Members kulardenu Posted August 21, 2009 Members Share Posted August 21, 2009 I bought a couple Fenders over Christmas using the no interest one year credit card. I set it up to be the amount due divided by 11 to monthly auto pay from my bank account with over a weeks payment in advance. At the July 2nd due date that this auto pay should have arrived well in advance of I just looked at my recent statement & noticed there were late charges. I called to find they did not post to my account until the 7th. I believe they pushed aside some of their billing until after the Holiday and I get screwed for a late charge that compounds that the next moth cycle my min payment required went from 1/2 of what I was paying to 3 dollars over my payment again resulting in a late charge. Bottom line is buyer beware & they are losing my business because of this! Link to comment Share on other sites More sharing options...
Members Will Chen Posted August 21, 2009 Members Share Posted August 21, 2009 Call them and/or your bank and have it reversed. Their error/altered billing posting is not your responsibility. If they won't budge, open up a case with the BBB. Link to comment Share on other sites More sharing options...
Members charveldan Posted August 21, 2009 Members Share Posted August 21, 2009 I bought a couple Fenders over Christmas using the no interest one year credit card. I set it up to be the amount due divided by 11 to monthly auto pay from my bank account with over a weeks payment in advance. At the July 2nd due date that this auto pay should have arrived well in advance of I just looked at my recent statement & noticed there were late charges. I called to find they did not post to my account until the 7th. I believe they pushed aside some of their billing until after the Holiday and I get screwed for a late charge that compounds that the next moth cycle my min payment required went from 1/2 of what I was paying to 3 dollars over my payment again resulting in a late charge. Bottom line is buyer beware & they are losing my business because of this! I bet your intrest just went from 18% to something in the mid 20's%, i'd check it. I've turned down 6 cards with Bank of America, the starting intrest was 18% but if your late, it can go as high as 33% without notice, they don't tell you either. Link to comment Share on other sites More sharing options...
Members darkcheef Posted August 21, 2009 Members Share Posted August 21, 2009 Credit is confusing Link to comment Share on other sites More sharing options...
Members mikey4402 Posted August 21, 2009 Members Share Posted August 21, 2009 That can be easily fixed. Call the credit card company. Link to comment Share on other sites More sharing options...
Members Salsage Posted August 21, 2009 Members Share Posted August 21, 2009 That can be easily fixed. Call the credit card company. Thats it:idea: I had a 90 day no interest deal that did not process correctly:mad: and I called MF and they could not help:mad: but 2 minutes on the phone with the bank who owns the card resolved all Mistakes do happen but I have to wonder how many people dont catch stuff and just pay the amount due? I let my wife use a Kay jewlers card to buy her mom something last month and its like $79.00 no interest for 90 days, so doesnt a $25.00 warranty show up on the bill:mad: warranty never ordered. Its taken care of but I still think 1 in 5 dont catch this stuff and just pay. Link to comment Share on other sites More sharing options...
Members cuppster Posted August 21, 2009 Members Share Posted August 21, 2009 Store credit cards a great if you have no credit history and are trying to establish one, or for no-interest financing providing you pay off the balance entirely before the promotional period ends. For everything else they are absolute crap. Avoid them. You may have just learned a lesson. Link to comment Share on other sites More sharing options...
Members Joby1knobi Posted August 21, 2009 Members Share Posted August 21, 2009 +1 on calling the bank. I had something like this happen with Circuit City years back and they cleared it right up. One tip - don't use the automated phone system. When you call, don't enter any numbers - that way you get a rep right away and don't end up on hold. Link to comment Share on other sites More sharing options...
Members magnido45 Posted August 21, 2009 Members Share Posted August 21, 2009 I went back and forth with MF and HSBC (their credit co.) a few months ago...my December purchase qualified for the 12-month no interest, no payment promotion...somehow, they tagged the 3-month no interest, no payment promo to my purchase, and it started charging me interest on the 4th month...It eventually got fixed (had MF send HSBC a letter to correct the mishap), even though I paid off the entire purchase in 5 months... Link to comment Share on other sites More sharing options...
Members kulardenu Posted August 21, 2009 Author Members Share Posted August 21, 2009 I only used this feature to buy 2 guitars I did not really need, GAS got the better of me. I thought gee one year make the small payments on auto pay & it's gold! Got bit in the AZZ! I can't believe that it was mailed a week ahead of time & did not post until the 7th. The person I talked to at the CC bank barely was understandable and would not waiver, so I sent a payment inquiry through my Credit Union questioning the post date & sent an email to the CC Bank via their contact me email page. Pending the outcome of my inquiries, I will complain to the Atty. General Consumer Complaint division in my state as well as theirs. I know a girl that works in my state's division & she told be believe it or not they do investigatge every complaint. What kills me as I thought that everything was all set up & it was a no-brainer paid & forgotten, I just happened to look at the statement & caught it. What I find criminal is that then they institute a finance charge & then raise your min payment. I was paying double the min & by this missed posting incurred the late fee & then the next min payment jumped without me looking at the July statement to $3 over what I was paying. So kaboom hit with another late fee & interest payment. I am just going to pay the total off but thought that it is something that other people should be warned about. Credit Card reform is something we need real bad! In fact I will send this on to my Congressman too! Link to comment Share on other sites More sharing options...
Members bsman Posted August 21, 2009 Members Share Posted August 21, 2009 Boy is this timely! Some (small level) of credit card reform just went into effect yesterday: http://www.usnews.com/blogs/alpha-consumer/2009/08/20/today-credit-card-reform-begins.html Link to comment Share on other sites More sharing options...
Members ashasha Posted August 21, 2009 Members Share Posted August 21, 2009 What I don't understand is how can you have a late fee if it's 'no interest, no payment for 12 months'? I always split mine up as well, but I remember screwing up and not hitting the submit button on a payment once and they charged like $20 late fee. Link to comment Share on other sites More sharing options...
Members kulardenu Posted August 21, 2009 Author Members Share Posted August 21, 2009 Actually it's no interest one year but it requires a min payment be made monthly. My payments were over double the min but you miss one due date they add late fee, interest starts being assessed & min payment more than doubles. Capitalism at it's finest! Luckily I have the funds to pay it off but I'm going down in flames bitching on principle! They have not heard the last of me! Link to comment Share on other sites More sharing options...
Members mrbrown49 Posted August 21, 2009 Members Share Posted August 21, 2009 Actually it's no interest one year but it requires a min payment be made monthly. My payments were over double the min but you miss one due date they add late fee, interest starts being assessed & min payment more than doubles. Capitalism at it's finest! Luckily I have the funds to pay it off but I'm going down in flames bitching on principle! They have not heard the last of me! They want you to screw up, and they make it as easy as they legally can to trip you up and get the interest and late fees. Link to comment Share on other sites More sharing options...
Members bvr775 Posted August 21, 2009 Members Share Posted August 21, 2009 all ways set up for credit card or atm. never eft. that is, if your bank gives you that option. eft is like sending a check for allot of banks. you send the payment, its not payed till it processed. i always setup bill pay with a 14day processing buffer. i would try calling the cc provider and going to your bank. you can protest it if youve missed a payment and can provide proof that it was the bank that messed up. its going to take a while so if you dont want your credit ruined just pay it now and wait for reimbursement. Link to comment Share on other sites More sharing options...
Members Will Chen Posted August 21, 2009 Members Share Posted August 21, 2009 Actually it's no interest one year but it requires a min payment be made monthly. My payments were over double the min but you miss one due date they add late fee, interest starts being assessed & min payment more than doubles. Capitalism at it's finest! Luckily I have the funds to pay it off but I'm going down in flames bitching on principle! They have not heard the last of me! I'm utterly confused. Why was your initial payment late? Were you responsible or did your bank or credit card company post the payment late? If you were in fact late, then ultimately you are responsible. However, you've made it sound as if it was a mistake by your bank or cedit card company in which case they have to cover. This happened to me quite a few times in the early days of e-banking and I've never, ever had to pay any late fees for bank errors. If you do, you need a new bank. Link to comment Share on other sites More sharing options...
Members jhorne Posted August 21, 2009 Members Share Posted August 21, 2009 I've bought tens of thousands of dollars using whatever store card I had for no interest purchases over the years and never had a problem. You pay early and follow the rules and you don't pay any interest. Ever. You screw up along the way, and you pay big time. What exactly are the details of the 'auto pay' you mentioned? I always pay mine online at least a week or so in advance and they always post in a (business) day or two... Link to comment Share on other sites More sharing options...
Members songsforbears Posted August 21, 2009 Members Share Posted August 21, 2009 I take advantage of the no interest AND no payments whenever possible. I just pay it all off about a month before the financing deal expires. Better to keep that money invested and earning interest until it has to be paid off. I bought my Hot Rod Telecaster via Guitar Center Platinum card that way, ES-339 via Musician's Friend that way, and I'm not paying for my Road Worn Strat (which I already flipped for a profit) until May of next year. I've been incredibly impressed with their financing, however I haven't tried the auto-pay feature. Link to comment Share on other sites More sharing options...
Members kulardenu Posted August 21, 2009 Author Members Share Posted August 21, 2009 EFT but it was sent via check rather than full electronic. Payment was sent on 6/26 from Credit Union estimated to be there by 6/30, payment due on 7-2 (this due date shifts around a bit too to my dismay). The only gray area I see is the post office. I filed a request for a determination through my CU on why this was posted so late. I still think they were behind at the CC Bank & left work for the Holiday so I get screwed! My main credit card I have never paid interest on in the 5 years I have had it. It has a 2 month grace period so that helps a lot. But I have always said that the min I accrue interest is the day I cut them up! Link to comment Share on other sites More sharing options...
Members jhorne Posted August 21, 2009 Members Share Posted August 21, 2009 Anything that goes snail mail, especially something like this that can bite you in the ass if it is not on time, needs to go AT LEAST 2 weeks in advance just to be safe. Perils of using the 'government option'... Link to comment Share on other sites More sharing options...
Members kulardenu Posted August 21, 2009 Author Members Share Posted August 21, 2009 From Michigan to Illinois 2 weeks? That is pushing the envelope for sure! Like pushing it all the way there! I would agree after this that a 2 week buffer is needed especially seeing how their due dates float around a little I assume to avoid weekends? But I am firm in believing that they had employee shortages around the 4th holiday & things went the wayside & I get screwed! I am positive they had that money in hand by the 2nd, but am having a hard time proving it. So I am likely screwed but I will pursue my CU & The CC Bank & MF to let them know I am not pleased over this! And no I won't shoot the messenger! Especially since it would be a federal crime to kill a mailman! Link to comment Share on other sites More sharing options...
Members scott944 Posted August 21, 2009 Members Share Posted August 21, 2009 Credit cards are evil, kids. If you can't pay cash, you can't afford it. Cue Dave Ramsey.... Link to comment Share on other sites More sharing options...
Members jhorne Posted August 21, 2009 Members Share Posted August 21, 2009 You should be able to get it fixed if you bitch enough and get to the right person in the chain of command. It is all a matter of being persistent... And in the future, use the electronic payment on their website to pay direct so you have hard evidence for the CC company when you paid (or attempted to pay). Link to comment Share on other sites More sharing options...
Members TrueBlueAutoX Posted August 21, 2009 Members Share Posted August 21, 2009 If the payment was mailed, some credit card companies will try to tag you a late fee if it isn't in before their window. Usually that's about 7 days before your actual due date. Link to comment Share on other sites More sharing options...
Members NITROHOLIC Posted August 21, 2009 Members Share Posted August 21, 2009 this is the problem with america. if you cant buy it in cash you cant afford it. Link to comment Share on other sites More sharing options...
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