The credit card bill due by the sixth wasn't mailed until the fourth. Most of us have been penalized at least once for missing a payment deadline. The stringent requirements of card issuers make it easy for even the most organized people to slip up. Those with a fervent desire to avoid those punishing fees already have most of what it takes to beat the bank. The credit card companies' increasingly stiff fines are a big motivation to get payments in on time.
Some issuers raise interest rates dramatically if a cardholder is late even once.
Fail to meet the due date twice within six months and the annual percentage rate is almost sure to be jacked up. Some issuers, such as Citibank and Capital One, have started raising credit card interest rates if their customers are late on other bills, such as a home or auto loan. Start of a vicious cycle For a person who is at or near his credit limit, late fees can start a vicious cycle. For those who have trouble with timeliness via snail-mail, technology affords several options. But there are cracks, even in the digital world.