credit card payment

[Anonymous]

To make this short...I have a credit card with a due date of the 20th of each month. I made my payment for June on the 11th. OK, no problem ... I made another mayment on the 23rd of June, thats 3 days into the next billing cycle. I got charged a late fee because I was told that paying that soon after the billing cycle my payment would not be applied to the payment coming up. When I went to make a payment on the 21st.....thats when i saw the fee! Called customer servive several timea just be hung up on....I have never been late on payments, always paying several times a month and over the ballance due....my late fee was $39. for a $5 payment...which I PAID $25 on the 23rd.

Is this credit card company correct in doing this to me? It's frustrating...I can't even talk to anybody without them hanging up as I try to get a supervisor higher up.

[tengtengvn]

So you made that payment BEFORE the statement closing date and you thought that payment would be applied to the next amount due for the coming statement. Am I correct?

The simple rule is from the statement closing date to the due day, you need to pay the minimum amount due or you'll get hit with the late fee.

[Anonymous]

Due date was on the 20th. I made that payment before the due date. I also made another payment after that on the 23rd thinking it would be applied to the payment coming up...I was wrong and got charged a late fee charge.

[CHARGE_IT]

It would appear you have made a payment before the DUE DATE, and another after the DUE DATE, but before the STATEMENT CLOSING DATE. The key date here is the STATEMENT CLOSING DATE. And be aware that most banks do change dates by a day or two from month to month. Each month you should check this date if you want to do this again. If you were trying to lower your reporting balance I understand what you were doing. If you were not, try not to make payments so close together around these two dates.

You are not the first to get this messed up. The bank was right, but you might have been a bit biligerant since you probably were sure you were right. I hope you understand that in what you are reporting here you are not taking the STATEMENT DATE into consideration. It is the key here , not the due date.

Adjust this and you will have no problem. Also, if you call back now and explain what you were trying to do and that you now understand what you did wrong , there is a great chance they will credit this back, if your file with them are in good order. Attitude can work for and against you.

Good luck,

CI

[Uborrow-Upay]

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@CHARGE_IT wrote:

It would appear you have made a payment before the DUE DATE, and another after the DUE DATE, but before the STATEMENT CLOSING DATE. The key date here is the STATEMENT CLOSING DATE. And be aware that most banks do change dates by a day or two from month to month. Each month you should check this date if you want to do this again. If you were trying to lower your reporting balance I understand what you were doing. If you were not, try not to make payments so close together around these two dates.

You are not the first to get this messed up. The bank was right, but you might have been a bit biligerant since you probably were sure you were right. I hope you understand that in what you are reporting here you are not taking the STATEMENT DATE into consideration. It is the key here , not the due date.

Adjust this and you will have no problem. Also, if you call back now and explain what you were trying to do and that you now understand what you did wrong , there is a great chance they will credit this back, if your file with them are in good order. Attitude can work for and against you.

Good luck,

CI

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Outstanding advice!

Both of these dates need to be considered:  the due date (for obvious reasons), and the statement closing date. 

Additional payments made before the statement closing date will only lower your reported balance, and do not count towards any minimums due for the following month.  After the statement closing date, it's a new billing cycle, and at least the minimum payment must be made by the due date to avoid any penalties.

CHARGE_IT hit the nail on the head.  Call back and eat a little humble pie.  I'd start out with, "I just wanted to call and apologize, I misunderstood how this worked."  If you're sincere, I think it may work out OK for you.

[Wolf3]

IMO,  The more important lesson here is to check each monthly statement before the due date.   The statement would have shown the minimum payment due and the extra payment as being posted and reducing the statement balance.