I was late on my credit card payment two months in a row. I think it was because I was travelling and they don't give me but about 1 week to pay the bill. What bothers me is the balance (which I paid) is less than $300 each month and the late fee is $39 plus finance charge. That's an effective rate of over 120% per year.
I suppose they have a right to charge whatever they want to charge, but this seems exhorbitant. Is there anything I can do to negotiate out of paying it or do I just pay up and be more careful in the future?
2007-07-21 15:19:50 · 8 answers · asked by blue_prince_of_dallas 2 in Business & Finance ➔ Credit
That happened to me a few times and in all cases I was able to ask the bank to waive the fees. My argument was that I never received a copy of the bill. Then I asked them to look at my payment history which was always on time. Then I asked them to look at my balances (I always pay the full balance monthly). When I was able to prove that I did not have a pattern of overspending and being negligent on payments, they waived the fee. If that doesn't work, make them aware that you are ready to close the account.
2007-07-21 15:27:45 · answer #1 · answered by Mister A 2 · 0⤊ 1⤋
Everyone has the reason why they are late on their payment. To credit card companies, you have a due date and it's your obligation to pay on time.
You can call and ask if they can waive the late fee if you have never been late before. If you decide to call, don't demand that they have to waive because technically, they don't have to waive the late fee. Most company would waive late fee if you talk to them nicely.
It's not about how much the balance is or how late you are. If your due date is on the 3rd and they don't receive the payment until the 4th, that's considered late. That's why credit card has due date. Try to negotiate with them nicely, they will waive it and enroll yourself on line so no matter where you are in the world, you'll still be able to access the account and make payment on line.
2007-07-21 15:43:08 · answer #2 · answered by Notredame 3 · 0⤊ 0⤋
There is always a date by which your cheque must arrive to allow the credit card company to cash it - normally this takes 4 working days from the day they receive it. You are expected to build this into your calculations for when you send the cheque off. So it is your fault if you didn't count 25th, 26th Dec and 1st Jan as bank holidays. Pay up this time and use a calendar next time. Or set up a direct debit so it can't happen again.
2016-05-20 00:58:43 · answer #3 · answered by hope 3 · 0⤊ 0⤋
Whatever you do don't close the acct.!!!! That will impact your credit score more than 2 late fees. Pay it, and make arrangments to pay it online next time. Your fault, not theirs.
2007-07-21 15:31:44 · answer #4 · answered by Anonymous · 0⤊ 0⤋
$39 is a pretty standard late fee. If you've always been on time before, you might talk them out of one or both of them if you call them and explain that you were travelling. But if they refuse, you're stuck with it.
2007-07-21 15:40:15 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
Call and ask, but not being late is the best plan. Sometimes they will cut you a break if you normally are good about paying ontime and paying it off.
2007-07-21 15:28:12 · answer #6 · answered by MissFloor 3 · 0⤊ 0⤋
chalk it up to experience -- you can do what i do if i know i am going to be out of town when a credit card bill comes to i call and get my balance and send them that amount along with a note stating i am traveling and apply this to my bill upon receipt.
2007-07-21 15:31:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Pay on time and it won't be a problem.
2007-07-21 22:40:46 · answer #8 · answered by Anonymous · 0⤊ 0⤋