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When Discover introduced their latest product, the Discover it card, the company highlighted the fact that there was no late fee for cardholders’ first late payment. But savvy cardholders were already aware that most banks will waive an occasional late fee when asked. Nevertheless, other cards such as the Citi Simplicity, American Express Clear, and the PenFed Promise all claim to impose no late fees at any time.
So with all of these fee-free cards, why should you bother paying on time? Actually, there are several good reasons why you should always pay your credit card bills on time, even if you hold one of these cards.
It is always a good thing when a credit card issuer decides to forgo imposing a fee. Although one fee may be absent, there can still be serious consequence for late payments. By making your credit card payments on time, or even early, you can always minimize the interest and penalties you will have to pay.
At publishing time, the Discover it card, Citi Simplicity Card and PenFed Promise Visa Card credit cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer(s).
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
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