This is just my rant about some of the subtle tactics I've noticed from Credit Card companies that you should be aware of.
I am one of those who likes to pay his bills online. However I've noticed on some of my credit card statements that I've been charged LATE FEES when I was sure I paid them before the due date, and worse yet, been switched the the ultra high interest rate for paying a few days late.
One day I finally noticed the reasons my payment was processing too late.
1) For some reason with Credit Card Companies like Bank Of America and HouseHold Bank, that they say it takes TWO BUSINESS DAYS to process your payment once you post it online. That means you need to go online and pay at least THREE days before it says it's due. Paying it ONE day before = a late payment!
I find this very odd, after all when I pay my DirecTV, APS (electric) or internet bill, it shows on my Chase banking Online within hours and comes out of my account no later than the next business morning.
Why can't a BANK (BOA and HSBC) process any faster than 2 days?
2)Here's the REAL kicker. When I go to Bank Of America and select "PAY" which then opens another window to then select my payment amount and then process it I finally realized that it does NOT set the payment day for the current day, but instead the form fill box has the due date selected by default (unlike ALL of the other bills I can pay online) and if you do not MANUALLY change it to the current day (or next business day) it will not even begin to process until the due day. In which case, after the two additional days required to process, YOU ARE LATE and get charged a LATE FEE and a higher interest rate! Even though you went online OVER A WEEK before it was due!
It is obviously a SCHEME by the credit card companies to cause you to post your payment late and be out an exta $35 each time you pay late, and even more $$$ with the inflated interest rates!
When I finally noticed what was going on and that my rates were hiked, I called these two credit card companies. But "sorry charlie", you need to pay at least 6 more months on time before we even consider lowering your rate back to where it was!
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