| I missed a CC payment by 8 days... |
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nflor001
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 20 Nov 2007
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| I missed a CC payment by 8 days... |
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will my other CC rates go up to LIKE 24%???
I think im screwed.
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Tue Nov 20, 2007 7:13 am |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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You will be charged a late fee, but it is less than 30 days late, so it should not count against you (unless maybe if you have a promotional rate).
I have a personal business card (I have no business, but use mostly for business expenses) with 7.99% interest rate. One month I paid my personal card from that bank by mistake (which had no balance), and did not figure it out until I got a bill for the other account with a credit after returning from vacation a couple of weeks later. I immediately paid the business card, and my interest rate did not change.
The only other time I tripped up years ago was when a due date fell on a weekend before I knew it, and the earliest I could pay it was Monday.
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Wed Nov 21, 2007 12:23 am |
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pf101
Senior Member
Cash: $ 62.25
Posts: 311
Joined: 12 Sep 2007
Location: Portland, OR
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Have you called them? If it's not a regular occurrence then maybe not, but it is part of your contract that if you're even 8 minutes late they can jack your rate. Call and beg for mercy. 
Personal Finance 101
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Wed Nov 21, 2007 2:56 am |
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sam1000
Full Member
Cash: $ 21.05
Posts: 95
Joined: 28 Jul 2005
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I agree with the other posters, it will not show up late on your credit report unless it is a whole cycle late. If you pay before the next statement is reconciled you will only get a late fee.
Therefore, by the same token, one can assume that when people have late payments it means most of the time they deliberately ignored their obligations!!
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Sun Nov 25, 2007 7:46 pm |
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rockhound
Preferred Member
Cash: $ 26.45
Posts: 132
Joined: 03 Feb 2006
Location: West Virginia
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| Outta There! |
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Oddly enough, I just had this to deal with today. I opened my statement and saw that because "my payment had not been received by 10/30/07, my promotional rate (of 14%--whoopee) was being raised to 18.7%" and that I was also being charged a late fee of $30. I don't think I mailed the payment late, so can't say if there was a legitimate reason for it being not received. If it was late, I'm convinced it was during transit or receipt. At worst, it may have been like a day late, but certainly not a month or even 8 days!
I've had the card since 1997 with MBNA, and I wonder if something about their attitude changed when Bank of America took over. Could they be desperate to stick a few fees to people after taking huge losses in the sub-prime mortgage market? I don't know, or care. I didn't feel the charge was legitimate, so I called today (yes, within an hour of opening the bill) and told them I wanted to cancel/terminate the account. They gave me some placating BS about lowering the interest rate, and how I should stay with them, and I told them that I wasn't interested. I cancelled--sorry, suckers! I luckily have the luxury of being able to say "I won't do business with anybody that would pull that crap."
There is a lesson there for those who are dependent on credit cards---they can change the terms at any time, whether it's your fault, their fault, or nobody's fault. If you carry a balance that is too much to pay off at once, you have no choice but to take it.
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Sun Nov 25, 2007 11:13 pm |
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Apollo
Senior Member
Cash: $ 73.85
Posts: 360
Joined: 10 Sep 2007
Location: New York
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| Re: Outta There! |
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CC-Companies can do almost anything they wish, i.e. change the terms at any given moment. It is very important to read the fine print. It really depends on the CC-Company but if you carry a balance that you really shouldn't, in other words a balance that you can't pay off at the end of the month or at least the time period in which you won't be charged interest (CC dependent) you have no choice but to deal with it.
You can contact them but if they would engage in tactics like that then it may be best to llok for another CC.
They may jack up the rate, many won't call or complain and the y scored. A few will call and as soon as you want to close they will lower the rate once again. Very bad busness practice but that's what can happen.
Personally, I would not stay with them if that is how the CC intends to do business.
It is not smart to play it safe but it is safe to play it smart.
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Mon Nov 26, 2007 8:58 am |
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