Credit Card Interest..

[herenthere]

I'm not one to use credit cards, but I recently purchased all new kitchen appliances, and put them on a 0% interest credit card. The total bill was a little over $7,000.00. I knew in about three months that I would have the cash to clear the debt.

I use on-line bill pay for all of my monthly obligations. I set them up and things were fine for one month and then for some reason the bank computer did not pick up two of my accounts for payment.

Now I received notification from the credit card company that my interest rate is 18% because to maintain the no interst, all payment must be made and never late.

The bank admits that they had a computer problem, but should they not make this right with the credit card company. It was not my fault.

The payment was only two days late, but that is all it took!!!

GGGGGGGGGGRRRRRRRRRRRRRRRRRRRRRRR

 

[Croynan]

The bank should supply you with a letter stating they were in error and caused the delay with your payment being received on time.

I had this happen once with a mortgage company payment and the bank was in error and supplied me with a letter so that the late charges were reversed.

Definitely speak with the personnel at your bank, even if it means going to the manager of the branch you deal with.

small opinion by the local village idiot.

eM

 

[trawler69]

If they admit it was their fault and do so in writing I would think you have a good case, I'm no lawyer but it would seem reasonable. Make sure you have a record of all correspondence to use as evidence.

 

[ckMich]

The bank should supply you with a letter stating they were in error and caused the delay with your payment being received on time.

eM

I missed a payment once when my bank bounced the check; someone was using my teller card number so the bank manager was approving all checks. She was gone the day the credit card payment went through so the check didn't go through. They wrote a letter for me to send to the credit card bank (Chase I think) who in turn said "gee, too bad" late fees and interest raise stand.

CK

 

[1gayguy]

Credit lenders and credit card companies are in it for only one thing, to make money. If you have the funds to do it, pay it off and close the account. DO NOT close the accooount with a balance due on it as this will decrease your credit score substantially.
When making a major purchase with a 0% 0 pay option, make sure you have the funds to pay off the purchase before the time limit expires. If you don't, the lender tacks on interest going back to the date the contract was signed. This is how these lenders make their money. They know that someone out there will not pay it off in full before the time limit runs out and then they swoop in and charge mega interest (usually over 20%). Some lenders are nothing more than legal loan sharkes.
Good Luck

 

[unclaimedblessing]

There's little or no recourse.
In fact, Bush and his henchmen recently changed the bankruptcy laws so that only big business could invoke bankruptcy and walk away unscathed.
They really are destroying what's left of our middle class.

 

[jase8]

you should never rely on automatic on-line bill pay. The only thing I pay automatic is my cell phone bill. I pay he others online manually or send a check or money order. I don't trust the automatic stuff, and this is a good example why. Sory about your experience.

 

[dave_63]

If I can't pay cash for it.....I don't buy it!!!!!!!!!

 

[Gros Morne Guy]

Be prepared to spend a lot of time on the phone, be persistent, and be mad but not abusive with whoever you deal with.

Your credit card company doesn't have to cut you any slack. But if you push them hard enough, they might give. You'll probably have more luck with your bank, since they've already admitted their error. I would push for them to reimburse you for the money you're out to the credit card company, which was the damages that you incurred because of their mistake.

Some years ago, my bank bounced a mortgage payment and an other checks because they placed a double hold on a foreign check I deposited (I deposited a check for $1000, and they put a hold on $2000, so that I didn't have sufficient cleared funds). I spent about 2 hours on the phone arguing with varying levels of supervisors, until finally they agreed to reverse the charges for the bounced checks, though they never admitted they made a mistake. The bank which held my mortgage was very reasonable, and when I explained the situation they cheerfully agreed not to hit me with a late fee or other penalty.

 

[buzzj]

Check with your bank. My bank will pay the penalties when they screw up an on-line payment.

 

[looseliam]

Open a new card and transfer the balance. If they're not willing to work with you, they don't deserve your money.

 

[Yuki Sohma]

The majic of compound interest