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"
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.
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".
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.
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.
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.
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.
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.
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)
On 03/19/2016 4:04 PM, email@example.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,...
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.
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