As much as you hope everything goes as planned with your credit card, you could run into trouble at some point.
Fortunately, there is no issue so big that it can’t be dealt with in an efficient and timely manner.
Here are three common credit card problems, as well as information on why they happen and what you can do.
1. Your Credit Card was Declined
Can you think of anything more frustrating than this? You try to make a purchase, just to find that your credit card is not accepted.
There are many potential reasons for this, so the first thing you should do is contact your card issuer. At that point, you will have a clear idea of what’s wrong as well as a strategy for fixing the problem.
Tip: there may not be anything wrong on your end, but instead a safety measure put in place by your issuer. For example, they may deny repeated charges at the same merchant, even if they are legitimate.
2. Your Payment is Late
If your payment is marked as late, but you know you paid on time, don’t let this go. Not only can it result in a fee, but there is always the chance it could impact your credit score.
There are a few ways to avoid this problem, such as paying your bill online as opposed to via mail. Along with this, consider signing up for automatic bill pay.
If you are paying by check, be sure to give the payment enough time to reach its destination.
3. Your Annual Fee is Dragging You Down
Many of the best credit cards have an annual fee. While there is nothing wrong with paying this, as long as you are getting some of value in return, there may come a point when you realize the fee is too high.
The first thing you can do is ask your card issuer if they will waive the annual fee, even if only for a year. If this doesn’t work, you may want to consider making a change to a card with no annual fee.
Although these credit card problems are common, they don’t have to make your life miserable. Instead, there are steps you can take to combat each one in an effective manner.