Reply
Regular Contributor
HELPLESSINFICOLAND
Posts: 120
Registered: ‎10-26-2007
0

PROCESSING CHARGE UNDER NEW CREDIT CARD LAW?

Is it legal for companies to charge a processing fee if your payment is due on the day u are making the payment? I had a payment due today and when i made it i was charged a 10.00 processing fee even though i paid before the end of the business day. my statement said that hte paayment was due by 2pm today and i paid at 3pm. I know that under the new law they cannot charge a late fee if paid before 5pm the close of business. Why would they be allowed to charge a processing fee if paid on the due date?

Starting Score: 540
Current Score: 660
Goal Score: 700


Take the FICO Fitness Challenge
Community Leader
Senior Contributor
laz98
Posts: 4,336
Registered: ‎09-06-2008
0

Re: PROCESSING CHARGE UNDER NEW CREDIT CARD LAW?

i might be wrong, but i believe they can charge you a "paying at the last minute" fee, but if you are paying it early, they cannot charge you a fee.  so if you want your payment to post today, they can charge you a fee.  if you don't care when it posts, then they are not supposed to charge you.
Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Frequent Contributor
rbh
Posts: 356
Registered: ‎06-25-2009
0

Re: PROCESSING CHARGE UNDER NEW CREDIT CARD LAW?

laz98 is correct. You cannot be charged if you want your payment to post according to the normal posting timeframe as stated by the individual card issuer. However, they may charge you for expedited posting to your account.
AMEX Blue Cash - $15k, Lowes/GECRB - $10K, PNC - $10K, CIti Diamond Preferred - $10K, Home Depot/Citi - $7590, Best Buy Store/HSBC - $7400, Citi Platinum Select - $7150, Best Buy RZMC/HSBC - $5750, Dillards/GECRB - $4350, Discover More - $3600, Cap 1 Cash Rewards - $3000, Amex HHonors - $2000, State Farm - $2000, Cap 1 MTV - $1500
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: PROCESSING CHARGE UNDER NEW CREDIT CARD LAW?

What time zone are you in.  

 

Many want payment by 5 PM Eastern,  which is 2 PM Pacific.  I think that is how they got you. 

 

Who was it anyway?


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}