topic Re: NFCU wants every single penny in Credit Cards

NFCU wants every single penny

Anonymous — Tue, 27 Oct 2020 21:07:30 GMT

Most of my cards would have waived such a small amount. I paid it obviously but I got a chuckle out of a 12 cent bill and thought I would share the smallest credit card bill I have ever had. 😂

Re: NFCU wants every single penny

chiefone4u — Tue, 27 Oct 2020 21:35:38 GMT

@Anonymous wrote:
Most of my cards would have waived such a small amount. I paid it obviously but I got a chuckle out of a 12 cent bill and thought I would share the smallest credit card bill I have ever had. 😂

Capital One charged me $2.00 interest on a $0.10 balance (I miscalculated remaining balance after cashing in rewards). If I knew then what I know now I would have called and complained-- instead I just paid it ($2.10 bill)

Re: NFCU wants every single penny

Anonymous — Tue, 27 Oct 2020 21:41:14 GMT

@chiefone4u wrote:
@Anonymous wrote:
Most of my cards would have waived such a small amount. I paid it obviously but I got a chuckle out of a 12 cent bill and thought I would share the smallest credit card bill I have ever had. 😂

Capital One charged me $2.00 interest on a $0.10 balance (I miscalculated remaining balance after cashing in rewards). If I knew then what I know now I would have called and complained-- instead I just paid it ($2.10 bill)

Yeah that would suck. I don't know that I would have called for $2 either though.

Re: NFCU wants every single penny

Remedios — Tue, 27 Oct 2020 22:12:36 GMT

@chiefone4u wrote:
@Anonymous wrote:
Most of my cards would have waived such a small amount. I paid it obviously but I got a chuckle out of a 12 cent bill and thought I would share the smallest credit card bill I have ever had. 😂

Capital One charged me $2.00 interest on a $0.10 balance (I miscalculated remaining balance after cashing in rewards). If I knew then what I know now I would have called and complained-- instead I just paid it ($2.10 bill)

I just want to make sure I read this right...you'd call Capital One and complain about two dollars in interest because you didn't pay bill in full due to miscalculation?

How does that even work?

Re: NFCU wants every single penny

KJinNC — Tue, 27 Oct 2020 22:22:40 GMT

I can't imagine that it would be a good use of time for anybody to call to argue about $2. The only reason I might call would be if I got dinged for a late payment on 12 cents or whatever.

Re: NFCU wants every single penny

AverageJoesCredit — Tue, 27 Oct 2020 22:24:41 GMT

@Anonymous wrote:
Most of my cards would have waived such a small amount. I paid it obviously but I got a chuckle out of a 12 cent bill and thought I would share the smallest credit card bill I have ever had. 😂

Lol i think they've earned it

Re: NFCU wants every single penny

AverageJoesCredit — Tue, 27 Oct 2020 22:26:56 GMT

@Anonymous wrote:
Most of my cards would have waived such a small amount. I paid it obviously but I got a chuckle out of a 12 cent bill and thought I would share the smallest credit card bill I have ever had. 😂

ive actually encountered this but not on due. I had like a couple cents i wanted to pay off but i couldnt make a payment less than $5 from my bank. CSR had simplest solution. Moved it from my cash rewards. Easy peasy lemon squeezy

Re: NFCU wants every single penny

Anonymous — Wed, 28 Oct 2020 02:58:44 GMT

I'm actually surprised by lenders that waive small balances that are as high as $5 (BoA) in some cases. I know it isn't big money, but when you consider all of those small balances combined it definitely amounts to something significant. To just be willing to throw that away is surprising to me.

I scooped up a 90D late back in 2014 or so from short paying off some furniture by $1.97 I think it was. That sucked.

Re: NFCU wants every single penny

chiefone4u — Wed, 28 Oct 2020 14:29:09 GMT

@Remedios wrote:
@chiefone4u wrote:
@Anonymous wrote:
Most of my cards would have waived such a small amount. I paid it obviously but I got a chuckle out of a 12 cent bill and thought I would share the smallest credit card bill I have ever had. 😂

Capital One charged me $2.00 interest on a $0.10 balance (I miscalculated remaining balance after cashing in rewards). If I knew then what I know now I would have called and complained-- instead I just paid it ($2.10 bill)

I just want to make sure I read this right...you'd call Capital One and complain about two dollars in interest because you didn't pay bill in full due to miscalculation?

How does that even work?

@Remedios

They have been known to wave the minimum interest fee when the interest is more than the balance due.

I have seen instances where the forgive balances under twenty-five cents, I've never pushed for it though. Figure if I failed to pay the full amount, the contract I signed stated I would be charged a minimum fee.

Re: NFCU wants every single penny

SecretAzure — Wed, 28 Oct 2020 14:46:03 GMT

@AverageJoesCredit wrote:
@Anonymous wrote:
Most of my cards would have waived such a small amount. I paid it obviously but I got a chuckle out of a 12 cent bill and thought I would share the smallest credit card bill I have ever had. 😂

<snip>
ive actually encountered this but not on due. I had like a couple cents i wanted to pay off but i couldnt make a payment less than $5 from my bank. CSR had simplest solution. Moved it from my cash rewards. Easy peasy lemon squeezy

Isn't this risky? I've seen some get lates on this forum because it didn't count as a minimum due.

Re: NFCU wants every single penny

Anonymous — Wed, 28 Oct 2020 17:56:09 GMT

Perhaps because the amount was interest and not an actual charge? Twelve cents does seem like a very small amount to worry about, and the perfect amount to waive. I'm sure they had their reasons for not waiving the amount and it might be an interesting story.

@KJinNC wrote:
I can't imagine that it would be a good use of time for anybody to call to argue about $2. The only reason I might call would be if I got dinged for a late payment on 12 cents or whatever.

While i would agree, the many years I spent at retail dealing with people that argued over two cent difference would beg to differ.

Re: NFCU wants every single penny

Remedios — Wed, 28 Oct 2020 18:06:18 GMT

@chiefone4u wrote:
@Remedios wrote:
@chiefone4u wrote:
@Anonymous wrote:
Most of my cards would have waived such a small amount. I paid it obviously but I got a chuckle out of a 12 cent bill and thought I would share the smallest credit card bill I have ever had. 😂

Capital One charged me $2.00 interest on a $0.10 balance (I miscalculated remaining balance after cashing in rewards). If I knew then what I know now I would have called and complained-- instead I just paid it ($2.10 bill)

I just want to make sure I read this right...you'd call Capital One and complain about two dollars in interest because you didn't pay bill in full due to miscalculation?

How does that even work?
@Remedios
They have been known to wave the minimum interest fee when the interest is more than the balance due.

I have seen instances where the forgive balances under twenty-five cents, I've never pushed for it though. Figure if I failed to pay the full amount, the contract I signed stated I would be charged a minimum fee.

Right, and some lenders will do it only once as a courtesy to a customer.

Because it might be a one time deal, you might want to be picky on when and why you're asking for a "favor".

I'd hate to waste it at negligible amounts or purpose like this.

Re: NFCU wants every single penny

Anonymous — Wed, 28 Oct 2020 18:34:41 GMT

I believe Discover has waived a <$2 balance for me multiple times (maybe 3-4).

Re: NFCU wants every single penny

Brian_Earl_Spilner — Wed, 28 Oct 2020 18:45:22 GMT

@Anonymous wrote:
Perhaps because the amount was interest and not an actual charge? Twelve cents does seem like a very small amount to worry about, and the perfect amount to waive. I'm sure they had their reasons for not waiving the amount and it might be an interesting story.

@KJinNC wrote:
I can't imagine that it would be a good use of time for anybody to call to argue about $2. The only reason I might call would be if I got dinged for a late payment on 12 cents or whatever.
While i would agree, the many years I spent at retail dealing with people that argued over two cent difference would beg to differ.

I remember I once mailed a penny taped to an index card because a customer was making a big stink and said we were trying to rip people off. Said we were probably doing it to everyone and all those pennies added up to big dollars.

Re: NFCU wants every single penny

blindambition — Wed, 28 Oct 2020 18:46:41 GMT

That's how you stay on top!!! Bleed them of 12¢. 😂

Re: NFCU wants every single penny

NRB525 — Wed, 28 Oct 2020 18:46:57 GMT

I got a library late fee a few years ago. $0.10.

I put the charge on a credit card, partly to show use on the otherwise not-used card, then paid the $0.10 CC statement balance by the payment due date.

I got the use of that money for a good month

Re: NFCU wants every single penny

gdale6 — Wed, 28 Oct 2020 19:51:40 GMT

So does BoA, a few year ago they sent me a bill for 6 cents....

Re: NFCU wants every single penny

Anonymous — Wed, 28 Oct 2020 20:17:31 GMT

@NRB525 wrote:
I got a library late fee a few years ago. $0.10.

I put the charge on a credit card, partly to show use on the otherwise not-used card, then paid the $0.10 CC statement balance by the payment due date.

I got the use of that money for a good month

Right, but presumably for the month you must have been thinking "What if something goes wrong and I don't have the 10c to PIF" Not worth the mental anguish!

Re: NFCU wants every single penny

Loquat — Wed, 28 Oct 2020 20:52:45 GMT

@Brian_Earl_Spilner wrote:
@Anonymous wrote:
Perhaps because the amount was interest and not an actual charge? Twelve cents does seem like a very small amount to worry about, and the perfect amount to waive. I'm sure they had their reasons for not waiving the amount and it might be an interesting story.

@KJinNC wrote:
I can't imagine that it would be a good use of time for anybody to call to argue about $2. The only reason I might call would be if I got dinged for a late payment on 12 cents or whatever.
While i would agree, the many years I spent at retail dealing with people that argued over two cent difference would beg to differ.
I remember I once mailed a penny taped to an index card because a customer was making a big stink and said we were trying to rip people off. Said we were probably doing it to everyone and all those pennies added up to big dollars.

Pennies do add up. Think of Verizon Wireless. If they kept just 2 cent from all of their 93M customers they'd pocket 1.8M each month...which is a significant amount of money. Now one would hope a company doesn't do that but those pennies do add up.

Re: NFCU wants every single penny

Aim_High — Wed, 28 Oct 2020 22:36:09 GMT

@Anonymous wrote:
Most of my cards would have waived such a small amount. I paid it obviously but I got a chuckle out of a 12 cent bill and thought I would share the smallest credit card bill I have ever had. 😂

@chiefone4u wrote:
Capital One charged me $2.00 interest on a $0.10 balance (I miscalculated remaining balance after cashing in rewards). If I knew then what I know now I would have called and complained-- instead I just paid it ($2.10 bill)

@Remedios wrote:I just want to make sure I read this right...you'd call Capital One and complain about two dollars in interest because you didn't pay bill in full due to miscalculation?
How does that even work?

@gdale6 wrote:
So does BoA, a few year ago they sent me a bill for 6 cents....

Lol ... amateurs. I've got you all beat! How about 0.03 cents!?!

I had $4.74 in rewards on my PenFed Power Cash Rewards card to redeem. My other cash back cards have usually allowed me to reduce my balance due when I went to make a payment by redeeming the cash back. So a few days before payment was due, I redeemed the $4.74 and paid the remainder. I checked a few times and was a little puzzled how my balance didn't reduce below the $4.74 but I gave it more than 48 hours to post. After the statement cut, they credited the $4.74 but also charged me $0.03 cents interest! I actually thought it was a mistake and yes, even over just three cents, emailed to ask what had happened. It turns out, they credit the cash back differently from other lenders I've had. Any redeemed cash back always goes on AFTER the statement cut, so the full balance is always due. As a courtesy, they refunded the $0.03 cents and then I ended up with a $0.03 cent credit balance.

Hey, three cents is three cents. But it was more the principle of the thing and wanting to understand how to prevent it in the future, so now I know how they do things.

smirk_emoji.png

PenFed_03cents_02.jpg

PenFed_03cents.jpg

*And yes, the Credit Limit did increase from $25K to $41.7K in between the statement and screenshot. They had offered me $16.7K in additional credit line or on a new card back in June but were then slow to implement it since they are officially capping each card at $25K. I had to appeal to Customer Service Manager to complete the offer.