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I paid a late fee on my credit card
I am absolutely meticulous about paying my bills, and never in my life have I paid a late fee on a credit card.Until this month.
I sent off my credit card bill last month paying the entire balance as I always do, with plenty of time to spare. Only my check didn't get to the bank until a week after the due date. What caused the delay? I still don't know. I didn't even know it had arrived late until I opened this month's statement and saw the $15 late fee. The fee, plus $1 in interest, was slapped on a card that had only a single charge of about $10 on it to start with.
I called the credit card company and told them what had happened, and even after asking to talk to two different supervisors, I was unsuccessful in getting the fee waived.
So I swallowed my pride and paid the fee.
I called a few credit experts who said what happened to me should serve as a warning to all consumers who use credit cards. Credit card companies are reeling from losses and are less flexible than they used to be, even for good or great customers.
And late payments are a big issue right now.
I've heard from a number of readers in the past month who have made a late payment, only to have their credit-card company slash their spending limit and/or substantially increase their interest rate.
One reader said the credit card company lowered his credit limit and then charged him a fee for carrying a balance over his limit. (He wasn't even over his limit until it was lowered.)
In any case, now, more than ever, it is important to make your payments on time. If you can, go into a bank branch to make a credit card payment instead of sending it in the mail. You'll get a receipt on the spot. Or pay your bill online. And actually read those disclosures that come in the mail. Any changes that have been made to your account will be there. And trust me - you're going to want to know what your credit-card company is up to.
posted by Lesley Mitchell @ 3:31 PM |
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