Credit Card Question

Asher · January 16, 2003, 20:47

I always pay my credit card bill the same day I get it, for the full amount it's for.

But I got my December statement today and they've charged me interest, but it also says "Payment Received - Thank You" dated the 30th. My statements are always due on the 24th.

So when I sent my cheque out to them, it apparently didn't get to them intime or they simply weren't open on the day they got it.

So is this my fault for relying on Canada Post to get it there on time and them apparently being a week late on it, or can I call and get the interest taken off somehow? I would think they'd at least look at the cheque's date and the postage stamp before charging people interest for late payments, but perhaps they just don't care enough...

It's not that the interest payment is that high (it's quite small), it just really pisses me off that they're charging me interest for something that was beyond my control. They're the *******s that ship the statements out and give you about a week to pay it off before they charge interest, and apparently don't care which date you pay it off, just what day they get it...which is entirely unpredictable with Canada Post it seems.

I really, really hate having to go into the branches to pay for this because I don't have a car, I'm kindof busy during the times the branches are open, and I don't even have an account at the bank who gave me the card.

I don't think it's too much to ask to be able to pay by mail reliably.

Boris Godunov · January 16, 2003, 20:52

I think some companies require the envelope be postmarked by a certain date, not arrive by one. You'd have to look at your bill to see what it says about when the payment is due.

You should call and *****. The squeaky wheel gets the grease in the world of customer relations. If you're a longtime customer with good credit and no other problems, I think they will likely want to engender good will and will remove the charge.

Ming · January 16, 2003, 20:54

Send them a letter explaining the situation, and tell them if they don't remove the charge, you will close your account and deal with another company. In most cases, this works like a charm here in the US

Sten Sture · January 16, 2003, 21:06

Agree with the above... though I would exhaust other options before using the close my account thing. If your account isn't very large they may just say "fine".

I would also look into paying it on-line through your bank - that way there is a paper trail that can prove when the payment went out. Also you should be able to check your balance on-line and send payment before you actually get the paper copy of your statement - that would eliminate one direction of the mail.

The bank can look at your payment record and see that you always pay it around x date, and will most likely waive the interest for the holiday period. If you ask them about the above options they will also know that you are serious about making the payment and you are a good customer.

SlowwHand · January 16, 2003, 21:06

Yeah, if you wait they'll charge interest on the interest, and I know you have no interest in that.

Skanky Burns · January 16, 2003, 21:17

Complaining is always good.

I would have though you would pay your credit via internet though.

Asher · January 16, 2003, 21:29

Quote:

I would also look into paying it on-line through your bank - that way there is a paper trail that can prove when the payment went out. Also you should be able to check your balance on-line and send payment before you actually get the paper copy of your statement - that would eliminate one direction of the mail.

I don't have a bank account with the bank that I have the credit card.

The bank I have my chequing and savings account with refuses to give me a credit card (something about being an unemployed college student

), so I got one at a different bank. So there's no way for me to pay them online.

I'm going to just give them a call and see if I can get them to take it off.

Boris Godunov · January 16, 2003, 21:35

Quote:

Originally posted by Asher

I don't have a bank account with the bank that I have the credit card.

That doesn't make a difference. Most major credit companies allow you to sign up to pay your balance online via a transfer from your checking account to the credit card company.

My card has my minimum monthly balance deducted automatically every month from my bank account, so I don't have to worry about late fees anymore at all. And yes, the card and my account are at separate banks.

Skanky Burns · January 16, 2003, 21:36

Maybe carry through with moving your account to the bank you have the credit card with. The convenience of being able to pay online more than offsets the effort needed to change accounts - assuming the accounts both banks offer are similar.

Sten Sture · January 16, 2003, 21:38

Quote:

Originally posted by Asher

I don't have a bank account with the bank that I have the credit card.

I don't either, but my bank has an online payment function for any payee. It is fairly new to banking, but might be worth checking your bank's website to see if they offer the feature. I am assuming your bank has a website...

Good luck!

Kontiki · January 16, 2003, 21:42

Asher, which banks are the ones in question (ie: the one that issued the credit card and the one where you do your personal banking)? All of the big 5 banks in Canada allow you to pay just about any credit card imaginable online - it doesn't have to be issued from that institution. For example, my main account is at TD, and I pay my TD Visa, three other credit card companies, cable, hydo, phone, cel, even my Vancouver property taxes online. If you are using a smaller credit union, though, they may not offer the service. If you are using the Alberta Treasury Branches, I would be surprised if they don't offer the service.

Kontiki · January 16, 2003, 21:46

The US banking system is a little different, because it is so diverse. In Canada, our big 5 banks account for almost all the banking activity in the country, so the technology levels are way higher (economies of scale). I always find it odd when I go to the US and it's rare to find a place that has Interac (the system where you can pay for something using your ATM card). In Canada, it's getting hard to find a place that doesn't have that option.

Nivek · January 16, 2003, 21:49

I don't understand this. I have a UK credit card, got the bill today and have till fourth of February to pay.

So I can either pay in at my bank (not my card issuer) or mail a cheque in the next week or so.

I never have a problem. Are there tighter time-scales in North America?

Asher · January 16, 2003, 21:49

Quote:

Originally posted by Skanky Burns
Maybe carry through with moving your account to the bank you have the credit card with. The convenience of being able to pay online more than offsets the effort needed to change accounts - assuming the accounts both banks offer are similar.

They're anything but similar.
My current chequing bank (President's Choice Financial [CIBC])is no-fee. Even the cheques they send me are free.

The credit card bank is the Bank of Montreal (BMO) and they charge me fees for even simple things like using a debit card anywhere as long as my balance is below $1000 (which it usually is).

I've just looked at the bill payment section of my chequing account, and it does list Bank of Montreal Master Card as a possible bill.

Hmm, I didn't know they could do that.

Boris Godunov · January 16, 2003, 21:49

I can pay for things with my ATM card at any store in the US which takes credit cards.

JohnT · January 16, 2003, 21:50

This isn't any big thing. Just call them up and complain. They'll waive the charges if you're firm (and polite!) enough.

Asher · January 16, 2003, 21:53

Quote:

Originally posted by Nivek
I don't understand this. I have a UK credit card, got the bill today and have till fourth of February to pay.

So I can either pay in at my bank (not my card issuer) or mail a cheque in the next week or so.

I never have a problem. Are there tighter time-scales in North America?

With my specific card it's a problem.

Prior to this I had a Royal Bank Visa card, and they gave about 3 weeks for payment after I received the bill, and it never was a problem.

But they decided that they wouldn't do a no-annual fee student Visa card program anymore and wanted to charge me $20/year to use their card, with next to no advantages.

So I canceled it and got a BMO Master Card. And they want the payment received (I just called them and they said they don't care when it was postmarked or dated, it's the day they get it they care about) within a week after I get it.

Stupid Frogs.

tandeetaylor · January 16, 2003, 22:08

Quote:

Originally posted by Asher
it's the day they get it they care about

More like the day they finish processing it.

Imran Siddiqui · January 16, 2003, 22:19

Quote:

I always find it odd when I go to the US and it's rare to find a place that has Interac (the system where you can pay for something using your ATM card).

If you can pay by credit, you can use your ATM card here.

Nivek · January 16, 2003, 22:23

A charge to have a credit card?

The UK voted with its feet...result..no credit card charges.

The companies make enough on commission!

Jon Miller · January 16, 2003, 22:27

credit cards that reuire anual fees are only for those (in the US at least) who have bad credit or no credit (and even those with these problems can usually find a credit card somewhere that will take them for no annual fee)

JOn Miller

cavebear · January 16, 2003, 23:11

If you have a good payment record, call them. They will generally adjust such things as penalties if you have been a good customer. Speaking to them over the phone usually gets better results than writing to them. The customer service representatives have considerable leeway in making such adjustments.

Kontiki · January 17, 2003, 00:15

Quote:

Originally posted by Imran Siddiqui

Quote:

I always find it odd when I go to the US and it's rare to find a place that has Interac (the system where you can pay for something using your ATM card).

If you can pay by credit, you can use your ATM card here.

Really? How come I've always run into problems? Don't you need to have one of those Visa Cheque Cards or something? Here, you just use your joe average ATM card and it takes cash straight out of your ordinary chequing or savings account. Is it the same in the US?

I was in Buffalo (*shudder*) a few weeks ago and tried to buy a few things at this mall. No place would take my card (and not because it was Canadian), and we're not talking mom and pop operations here - big time players like A&F and Banana Republic. I also ran into the same problem when I was in Boston. It worked a few times in NYC and in Seattle (used to go there alot when I lived in Vancouver), but it still wasn't as common as I find in Canada.

I understand why - it costs alot for a bank to offer this service, and many smaller banks that you find in the US cannot afford it, so don't take any of this as a knock against the US

Boris Godunov · January 17, 2003, 00:23

Quote:

Originally posted by Kontiki
Really? How come I've always run into problems? Don't you need to have one of those Visa Cheque Cards or something? Here, you just use your joe average ATM card and it takes cash straight out of your ordinary chequing or savings account. Is it the same in the US?

Ah, therein lies the difference. Most big banks in the U.S. have their ATM cards also double as Visa/MasterCard check cards.

Ramo · January 17, 2003, 00:34

Whenever possible (nearly everywhere except small food stands, etc.), I use a dual Visa check/ATM card to pay. I rarely carry around cash any more.

Sten Sture · January 17, 2003, 01:21

Quote:

Originally posted by Ramo
Whenever possible (nearly everywhere except small food stands, etc.), I use a dual Visa check/ATM card to pay. I rarely carry around cash any more.

This is the kind of techno-evil that is screwing up the Feds ability to target money supply!! I suppose then that you keep a low balance in your checking account and transfer money from savings when you need it. You probably even get your paycheck direct deposited. How are they supposed to keep track of how much money is in circulation??

spartak · January 17, 2003, 05:25

I always pay my credit card bill by phone - takes no time at all...

Harovan · January 17, 2003, 05:51

In what poor, backward countries are bills still paid with cheques? I forgot long ago, how they look like.

Worthingtons · January 18, 2003, 20:46

Look, why havent you paid your bill with electronic banking systems?? Have you not heard of a direct debit?? or is Canada too backwards to have them or something!?!?!

Basically, you can call your card issuer if you want, they'll probably laugh at you, and if they have any sense they'll just say 'fine' if you decide to close your account.
Have you not thought that you dont actually earn the company any money if you pay off your account in full each month, its not like youre any loss to them.

If you dont want to pay Interest , Dont use a Credit card!!!
nuff said

loinburger · January 18, 2003, 21:59

I've had my ******* credit card company send me a coupla "questionable" bills (such as one where they chargned me $25.00 for being two days late on a $2.16 bill payment). In all cases I've sent them a letter basically saying "You are all inferior human beings who can wrap around my ass, and please cancel my card," and every time I've received a letter in reply basically saying "Oh we're sorry for sending you such an absolutely stupid credit charge, please ignore that bill we sent you and if it makes you feel better the go ahead and disembowel our accounting department." Eventually they're going to figure out that they haven't made a dime off of my business, but until that day comes I'm going to continue to send my "Wrap around my ass" letters in response to their idiotic charges.