Credit Card Interest-My Little Wake Up Call

I have previously covered a few topics related to credit cards, reminding everyone to pay on time, keep track of their bills. Well last week I got charged credit card interest, a whopping $1.00 but I was mad..not at those evil credit card people, but at myself because I was clearly really not as organized and on top of it as I thought. It all started when I signed up for a new credit card when I started my co-op job this past January at Canadian Tire which became my 2nd credit card that I had. The reason I signed up was simply because I would get an additional 17.5% off everything in store plus whatever sale price was happening and start accumulating Canadian Tire money. The first card I signed up for in my 1st year and have always kept on track of payments which were always at the end of the month. This new card had a different payment date which completely threw me off.

credit card interest

It Was Only $1 of Credit Card Interest

Yes, I am aware that $1 of credit card interest really isn’t that much at the end of the day, but I actually forgot to pay my credit card all together! The due date for my minimum/bill payment had come and gone and I hadn’t even realized until my paper bill showed up in the mail for the next month. It’s something that made me really wonder if I could be a little more focused on my finances and be a bit more organized as well.

Making Some Changes

So after this MASSIVE ordeal..I’ve decided to test out a few iPhone apps to see if I can get myself a bit more organized and keep track of the variety of bills I have to pay each month. I’ve always been a big fan of “mental” reminders and keeping tracking of these things in my head only, but once I added this other credit card I really thinking it tipped the scale. My system may be a bit flawed so I’m crossing my fingers and hoping technology can help keep me on the right track.

So I decided to test out a few iPhone apps to see if I could change my ways and become a bit more organized with my bill payments. There are a few apps out there and one is called Bills Monitor which is a SUPER expensive $0.99 which in the end really isn’t that expensive at all, I know people that have dished out a good $10 or so on Candy Crush (I’m addicted too but haven’t spent any money) so $0.99 isn’t too bad to stay on track.

bill monitor

I also gave BillMinder a try and at $1.99 it isn’t much more expensive but I didn’t find it was worth it to spend that extra dollar (I did have to pay that $1 of interest the other month so that’s my logic there) for something comparable to Bills Monitor and was updated more recently as well. In the end I decided to go with the free option, which was putting bill payments in as events in my Google Calendar and then I will get notifications that way. I spend a ton of time on email and checking them so I will see if that works out.

On A Side Note-Keeping the Extra Credit Card?

I’m still on the fence as to whether or not I will keep my second credit card once I’m done working come the end of August. I won’t have the discount anymore, but will still have the opportunity to accumulate Canadian Tire money. I honestly don’t think it’s necessary but I do know that it can help build my credit rating to have the second card. It’s a dilemma I will have to figure out within the next few months.

Have you ever forgotten to pay a credit card or other bill (utilities etc.)? How did you make sure it didn’t happen again?

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  • I have forgotten to pay my bill before. I usually call the company to waive the interest/fee…I know it is only $1.00 but I would do it so that the late payment doesn’t show up on the credit report. As for making sure I pay online, I usually automate the payment so that it deducts money from my account when the payment is due. Also, I sign up for e-mail alerts to let me know if the payment is coming due.

    • Thanks Andrew, I definitely will give them a call despite how low the fee is it makes sense so I can keep my credit report looking beautiful. I just found this really great thing through Canada Post that basically consolidates all of my estatements into 1 portal I’m hoping that will keep everything sorted. I’ll look into e-mail alerts as well.

  • Alexa Mason

    I have misplaced bills and forgotten to pay them for. The important stuff that I can’t forget (like car insurance) I have automatically withdrawn from my bank account. Have you considered getting the minimum CC payment automatically taken out. You can always pay more if you want but in the event you do forget to pay the bill at least the minimum payment would be taken out.

    • I will definitely look into getting CC payments automatically taken out, my only worry is that I won’t be as conscious of my spending if it gets automatically withdrawn. I will have to find a happy medium!

  • squirrelers

    For me, setting reminders on my phone, which I also get via email, helps keep me in line with bill due dates. I know what you mean about the $1, it’s a matter of principle and also the reality is that forgetting a different bill could have been much worse.