One of the things you need to qualify for the AutoPay service on your credit card is to have a good credit score. You need to closely monitor and meet the due dates of your credit card debts. However, as much as you want the AutoPay feature to ease your financial transactions, you need to be cautious about activating it.
Should You Set Up AutoPay?
AutoPay offers a secure and convenient way of paying different types of bills. To use the feature, you need to inform your credit card issuer that you want to settle a particular bill automatically. Once the company receives the request, the firm will promptly debit an account of your choice with the amount incurred on your bill. AutoPay reduces the chance of having to worry about missing a due date or misplacing a bill.
With AutoPay activated on your credit card, it’s easier to miss some unexpected fees when buying a product or service. Note that a single dollar can have an impact on your financial situation if you fail to be accountable for your finances. You need to thoroughly evaluate the pros and cons of AutoPay before setting it up.
Safety Precautions to Take
You need to check your statements before settling any bill using your credit card. Some of the most common credit card fraud cases are as a result of the AutoPay feature. Credit card holders that don’t review their statements are unlikely to notice the unauthorized transactions. You may consider having AutoPay deactivated on all of your accounts for safety purposes.
Consider paying your current balances in full and checking your account via your bank’s website or app regularly. Such an initiative can help you spot fraud faster and act accordingly. Acting accordingly, in this case, means that you should report any unusual activity on your account to the credit card company. Keeping tabs with your account also helps you identify unexpected fees deducted from your account especially when you’re checking into a hotel.
