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Making a prompt payment not only improve you on your credit scores, but also saves you money on late fees and finance charges. I have recently come across a late fee of $35 and finance charge of $111 on my American Express charge card, and I wasn't able to remove them even after talking to Customer Representative and his manager. Credit card companies are more stringent about giving credits when you pay late.

Most credit companies waive 1-time late charges within 1-year period. If you have two strikes, you won't be able to remove them. If your spending is higher (5-figure charge per month), credit card companies such as American Express will NOT remove your charge even if it only happened once. I once had a dreadful $560 finance charge from American Express for 1-day late payment, and they wouldn't budge to remove the charge at all.

My recommendation is to create remainder alerts on your card account, and make payments on-time every time.

By Aladar, The Dinosaur (not verified)

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