On an August afternoon, Anita Schultz paid her Chase credit card over the phone the day it was due. Next month's bill came with a surprise – a $39 late charge.
"What the heck is this?" she wondered. "So I called." Chase told her she did call, but payments had to be posted by 4 p.m. Eastern time. Anita was 43 minutes late and $39 in the hole. "Forty-three minutes, almost a dollar a minute it's costing me," she said. Payment cutoff times can vary, regardless if you pay online, through the mail or over the phone. Usually in the fine print, your creditor will specify a cutoff day and even time. If you can't find it, ask. One suggestion: Make sure the payment is in by noon the day it's due. Anita doesn't blame anybody but herself for the mistake, but after we contacted Chase about her late payment, they credited the money back to her as a goodwill gesture – which will remind her to make sure to get that payment in on time. "It wasn't a bank error, it was my error," she said. Next February, new credit card laws take effect. Some of the changes include: Issuers must make it clear on billing statements when exactly your payment is due and when late fees will be charged.
