Credit Cards - Intrest, Fees, and Bullshit

[Jeff]

So, tell me about your credit card(s).

Is there a grace period on your payment date? If so, how many days?

If you miss the date (and grace period if there is one) what is the fee?

What is the APR?

For me there is no grace period....and the fee is $39.99....the APR is around 10%.

[Kaan]

be greatful that your APR is 10%.

[.RJ]

10% and no fees. Credit unions FTW.

[Sijray21]

two credit cards: 8.9% APR on one and 13.9% APR on the other one.

i don't know anything about late fees or charges; i pay them off at the end of the month or whenever the pay check comes in.

[Evan]

i thought a grace period is required by law (except on cash advance) but I just looked it up and I dont think thats the case. ditch your card and get one with a grace period, ive never even heard of one without one.

I use a credit union rewards card that I pay off every month, and a 6.5% fixed rate card for longer term stuff.
Ive never been late with payments so I have no idea what the fees are.

[Jeff]

Well, my dumbass missed the date last month. I never even opened my bill until I went to pay it last night (a day late...again). When I opened the bill I see a $40 late charge plus interest. So I call any they say they can't do shit. Told them back when it was a Circuit City card it had a grace period of 3 days. I thought that was the case so I didn't worry about paying it "around" the due date. So anyway, they finally credited me last months fee after a "I am going elsewhere" email. So that's cool...but this morning I got hit for paying this months bill a day late. Another $40 charge. I am working on getting that one taken off now. Basically I thought there was a grace period and there was not...so it bit me in the ass. But at least half of my problem has been fixed, lets see what happens next. I just think $40 is a damn rape.

[Apoc]

i don't know anything about late fees or charges; i pay them off at the end of the month

+1 - except I do pay $60/year for the United Mileage Plus card

Well, my dumbass missed the date last month. I never even opened my bill until I went to pay it last night (a day late...again). When I opened the bill I see a $40 late charge plus interest. So I call any they say they can't do shit. Told them back when it was a Circuit City card it had a grace period of 3 days. I thought that was the case so I didn't worry about paying it "around" the due date.

A "grace period" is the time between when your statement closes and the due date. It sounds like you might think it's extra days you can pay beyond the due date, which it isn't. You usually have a few weeks to pay in full before you start accruing interest, which is what appears as the due date on your bill. Any time after that date and you owe them late fees and/or interest.

[Jeff]

Ok, then let me put it to you this way. On the CC card I had 3 days after the "due date" before the fees hit. This is normally not an issue for me because I pay early...but these past two months I have had a bad case of the dumbass.

[ViPER1313]

So you paid them late, and they charged you a late fee..... :dunno:

Late fees suck, but $40 is not the end of the world. In the future, if you don't want to pay a late fee stop using the card or pay them on time.

[Jeff]

$40 is plenty bad enough for 1 day late. They can go fuck themselves. $10...sure...but $40 fucking dollars? I told them in my communications that I was not desputing the interest charged (like $4). I think its the amount of the fee that is abusive. The reason I ask how much other places charge is to comare how much a rape job their fee is. I figure some of you guys know what the fee is even if you have never paid it. Frankly I use credit cards for convienence and security. I NEVER carry a balance. Never. So they really don't make any money off of me any other way. I was actually rather surprised they gave me the first one back for that very reason. I use it like my AMEX, and I would only have AMEX if it was taken everywhere. Everyone screws up every once and awhile and pays late. It happens. That's life. But I think its damn shitty to charge me out the ass for being a day past.

[Steve85]

Did you get a notice that there was a change in the terms when it switched from CC to whatever it is now? I would imagine that would be required by law, I know we get a notice every few months...

And we are in the process of getting rid of a Captial One and Citi card to since they both raised their rates. So it will just be the NFCU Flagship Rewards card at 8.9%, a small annual fee and late charges in the 30-40 range last time I checked.

Hard to beat credit unions these days and there is one for everyone.

[.RJ]

Everyone screws up every once and awhile and pays late. It happens. That's life. But I think its damn shitty to charge me out the ass for being a day past.

Well, thats the terms of the card so :dunno: I really cant figure out what you're complaining about.

[Jeff]

Everyone screws up every once and awhile and pays late. It happens. That's life. But I think its damn shitty to charge me out the ass for being a day past.

Well, thats the terms of the card so :dunno: I really cant figure out what you're complaining about.

I'm not really complaining...I am seeking information. Basically I don't like the terms. So I am looking for another card because I don't agree with getting fucked for little shit. Get me now? :thumbup: :bootyshake: I know the rate is low but I don't really use it like that so I suppose the rate does not matter. I know its possible for a business to havesome understanding. Heck the guy at Maytag gave me 75% off of a part I needed for my out of warranty washing machine. Just for good will. I'm the customer and I'm number 1!!!!

[Jeff]

Did you get a notice that there was a change in the terms when it switched from CC to whatever it is now? I would imagine that would be required by law, I know we get a notice every few months....

Who actually reads that shit? :wink:

[.RJ]

Basically I don't like the terms.

Ok so close the account, pay the balance and cut up the card?

[Mike]

Uh, you screwed up, you pay. Sure, it's a hefty price to pay for a slight slip-up, but you're not going to find much better elsewhere... They have to make money somehow... They make it on stupid.

I have no idea what my APR is... I've only once or twice ever not paid off my balance before it was due.

[Apoc]

I tried Googling for credit card with double secret grace period but nothing of value came back.

[ViPER1313]

$40 is plenty bad enough for 1 day late. They can go fuck themselves. $10...sure...but $40 fucking dollars? I told them in my communications that I was not desputing the interest charged (like $4). I think its the amount of the fee that is abusive. The reason I ask how much other places charge is to comare how much a rape job their fee is. I figure some of you guys know what the fee is even if you have never paid it. Frankly I use credit cards for convienence and security. I NEVER carry a balance. Never. So they really don't make any money off of me any other way. I was actually rather surprised they gave me the first one back for that very reason. I use it like my AMEX, and I would only have AMEX if it was taken everywhere. Everyone screws up every once and awhile and pays late. It happens. That's life. But I think its damn shitty to charge me out the ass for being a day past.

Credit card terms are set up to reward people who pay on time and penalize people who don't - $40 for a stupid mistake sucks, but like RJ said all you can really do is suck it up and learn from it or make the choice to not use the card. Lots of the time it's WAY worse. At one point, my friend couldn't make the payment on a card with a $1000 balance until 2 weeks after it was due. The card company charged him some sort of late fee and jacked the interest rate from 14% up to over 30 percent. His monthly payment was $300 something minimum, and almost none of it went to the principal.

Also, card companies still make money off of you even if you never pay them interest or account/late fees - they make a small percentage of every transaction you make with the card.

[Sijray21]

Also, card companies still make money off of you even if you never pay them interest or account/late fees - they make a small percentage of every transaction you make with the card.

yeah, as long as you're not paying more than what you're expecting for the goods/services you've purchased using the card, you're ok. i don't like paying interest payment, fees, misc charges, etc. to any financial institution; i watch the charges like a hawk eyeing out a mouse in an open field. i switched my primary banking institution (it used to be Wachovia) because every ATM withdrawal cost me the ATM's fees plus Wachovia's Misc $2 charge....i don't even use ATMs all that much, but that really pissed me off. i now use USAA for my main banking; no charge by usaa for using other's ATMs and they reimburse me up to $15/month for ATM charges. Their online banking is also the best i've ever used.

ps - i'm also on the band-wagon of, "it sucks, just pay your balance ahead or on-time next time"

[Jeff]

First off let me say I did not start this thread to bitch about my issue or get lectured to. It was to see how out of line if at all they were from other companies. I never should have brought up what I was working on, I knew it would go down hill. I don't need to be set down and told the facts of life by anyone...least of all MM.

They said they will credit the fee from last month but not this month. So that's better then nothing I guess, I sorta halfway win. I am still flipping them the bird and cutting up the card though. My bank said they can get me a card with 8% APR that I can manage from the same website as my other accounts. So fuck Chase.

To the people saying "You learned your lesson" I am telling you to READ what I wrote. This card DID have a grace period that allowed for paying after the date without penalty when it was a store card. I don't give a shit if you can't find anything like that on google, I know it was true, I paid on the due date all the time and it posted the next day with no fee. Maybe that was because it was a store card....but it was a true Visa I could use anywhere, not the Circuit City charge card that was only good for CC purchases. I didn't learn any lesson other then read the fine print. That and carry a wad of cash to pay for shit.