Maybe not on the the bill, but you can be quite sure it's in the terms
and conditions you signed on applying for and accepting the card.
That's also in the terms and conditions...
They do; it's in the contract that you signed if you had only read it in
They've already done that; that's how they got the date they did as
explained in the T&C on the contract.
That said, I have on the rare occasion when there was a delay not of my
fault had success w/ American Express in getting the charge rescinded.
The way to ensure the payment is there on time when getting close to the
due date is to use the card's 800 number and pay by transfer directly
instead of thru the institution so you don't have the delay for them to
process. VISA or AmEx or whoever will have their system set up to
initiate the electronic transfer at the time of the call, not when
somebody at the bank gets around to entering it.
It's not just 3.54. it's the fact that they stole from you. Don't let them
get away with it at all!
Once I missed a payment, and truly missed, I forgot. Our VISA server, Bank
of America, as a courtesy removed late charges AND any interest charges.
Culmination is ASK! And, don't stop asking until you reach someone WITH
authority. And having AUTHORITY means that person has the ability to say,
yes. ANYBODY can say no. That's NOT authority.
Also, food for thought. Remember the days when credit cards were mailed
out willy nilly? Seemed like the stupidest business technique in the world
until I realized that just before ALL these cards got mailed out, the laws
changed allowing for extensive late AND penalty fees to be added. Thus,
the banks sent out credit cards to ANYBODY. If the person used the card
responsibly, the banks made money. If they used the cards irresponsibly,
got into debt, but still managed to pay off the cards; the banks made huge
money. AND, this is what irritated me the most, if the people simply used
the cards, defaulted; the banks froze the card and got to add penalties,
then fees and penalties, often taking the balance due way beyond 2 to 3
times what was owed BEFORE the bank cancelled the card, placing it into
'default'. NOW the bank has a legitmate paper loss that due to their
accounting system gets to 'write off' against other incomes. AND THUS, the
banks still made money. A real win-win situation for the banks, but not
for you and me, as taxpayers, we helped pay for that. So, when I get
'niggled' on ANY account; I complain like crazy, even sometimes when I
legitimately owe that money, like the example above.
On Saturday, April 26, 2014 10:41:29 AM UTC-4, Robert Macy wrote:
How exactly is it that the credit card company "stole" from him?
The credit card company just charged $3.50 in interest because the
payment was not made on time. The credit card company is 100% in the
right, and the OP is wrong. Everyone knows that the payment due date
doesn't mean that you can start the payment process by mail or some
other means by that date and hope that it gets there. It means they
have to receive the payment by that date. He apparently started some
payment process by going to his local bank branch 4 days before the
due date. The credit card company had nothing to do with that. If
anything, maybe his own local bank is responsible for taking 6 days to
complete a payment request. That is who I'd be miffed at, not the
credit card company.
Yeah, the credit card company is so evil and greedy that all they are
charging apparently is the $3.50 in interest. Most credit card companies
would charge a $35 late payment fee.
If you always pay your Visa statement balance in full and never ever
make a partial payment, consider setting up an "autopay" arrangement.
You cite the routing number and account number of the savings or
checking account you want to be debited for the Visa balance, and the
payment is automatically, electronically paid on the due day. You will
still get a paper copy of the statement in the mail at the same time of
the month as you do at present, but it will have a comment on it that
the balance will be deducted from a designated account in accordance
with your previous instructions. You can still dispute errors and/or
apparently fraudulent charges. Very convenient.
Almost all bill payment is set up that way. I got dinged couple years
ago. My property tax payment wsa due during my absence from home(my
fault not remembering) When I got back home I rushed to pay it but
city charged hefty late payment penalty. Since I set up auto debit on
most bills. Peace of mind. Just I make sure enough fund is available
in my checking account all the time.
it by then.
That's my take. I don't know why people don't pay the bill on the day it
comes or soon after. (Lack of funds, maybe, but why spend money you don't
have?) You've already spent the money and the bank is actually giving *you*
an interest-free loan if you pay the entire bill by the due date. With
interest rates below 1%, any savings you might gain by paying as late as you
can is offset by the steep charges you can incur if you miss. Not worth the
effort or risk, IMHO.
Delaying making a payment also risks that the bill will get lost or
forgotten and both events have costly outcomes. CC companies will usually
forgive ONE late payment for good customers, but not two. If I miss two
payments I also lose any bonus points I've accrued. *Really* not worth it.
Apparently not everyone knows that or we wouldn't be having this discussion.
Indeed. What I can't understand is that if you're only getting 1% or less
interest in checking/savings, what do you really save by waiting until the
last minute to pay the bill? The upside is you might save all of a quarter
in interest (more likely a dime or less). The downside is you get hit for
$35 and interest fees trying to save a dime. It's not like you haven't
eaten the meals or burned the gas that you bought on the card. You got to
use the bank's money for free for up to a month. Yet some people want to
save a dime on top of that, even if the downside is so steep compared to the
savings. I don't get it.
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