It's a good way to avoid costly late fees and other penalties.

Credit card statements are e-mailed to customers, who then decide how much of their balance to pay off. It can be anywhere from the entire amount to the minimum payment. On the due date, Chase automatically deducts that amount from the customers' checking accounts.

The program also sends electronic reminders -- e-mails, text messages or voice mail -- about upcoming payments or when your balance is nearing the credit limit.

What's not to like about a system that makes it almost impossible to run up fees for late payments and exceeding your credit limit -- typically $25 or $35 a shot?

If you're a Chase credit cardholder look for information in your bill. To apply online or learn more right away, go to Chase Clear & Simple.