Print
Email
Share

Minutes matter when paying bills on deadline day

KREM.com

Posted on October 22, 2009 at 9:01 AM

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.

Print
Email
Share

Forgot Password?

Don't have an account?

Register Now

Member Benefits

Link your account to your Twitter or Facebook account for easier login!

Link your account to your Facebook profile Link your account to your Twitter profile

Check box to receive Free Special Offers

* - Indicates required field

Check box to receive Free Special Offers

Connecting to

You may need to allow pop up window for this step of registration

Just one more step:

Please take a moment to review the available e-mail newsletters has to offer. Place a checkbox next to the newsletters you wish to subscribe to.

Welcome.

Thank you for becoming a member of KREM.com. You now have full access to the best local coverage and late breaking news from KREM.com. Soon you will be redirected to the page you were seeking, and a confirmation email will be delivered to you.

You will need to respond to the confirmation e-mail for your account to be activated.

KREM.com is dedicated to bringing you exceptional news and outstanding information services, all while personalizing it to your liking. We're sure you'll enjoy being a KREM.com member! If you need assistance, please contact us.