I think I'm being SCAMMED, any advice?

Question

My credit card company is charging me a $90.00 late fee because they say my payment was late. As long as it is postmarked by the due date isn't the payment considered on time? Thanks.

Answer 1

Most people fail to hang on to the terms of their credit card agreements (think about it, did you make a copy when you applied for the card) did you read ALL the fine print?

Most credit card companies have long stipulations on the payment terms for your credit card... especially if there is any type of incentive or introductory offer on the card (0% interest, etc).

Payment is due on the due date (in their office being processed) prior to a cut off time (in most cases 3pm same as the bank).

Credit card companies bank (no pun intended) on you being late or screwing up, because they make a large amount of their monies on fees and punitive interest rates. Some credit card companies also shift their PO Box addresses by 1 or 2 numbers so that the delay and forwarding will make you late, and they can theirfore charge your out the nose.

I would try and argue the late fee, tell them that you made an effort to get it out in time and would like to get that removed... be prepared to offer something up, such as another payment in order to have the charge removed...


also $90 seems really high... that is a lot to be charged and may exceed what they are legally allowed to charge...

Answer 2

Why not read what your statement says, along with what your credit card agreement says. They probably spell it out there, even if it is in fine print. All my credit cards pretty clearly say "Payment Due Date" not "Mail Payment By".

Postmarks mean nothing to them. Usually, the only people who care about postmarks are the IRS.

Answer 3

Not much you can do except keep a close eye on things. I'd take it to a dealer and have them check it out. But, you should have done that BEFORE you bought the car. FYI, you have no right to cancel the deal. There is no cooling off period on auto sales, from either a dealer or a private seller. Watch that temp like a hawk. Bimmers are notorious for cylinder head damage if the engine overheats. It only takes ONE time to ruin the engine. Check the coolant level and make sure it's topped off with the BMW recommended coolant -- don't use the green stuff, get it at a dealer! Don't get too angry at the seller. This can happen without warning, especially on a used Bimmer.

Answer 4

It normally takes two full business days for a posted transaction to clear, so if you're dropping your payment check at the last minute into the mailbox, it doesn't matter when it is postarked if it arrives late and then takes another 2 business days to post and clear. Why are you waiting until the last minute to pay your bills? Also, why don't you pay your bills online like I do, so that you don't have to deal with postage and delays in mail delivery? If you pay by check, your bank should allow your credit card company to debit your account for a specific amount on a specific day with your prior authorization. Most credit issuers today allow for online bill payment, and the majority of banks allow for funds to be directly deposited and withdrawn from a checking or savings account, so long as you provide the proper bank routing and account number. You are not being scammed, you are being penalized for procrastinating on paying your bills.

Why the negative rating? Can't handle the truth that you are sloppy with paying your bills on time?

Also, the $90 late fee sounds like something associated with sub prime credit cards, usually offered to people with bad credit and come with hefty fees and other "hidden charges" to add insult to injury. Also, $90 late fees sounds like something one would expect from a corporate American Express card, which in itself includes hefty fees just to have.

Please educate yourself about how the credit system works and what a FICO score is, because the more you pay your bills late, the lower your credit score will be. If you ever want to finance a car, mortgage a home, or take out a loan, all these things will come back and bite you later on. I strongly recommend that you order a credit report with FICO score from one of the three credit reporting agencies (Experian, Equifax, TransUnion) to see where you stand in terms of your credit history.

Answer 5

it does sound a lot but you're being naive to think that the postmark has any relevance. The payment has to be in their bank account as cleared funds by the due date. The fact that it's in the post is neither here nor there.

Answer 6

Sorry, but nope, you're not being scammed. The payment must be received by the due date to avoid the late fee. You can call them and see if they will waive the fee. Sometimes they will help you out and removed the late fee. Just remember to remain calm and polite with them, it'll get you further. :)

Answer 7

Not all companies go by the postmark. Many want them in their hands on the due date.

Answer 8

No. They do not allow for USPS mistakes as a rule. However, if you hve never been late it should be easy enough to find the right person willing to remove that. It can mean you have to make 20 calls before you find the right customer service rep. Be considerate and you may get the results you are looking for.

Here is some additional info. Hope this helps.

Answer 9

Your payment MOST likely has to be RECEIVED by the due date. I'm sure these details are in the fine print of your credit card agreement.

Answer 10

Sorry, they don't care about a postmark. It has to arrive before the due date to be on time.