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Subject:
Minimum Time To Pay Credit Card Bill to Avoid Finance Charge
Category: Business and Money > Finance Asked by: aprimo58-ga List Price: $10.00 |
Posted:
02 Nov 2005 07:41 PST
Expires: 02 Dec 2005 07:41 PST Question ID: 587979 |
Is there a minimum amount of time a credit card company has to give you to pay your credit card to avoid a finance charge? My credit card company closes the "accounting period" on the 23rd, but does not mail my statement until the 2nd of the following month, with the payment due on the 12th. By the time I get the statement, even if I write a check the next day, it usually arrives late, and then I get assessed a finane charge. This does not seem fair or legal. |
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There is no answer at this time. |
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Subject:
Re: Minimum Time To Pay Credit Card Bill to Avoid Finance Charge
From: who3ver-ga on 02 Nov 2005 20:20 PST |
Beat them at their own game. - Open a free checking account with free online access (or use your existing checking account if comfortable enough) - Get your routing # and your ?FULL? account number - Make a deposit into the account covering the average credit card monthly bill - Sign up for the online payment feature with your credit card company. (if your company does not have one, it?s time to move on to another CC company) - Add your checking account to your credit card payment account using your routing and full account number - Pay off your credit card every weekend in full. If you do the above, they cannot charge you ANY finance charge. Legally, you have about 29 days (look at your contract) after the transaction before they will/can assess finance charges. |
Subject:
Re: Minimum Time To Pay Credit Card Bill to Avoid Finance Charge
From: aprimo58-ga on 03 Nov 2005 05:35 PST |
Well, my question is more focused on the amount of time there must be between when they MAIL a statement and when the amount on the statement IS DUE. If the time is too short, they will ALWASYS get their' freakin'ly outrageous finance charge becuase there is not enought time to pay by mail. Does anyone know if there is such a minimum? |
Subject:
Re: Minimum Time To Pay Credit Card Bill to Avoid Finance Charge
From: digsalot-ga on 03 Nov 2005 05:43 PST |
I can't give you an answer as to minimum time. But I did have the same situation which proved embarassing more than once when I thought there had been time to get the payment posted. While policies differ between credit card issuers, and there are no promises here, I simply asked them to change the 'due date' and they did. End of problem. Have you tried that yet? Digs |
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