“The Federal Reserve is expected to approve on Friday a proposal that would restrict various billing practices of credit card companies, including double-cycle billing and unreasonable ‘late’ charges.”
In agreement with this. It’s amazing how they can “lose” or “delay” posting your payment for over a week...and the suddenly your rate is jacked up.
Of course, best bet is just ditch your CCs.
Agreeing with this. Noticed that credit card bills are mailed about two weeks before the due date. That, coupled with mailing the remittance with enough lead time to avoid the late payment fee/interest rate hike, means a turnaround time of five days. Going on vacation for 11 days & I have to make sure the check(s) are in the mail on time - hard to do since I won’t get the bills until after I leave.
How about the days between when your payment is charged to your account by the “processing center” and when it appears on your statement? Someone is making lots of money there..... Lots of late charges are accrued with this delay.
It happened to me, when I knew I had paid with enough lead time for the mail, etc. (Which sucks since 9-11).
When I checked my payment against my bank statement and the date it was applied to my c card statement, there was a 4 day difference. I told them that they HAD to remove my “late fee” and any reference to my “Late fee” in their records. I really got snarly with the c card rep on the phone. He tried to say the delay was out of the control of the c card company, and I reminded him that the c card company had hired the “processing center”—not ME!!!! As a hireling of the c card company, they were absolutely responsible!!!
I got my fee refunded, and I got my point across. Let’s see if they can tightened up on this practice in Congress.....
How about predatory lending practices? July 1998, college orientation, and the line we had to wait in for our student IDs was lined with lenders, credit card companies, etc. I got my first 2 credit cards in that line, and over the years, I ran them up, paid them off with student loans, etc. etc.
Thankfully now I’m out of CC debt, but the card and student loans are still there.
CC's are for responsible people, not overly-dependant dweebs. Think of it this way, did the CC company front the money for the goods you wanted to buy? Of course. Shouldn't you be prepared to pay them back on time? They did their part, now do yours.
Rant off.
This is the thing that ticks me off the most. I remember one time I forgot how much money I had in checking and I made one charge near the end of the month that put me in overdraft. The bank could have simply not accepted the charge and I would have put it on a credit card for the week until my paycheck came, but instead they took it, rearranged the charges for that day and the day before (since it was a weekend) to put it at the front and charged me $10 overdraft for every charge I made all weekend. It ended up being over $100. The bank refused to refund any of the money.
I ended up closing all my accounts at the bank and warning everyone else off. The bank was Washington Mutual.