While autopay can save you time, it can also cost you money. A set-it-and-forget-it approach to paying your bills might sound like a win for your financial health, but autopay comes with a fair share of risks. When used wisely, autopay can save you time and prevent issues like late fees, but it can also cause you to be too lax with your bills.
Putting your bills on autopay can certainly help to simplify your financial life. However, placing certain bills on autopay could also hurt your finances because it can become easy to forget how much.
The Simplicity credit card from Citigroup has had staying power, suggesting that a card without late fees can be profitable. Its success shows how the U.S. card market might look different under a controversial CFPB proposal to slash those charges.