Timing is becoming much more important in the credit card industry these days. The penalties people suffer for late payments are unbelievable, according to cardweb.com. One company, for example, charges a $155 late fee. Most fees are $35, but some base the fee on how high your balance is. What’s considered “late” has also changed. Some companies only count your payment as “on time” if it’s received by a certain time of the day. So, even if you get your payment in on the due date, it’s still considered late. And if you’re late on one card, it can trigger penalties from another company. Credit card companies are doing this because the industry has changed drastically. Very few people pay annual fees and about 40 percent of people pay their balances in full every month, meaning they don’t pay any finance charges. So, the other 60 percent are carrying the load for everyone else. If you pay your balances in full, you may be getting airline, money or gas rewards and you probably aren’t paying any fees. But if you’re part of that 60 percent you are getting gouged. You need to get out of that group as soon as possible. And you do that by not using your credit card until you can pay off your balance in full.