@Creditaddict wrote:I don't understand why fees are such a big surprise when you pay late?
Not to mention Macy's lets you pay IN STORE with a debit card and it's applied immediately
Plus, Macy's is always trying to nickel and dime regardless. Not too long ago they were slammed for a scandalous $2.00 finance charge, even if the bill was paid in full....in which they stated they would refund the charge within the next statement. They were called out on it and changed the practice. Just think. 2.00 doesnt seem like much, I was listening to a radio program regarding the financing of a FD for a particular midwestern city.....they rasied that $$ and a surplus by simply charging (on electric bills) 3.00 per customer within 2 years. That is astounding. creditors get away with alot more in nickel and diming for revenue.
The tactic stinks, but it's not Macy's doing, exactly. Macy's credit accounts are actually held by Citibank.
Citi apparently wants people to know that finance charges begin at the moment of purchase -- if you're already carrying a balance. You weren't. The $2 on your bill is what you would incur as a minimum finance charge if you didn't pay your bill in full by the Feb. 19 due date.
The despicable part of this is that the bills are printed with the true amount due using a small, light font. Below that, with a big bold dollar sign, and bigger letters -- in bold -- are the words: "New Balance $98.57." Then a little lower down, in smaller italics, it says: "If you pay your New Purchase Balance of $96.57 by Feb. 19, 2010, your initial interest charge of $2 on your revolving account will be refunded on your next statement."
So what if you don't use your card next month? Citi's policy is to refund such charges after five months, or you could call and request your refund. The little trick started in December.
Citi spokesman Sam Wang suggested this policy will stop later this month, as the company changes......
http://www.cleveland.com/business/index.ssf/2010/02/macys_credit_card_hits_new_cus.html
Starting Score: TU: ?-- EQ: ?--EX 560 (8-08)
@Creditaddict wrote:
@Pushto700 wrote:No, I don't think it is as much of a surprise as it is subtle deceit. The payments in store are applied the day you pay, but will not show on for a day. It's a wierd situation, and while I have never had an issue...I can understand those that have. It is a hard lesson to learn.....due to the fact that many times payments are either instantaneous or the next business day....but credited the day of payment no matter when it shows as paid (ie - Cap One, & HSBC).
what do you mean not credit until day of payment?
I mean the payment (since made in the store) would be credited the day the payment was actually made, although you would not see it immediately. An example would be paying in store the 19th of Oct, on a bill due the 20th, although you would not see the actual credit the same day you made the payment...but when it is credited to the account, the payment reflects that day it was made (19th). Online, many think it being the same.....but in print it does state that it would be credited to the account within 48 hours (72 if a holiday occurs). So it is something that can generally confuse people who are not as adept at reading into specifics....which it seems many can be confused by things like this.
@Creditaddict wrote:
@Pushto700 wrote:
@Creditaddict wrote:
@Pushto700 wrote:No, I don't think it is as much of a surprise as it is subtle deceit. The payments in store are applied the day you pay, but will not show on for a day. It's a wierd situation, and while I have never had an issue...I can understand those that have. It is a hard lesson to learn.....due to the fact that many times payments are either instantaneous or the next business day....but credited the day of payment no matter when it shows as paid (ie - Cap One, & HSBC).
what do you mean not credit until day of payment?
I mean the payment (since made in the store) would be credited the day the payment was actually made, although you would not see it immediately. An example would be paying in store the 19th of Oct, on a bill due the 20th, although you would not see the actual credit the same day you made the payment...but when it is credited to the account, the payment reflects that day it was made (19th). Online, many think it being the same.....but in print it does state that it would be credited to the account within 48 hours (72 if a holiday occurs). So it is something that can generally confuse people who are not as adept at reading into specifics....which it seems many can be confused by things like this.
I see what your saying now... I just don't care what it shows and never go back and check... Once I pay it and I know I pay it on time, I don't look again until the next months bill comes and I make sure the date has not changed and the payment amount has not changed and double check that with my re-accuring schedule payments in my bill pay and then file away bill to not look at it again!
Yeah, I actually forgot I had a 30 dollar balance in June. 4 days late (wedding, totally forgot about this one and all other cards were kosher)....25 dollar late fee. I found out and paid the 55 dollars and left it alone. Kay Jewelers on the other hand is very good at applying payments for the same day you pay them online (as long as it is paid by midnight). I like their payment system....
@Anonymous wrote:
@Pushto700 wrote:
@Creditaddict wrote:
@Pushto700 wrote:
@Creditaddict wrote:
@Pushto700 wrote:No, I don't think it is as much of a surprise as it is subtle deceit. The payments in store are applied the day you pay, but will not show on for a day. It's a wierd situation, and while I have never had an issue...I can understand those that have. It is a hard lesson to learn.....due to the fact that many times payments are either instantaneous or the next business day....but credited the day of payment no matter when it shows as paid (ie - Cap One, & HSBC).
what do you mean not credit until day of payment?
I mean the payment (since made in the store) would be credited the day the payment was actually made, although you would not see it immediately. An example would be paying in store the 19th of Oct, on a bill due the 20th, although you would not see the actual credit the same day you made the payment...but when it is credited to the account, the payment reflects that day it was made (19th). Online, many think it being the same.....but in print it does state that it would be credited to the account within 48 hours (72 if a holiday occurs). So it is something that can generally confuse people who are not as adept at reading into specifics....which it seems many can be confused by things like this.
I see what your saying now... I just don't care what it shows and never go back and check... Once I pay it and I know I pay it on time, I don't look again until the next months bill comes and I make sure the date has not changed and the payment amount has not changed and double check that with my re-accuring schedule payments in my bill pay and then file away bill to not look at it again!
Yeah, I actually forgot I had a 30 dollar balance in June. 4 days late (wedding, totally forgot about this one and all other cards were kosher)....25 dollar late fee. I found out and paid the 55 dollars and left it alone. Kay Jewelers on the other hand is very good at applying payments for the same day you pay them online (as long as it is paid by midnight). I like their payment system....
I can't think of any credit card issuer who doesn't do this.
Even Macy's will credit you the same day if you pay before something like 5 pm. Of course, you don't see this in your online details the following morning, but when the payment clears it is posted as of the day you actually initiated the online payment.
If you pay in store yes. If you ay online...no. Trust me, I have witnessed and haggled them about this policy. The date paid is the date applied online because their system is set up to detect it within that 48-72 hour period.
@Anonymous wrote:
@Pushto700 wrote:
@Creditaddict wrote:
@Pushto700 wrote:
@Creditaddict wrote:
@Pushto700 wrote:No, I don't think it is as much of a surprise as it is subtle deceit. The payments in store are applied the day you pay, but will not show on for a day. It's a wierd situation, and while I have never had an issue...I can understand those that have. It is a hard lesson to learn.....due to the fact that many times payments are either instantaneous or the next business day....but credited the day of payment no matter when it shows as paid (ie - Cap One, & HSBC).
what do you mean not credit until day of payment?
I mean the payment (since made in the store) would be credited the day the payment was actually made, although you would not see it immediately. An example would be paying in store the 19th of Oct, on a bill due the 20th, although you would not see the actual credit the same day you made the payment...but when it is credited to the account, the payment reflects that day it was made (19th). Online, many think it being the same.....but in print it does state that it would be credited to the account within 48 hours (72 if a holiday occurs). So it is something that can generally confuse people who are not as adept at reading into specifics....which it seems many can be confused by things like this.
I see what your saying now... I just don't care what it shows and never go back and check... Once I pay it and I know I pay it on time, I don't look again until the next months bill comes and I make sure the date has not changed and the payment amount has not changed and double check that with my re-accuring schedule payments in my bill pay and then file away bill to not look at it again!
Yeah, I actually forgot I had a 30 dollar balance in June. 4 days late (wedding, totally forgot about this one and all other cards were kosher)....25 dollar late fee. I found out and paid the 55 dollars and left it alone. Kay Jewelers on the other hand is very good at applying payments for the same day you pay them online (as long as it is paid by midnight). I like their payment system....
I can't think of any credit card issuer who doesn't do this.
Even Macy's will credit you the same day if you pay before something like 5 pm. Of course, you don't see this in your online details the following morning, but when the payment clears it is posted as of the day you actually initiated the online payment.
Please note that Macy's/Bloomies do not consider themselves issuers of "credit cards" (non branded store card), which is part of the reason being they stopped reporting CL's March 2010, and they skirt some regs by essentially calling thier limits "guidelines"....and not credit limits.