OT Credit card

Page 1 of 7  
My fault...they finally got me.
First time I ever got charged interest...in 30 years.
According my my statement I was charged $11 interest for a balance of $529.28 that was not paid in full.
I underpaid by 2 cents! The check was written out for $529.26 ... must have mis-read the "8"
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

I thought they just charged interest on the unpaid balance left after the payment - in your case the $0.02! Live and learn. I'll have to be especially careful in the future before I get bitten too.
--
You know it's time to clean the refrigerator
when something closes the door from the inside.
  Click to see the full signature.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On Saturday, March 19, 2016 at 1:05:48 PM UTC-5, philo wrote:

If it was a person instead of a computer (or an involved data-entry person) they would have seen your history of payment and not charged you!
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Set it up for auto pay and that will never happen.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 3/19/2016 1:05 PM, philo wrote:

If that happened to me, I'd be on the phone with the credit card company asking them to remove that charge.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 03/19/2016 01:05 PM, philo wrote:

Thanks for the comments. Even though it was kind of nutty, I have to admit the fault was on my end..and for the $11 I am not going to try to argue this one.
I think Oren gave good advice as to auto-pay because in two years I'll have that $11 back in saved postage.
BTW: I own stock in the company, so the $11 fee just went from one pocket to the other. "If you can't beat 'em , join 'em," I said to myself the day I bought the stock.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 3/19/2016 2:05 PM, philo wrote:

That does not seem right. The interest, I thought, was only on the balance. Perhaps not.
I'd call and ask them to reverse the charges. If they refuse, I'd cancel the card. Easy enough to get another.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 03/19/2016 02:04 PM, Ed Pawlowski wrote:

One thing I've learned to do is own my own mistakes.
Because I posted here and received advice from Oren to choose the auto-pay option...in the long run I'll be saving money in postage. So...the mistake will have been used to my advantage.
As soon as my postage savings amounts to one million dollars, I intend to pay Oren half.
Through life, I've learned that there is usually a way to turn a setback into an advantage.
It usually means figuring out a way to "think smarter".
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 03/19/2016 2:09 PM, philo wrote:
..
> It usually means figuring out a way to "think smarter".
Well, while it may well have been your fault and I admire "owning up", I see absolutely no reason if you've been a prompt payor for some period to not do as others have suggested and request the interest/fees be refunded -- while agreements are written so that interest is charged on the entire balance so the $11 is undoubtedly within the letter of the arrangement, it just smells to charge it for an underpayment of $0.02.
And, nothing says you still can't make use of the "learn the lesson" to use auto-pay or another option and get those benefits as well. :)
I won't give a CC company access to any bank account just on general principles but use the phone-pay option to ensure timely credit to the account so no worry on mail delays/processing and no stamps, either...as another option to consider.
--



Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 03/19/2016 02:28 PM, dpb wrote:

Since the bank has an option to send them a message, I did so. Not worth my time to get on the phone.
I'm considerably more amused than upset.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On Sat, 19 Mar 2016 14:28:52 -0500, dpb wrote:

IAWTP - I do all my 'on-line' banking by phone. As you say, this avoids snail mail delay & postage, plus avoids bank errors if they have been given 'carte blanche' permissions on ones bank account.
But the best reason is that one can totally avoid network-based fraud. Adding a new payee to my list of accounts requires me to speak to a real-live human. Of course, fraud is still possible, but at least the scammer needs to guess my 'spoken' password AND speak proper english without an Indian accent.
--
http://mduffy.x10host.com/index.htm

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

I agree - nobody gets to dip into my bank account!
I have it both ways - I set up auto payment with my BANK for an amount surely to be greater than any minimum payment. So I won't forget at that level. But each month I change the amount the bank is to pay for that month to the actual amount.
You could carry this a bit further, and set up the auto pay with an amount sure to exceed any monthly balance due. Then if you forget to update to the correct amount for the month, there will be no charges, but a credit balance on next month's statement.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 3/20/2016 9:32 AM, taxed and spent wrote:

Check that out. I tried to pay ahead once for new charges coming and it was not accepted. You could end up with a missed payment.
As an aside, given the amount of fraud on CC accounts it is a good idea to check your balance once or twice a month.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

I do that when I take a trip and will be out of town during the payment period. It works, but some companies refund the credit after a month or two without you asking.

I am a fiend on this item. Bank accounts too.
Setting up e-mail alerts helps a lot. I have some accounts that send me an alert for any transaction over $0.01.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 3/19/2016 3:09 PM, philo wrote:

Sure, but an $11 charge for a 2 cent problem is nasty. IMO. worth a phone call. Good customer service if they choose to do it.

Auto pay fixes that problem, but if you bank balance get low and you forget to replenish the fee is even more. I prefer to pay when I choose to.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 03/19/2016 02:47 PM, Ed Pawlowski wrote:

The note I sent them was enough...I just don't want to get on the phone for something this small...especially because no matter how trivial, the error was on my end.

Because my SSN and 401k go directly into my checking account and because my credit card comes due a few days after that...auto pay would be a pretty safe option.
I'm about to add a several thousand dollar "cushion" to my checking account just to play it safe. Since my savings account interest is 0.1% it really does not matter if I keep some of it in a zero interest account.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Autopay really seems to work well. Amex doesn't pull the money until the due date so you get maximum use of the free money and you are never late or short.
It is like a debit card with the added protections of using a credit card. (plus cash back)
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 03/19/2016 04:04 PM, snipped-for-privacy@aol.com wrote: X

Then I'm going to do "auto-pay" for sure.
I always send my check in within a few days or receiving the bill... the late fee (which I've never gotten ) is $37
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On 03/19/2016 4:04 PM, snipped-for-privacy@aol.com wrote: ...

As noted, while I've not had "issues" w/ AmEx I've heard of enough I'm uncomfortable giving them the access power just in case so use the phone auto pay instead.
Individual recurring bills on autopay, but not CC...AmEx,Visa,MC,...
--


Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

This sort of thing is one of many reasons I tossed all my credit cards into my woodstove about 15 years ago. Have not had one since. Those companies have plenty of suckers to screw.... I'm not one of them!
I pay cash for all purchases in stores, and I use checks for paying my bills or large purchases. Total cost is about $7.50 a year for blank checks. I can pay my electric company using what they call phone-check. I call them, give them my checking acct number, and they deduct that amount from my checking account. No check needed, No postage to mail it.
I could probably make that $7.50 worth of checks last TWO years, if I didn't have to occasonally use checks to pay for gas or groceries, because I didn't go to the bank to get cash. But then I'd spend the savings on gasoline, so I'd not really save anything in the end.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Related Threads

    HomeOwnersHub.com is a website for homeowners and building and maintenance pros. It is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.