How can a credit card company charge you a late fee if your payment is received only one or two days after the due date? Didn't they used to have a "grace period"?
2007-09-24 06:51:57 · 7 answers · asked by asdflkjh 2 in Business & Finance ➔ Credit
Maybe I'm confusing it with my mortgage, which is due on the 1st but I can pay by the 15th without penalty. Too bad all financial institutions weren't that lenient.
2007-09-24 07:44:29 · update #1
Yes they actually used to especially if the due date was on a weekend, but the thought of increased profits they did away with it so you actually have to pay a business day before it is due or suffer their wrath
2007-09-24 11:54:20 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
Credit cards have never offered grace periods for the payment due date.
Due date means the payment is to be paid not later than that date. You should always pay early enough to allow for mail time. Some credit card companies (Capital One comes to mind) tend to have an extra day for processing time and you need to make sure the payment gets to them the day before the due date.
2007-09-24 07:33:26 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Grace periods are still offered, but you have to contact the CC company for the extention to avoid the late fee. Be advised they normally make this offer once per year though. If your payment is due lets say on October 3rd and you send the payment October 1st call them immediately and advise them the check has been sent and you wanted to ensure you would not be charged a penalty fee. Make sure to write down the name of the person you spoke to and time you spoke to them. If you are hit with a late fee you can easily get this removed since you are able to give the actual reps name, time you spoke to him/her, and date with details of the conversation.
2007-09-24 06:59:27 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If its not paid on the due date is it on time? No, it isn't so it is late.
BESIDES the fact the "grace period" refers to the amount of time you have before the credit card company starts charging interest on your purchase. (which btw there is no grace period if you are carrying a balance)
2007-09-24 07:01:41 · answer #4 · answered by Craig T 6 · 0⤊ 0⤋
if it's 2 or 3 days after the due date then it's late..Also remember alot of credit card companies only enter payments until noon..ie..American Express
2007-09-24 07:24:15 · answer #5 · answered by Crazy cat lady >^ ^< 4 · 0⤊ 0⤋
there is not any coverage that covers undesirable debt. it rather is yet another city legend repeated by way of some so stated as "credit" web pages, alongside with somewhat some different undesirable counsel. Write off is an accounting term meaning the creditor gave up on amassing and bumped off it from their books. you nonetheless owe the money.
2016-10-05 07:02:56 · answer #6 · answered by ? 4 · 0⤊ 0⤋
They don't want to give grace. They only want your money. All of it.
2007-09-24 06:58:46 · answer #7 · answered by Sun and Sand 3 · 0⤊ 0⤋