All credit card holders are advised to be conscious about their payment due dates. As a credit card holder, you may think that occasionally missing your deadline is okay. If you're a student and this is your first time to own a credit card, you may even think that late payments wouldn't make a big difference.

But why should you be concerned about submitting your payments on time? How can late credit card fees affect you? More importantly, how can you pay on time and avoid those annoying late penalty charges?

It's All About Business

Whatever credit card companies say on their ads, only one thing is for sure, it's all about business. Credit card issuers find subtle ways to make their card holders pay more. And charging high interests and late penalty fees is just one of their tactics.

Imagine, paying additional $5 fee for a $30 worth of purchase. If you only paid your balance on time, you could have save that $5 in your pocket. If your balances amount to a $100 or more, think about how much more it would cost you due to the additional late penalty charges.

Add the interest rate and you'll end up with more costs than the original amount of your purchases. But why should you pay more when you can eliminate these unnecessary fees just by paying on time? As a credit card holder, you need to be smart about it.

Take Charge, Pay on Time!

Is there a way to make paying on time a lot easier for you? One thing you can do is ask your student credit card issuer to adjust your due date of payment. For example, if your current due date falls on the 21st of the month, you may want to have it adjusted to the 1st or 2nd week of the month instead. If you receive your allowance every first week of the month, you can immediately pay off your credit card balances while you still have the money. If you wait until the end of the month, it is more likely that you've already spent your money on other things.

Another strategy to avoid late penalty fees is to pay the minimum due the same day you made the purchase. This way, your charges will be marked as paid on time while you still gather the money you need to pay off the rest of your balance. However, you are not encouraged to carry over your remaining balance for the next month. Avoid the interest rate fee by completely paying off your balance before your due date ends.

Does your student credit card allow online banking? Most credit cards today have this important feature. Online banking gives you the option to send in your payments at any time and wherever you are. Thus, even if you're busy with your studies, you can spend those few minutes online to pay your credit card balances on time.