees. Late fees on credit cards can be high for just one missed payment. With autopay, you avoid hefty charges.
• No Interest. If you miss a payment, the interest on your balance builds and builds. Use autopay and you won’t deal with mountains of debt.
• No Aftershocks. Missing payments consistently may trigger something called a penalty APR. Essentially, your card lender decides to increase your interest rate because you’ve proven to be an unreliable customer.
• Better Credit Score. As mentioned above, if you set up autopay you give yourself a better chance at keeping a high credit score.

How to Autopay

While every credit card is different, the process of setting up autopay is similar.

1. Log into the credit card issuer site or open its app.
2. Find a quick link or two to set up autopay.
3. Connect your checking or savings account (account and routing numbers) to the card and you’re done.

Do One Thing: Use autopay to make timely credit card bill payments.