When are you 30 days late????

[y0rascal]

please clarify this are you 30 days late if the minimum payment (due date) is not paid????

or are you 30 days if the payment is not paid 30 days after the due date and late had been assessed????

just wondering cause i sent a payment to my best buy card (hsbc) and i sent to much payment did not go through but i had sent one yesterday of a smaller amount to cover it... and i have heard the horror stories and don't want to get nailed with a 30 day late.... on my CR...

[Anonymous]

Everyone is different- in reporting lates-

HSBC(Best Buy) will not report you late until you are actually 30 ays late/next statement

Send an online payment ASAP-

They WILL however NIX any promo deals you have and add the interest on the minute you are late.

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y0rascal wrote:
please clarify this are you 30 days late if the minimum payment (due date) is not paid????

or are you 30 days if the payment is not paid 30 days after the due date and late had been assessed????

just wondering cause i sent a payment to my best buy card (hsbc) and i sent to much payment did not go through but i had sent one yesterday of a smaller amount to cover it... and i have heard the horror stories and don't want to get nailed with a 30 day late.... on my CR...

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Message Edited by Timothy on 01-25-2008 10:15 AM

[y0rascal]

SO FORGET THE LATE FEE THEY WILL JUST NAIL ME WITH THE INTEREST?????? THAT JUST SUCKS....

[marty56]

Most CCCs say 30 days late when it actually 30 days late.  Five years ago Best Buy and Wells Fargo said 30 days late means the payment wasnt received by the next statment date,  In the case of Wells Fargo, that was 2 days after the due date.  I dont know what their policy is now.

Also some CCCs (BofA) want they payment by a certian time.  2pm EST I think is BofAs idea so also keep that in mind.

I would pay 2 or 3 days before the due date (online/phone) just to be safe.

[Anonymous]

I found that you are late 1 day past the due date, this can hit you with high interest and a late fee. Some banks give you a few days grace.

As far as 30 days late, this is 30 days past your original due date or the next due date which ever comes first in some cases. If your due date is on the 1st of the month you would be 30 days late on the 31st of that same month. However if your next due date is on the 29 of the same month for what ever reason, they might hit you with a 30 day late after only 29 days. Usually this can be fought in your favor if actual days are less than 30.

marty56 also pointed out that your payment must be excepted by the due date time. And finally some banks want your payment posted before it is counted as paid.

Message Edited by ilovepizza on 01-25-2008 03:50 PM

[PayYouNever]

It pays to use your banks BillPay, because it can be set as recurring and it'll hit the CC the day you specify. I believe the banks have that SCAM worked out, whereas if you send a check or a check by phone (with that $9 to $12 fee) it still might take you a day for the EFT.

My strategy is to pay the minimum plus the interest charge 1 day before the due date. Then I have an Outlook alarm set three days before each CCC reports to the CBRs. So if I want to make another payment to bring the balance down by the report date, I can do that. This way I always have the minimum paid, and if I have more money to pay on the balance I do it right before the report date -- and I don't have to worry about sending more than the minimum then realizing that I might need that money to treat my fiancee for a surprise dinner or some crap happens with my car. But if I do have an extra $50 bucks then I slap the balance a little bit.

[Anonymous]

I do it opposite of PayYouNever - I send (via my  bank billpay pushing to them) the minimum payment 10 days after the due date and go in 5 days prior to the due date and tweak the balance from their site (pull from my account) -- this does NOT work with HSBC and the way they report though (which I is why I'm not crazy about them).  payments from HSBC an BBMC site need to be set up at least 2 days before you want the payment to post.  Citi is same day before 4 not including weekends(I think) Cap1 before 3 (not including weekends)... they are all different which is why I go in 5 days ahead... don't have to remember the small details.

You can usually push as many payments as you want but many of the CCCs have a limit as to how many payments you can do thru their site (Citi is 4, HSBC and BBMC are 2) each statement cycle.  If I have to (or desire to) I hit HSBC and BBMC again before the end of the month (when they report).  Idea is to pay little or no Interest.

Never late this way and it's worked so far.

Message Edited by Lady_Scarlet on 01-25-2008 08:58 PM

[y0rascal]

well guys & gals i spoke with a customer service rep from Best Buy....

she had told me that i am only getting charged a late fee. she had said if you were to go 30 days late past the due date and not make a payment... that your promotional plan will be defaulted and at that time you will get charged the deferred finance charges and they will also put you 30 days late on your credit report...

just be aware if you send a payment via their system and it gets returned they will try again automatically so you might get nailed with 2 $25.00 returned check fee's like i did...

[Anonymous]

I am glad you gor the clarification for the default of the promo plan-