| Beware, CC billing date creep (earlier) |
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efflandt
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Location: Elgin, IL USA
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| Beware, CC billing date creep (earlier) |
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Keep an eye on your credit card due dates and whether they fall on a weekend when it is impossible to pay by any method. They will use weekend due dates and shift due dates earlier to try to trip you up into late fees and higher interest.
Last month two Chase cards were due 11/6 (a Sunday) and 11/7. This month the same cards are due 12/2 and 12/3 (a Saturday). If you are not paying attention, you may suddenly find yourself late. They caught me once like that when they shifted a date earlier to a weekend. Even if you can pay overnight on-line, that will not help if not credited until Monday.
I guess we are a long way from the days when if you had a payment postmarked by the due date you were safe, and they told you that you could skip December payment for the holidays. Now they bleed you if a day late.
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Fri Nov 18, 2005 2:05 am |
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DollarSteward
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In addition to moving up the due dates, some companies are also sending statements out later leaving even less time between the date the statement is received and the payment due date. I wonder if this is a result of credit card companies losing late fees due to the increasing popularity of online payment?
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Wed Dec 07, 2005 9:35 pm |
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Rolo
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quote:
Originally posted by DollarSteward
some companies are also sending statements out later
You mean...like...paper? Who still uses that!? ON....LINE
To completely safeguard against that, have your CC automatically debit the minimum payment every month so you will never, ever be late. (Still pay the balance-minus-minimum about a week before the due date.)
"Expect me when you see me."
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Fri Dec 23, 2005 5:27 pm |
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rockhound
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| Re: Beware, CC billing date creep (earlier) |
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Aha, so it wasn't just my imagination! I have thought several times that on the occasions when I have a large monthly balance, the due date somehow comes several days earlier. That's when I really fool them by paying off the entire balance. Suckers. MBNA is losing money on me every time they pay for postage on my bill. 
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Sat Feb 04, 2006 1:53 am |
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Mudlucky
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I have noticed similar things with BankOne. Almost always a weekend. I too use my online banking to pay on the first or second day of the month. When I can get ahead enough, I want to start paying online the day after the billing period ends...in the long run, I think it will save me money in the long run...am I wrong in that thinking?
Kenny
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Sat Feb 04, 2006 2:30 am |
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efflandt
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Cash: $ 80.45
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Location: Elgin, IL USA
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If you carry a balance month to month, it does help to make payments as soon as you can, since CC interest is compounded daily. In fact if paying your BankOne (Chase) CC from BankOne checking, you can also pay part or all of charges that have posted since statement date.
If or when you do pay it off completely, don't overlook that there may be one more interest charge the month after you think you paid it off. You have to be cautious of that before taking advantage of balance transfer offers.
But if you pay it completely every month (no interest), there would be no point in paying it sooner than safely before the due date (I prefer on-line, since snail mail can take over a week).
You know that card I had since the 70's that used to let you skip December payment. That card now owned by U.S. Bank said in my 12/05 statement due 1/06 that I was such a valued customer that I could skip my payment for the holidays if I wanted to, with no late fee. I fully paid it anyway.
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Sat Feb 04, 2006 6:13 pm |
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