In one sentence, describe what the following article is about:

When you get a new credit card, read all parts of the contract carefully. In particular, study the section on payment requirements and the penalties for late payments. If you understand the contract terms, you will be more likely to remember and comply with them. If you have had a card for some time, but you never bothered to read the contract, call the customer service office. The phone number is usually printed on your card itself or on each monthly bill. Ask for a copy of your contract. ” You may think you know the due date for your payment. However, you could still risk being late. Most contracts define a “late” payment as any payment that is not received by the due date. Some credit companies even specify a particular time of day, generally 5:00 p.m. You need to know when your payment is due and plan to meet that. Speak with your customer service office if you are not familiar with the late fee system for your card. Many companies use a two-tier system of setting penalties, based on the balance due on your card. Most credit card companies have fees of about $15 for balances under about $250 and a fee of around $39 for higher balances.

Summary:
Read your contract carefully. Understand what makes a payment “late. Know the penalties for late payments.