Q: I made a mistake and was just hit with a late fee on my Target REDCard. Now what do I do?
A: First, don’t panic. And don’t beat yourself up too much. We all make mistakes. And it’s the rare consumer who has never sent in a credit card payment a few days late.
That said, paying your credit card bills late is something that you should avoid. It plays havoc with your three-digit credit score. And in today’s world, that credit score is crucial. Lenders rely on it to determine if you qualify for loans and at what interest rates. Auto insurance companies rely on it to set your policy rates. And even a growing number of employers use it when making hiring decisions.
If you’ve made a late payment on your Target REDCard, you’ll be hit with a $35 late-payment fee. That’s a pretty standard fee across the industry.
But there is a possibility you can get it reversed. Contact REDcard customer service, apologize, make your payment, and set up automatic debits from your checking account. If this is your first late payment, there is a good chance that the late fee will be reversed.
Your best bet after earning a late fee on this card is to vow never to mail in a late payment again. If you re-establish a history of paying your credit card bill on time, you’ll find that your credit score will gradually improve. Eventually, it’ll be as if you never did make that late payment at all.
To learn more about the Target REDcard.
