Credit Card Fees

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14 years 2 months ago #11904 by Isla
Credit Card Fees was created by Isla
This information will no doubt be easily accessible, but I've had no reason to look for it. I just received a bill for my credit card, including a little note telling me I missed my last payment and for that misdemeanor, they charge a whacking great $25 late payment fee, plus what looks like 37% (annualised) interest on the outstanding balance - the statement says 21.95%.

As it happens, I was simply caught in a time warp between my payment being made on the last night before Easter and their receiving it on the Tuesday following, so it's all reversible. No wonder people who use credit endlessly spiral into debt! [:0]

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14 years 2 months ago #184287 by reggit
Replied by reggit on topic Credit Card Fees
Yep, that missed fee is now standard.

The other good trick they have every few years is to pull the payment date forward by a few days, so that people get caught out, can't pay their entire bill and end up paying interest, which adds to their current bill, which means they can't pay their entire bill...you get the picture [}:)]

I'm waiting for the day that they start charging 'freeloaders' like myself who use their interest free periods but don't pay interest :D it'll come eventually.

Take a break...while I take care of your home, your block, your pets, your stock! [;)] PM me...

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14 years 2 months ago #184291 by Isla
Replied by Isla on topic Credit Card Fees
I'm a card freeloader too. Presumably there are enough people caught up in interest payment that they can afford us. Long may that continue. :)

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14 years 2 months ago #184302 by skyline_glenn
Replied by skyline_glenn on topic Credit Card Fees
Yep, they certainly sting. I'm a freeloader as well, but I got a payment wrong once, I pay part of the bill personally and the other gets paid by my company, I got it wrong by 3 cents and it just happened to be one of my biggest with ACC payments and others which amounted to over $8000, interest was over $100 and that was only for a couple of weeks until the next statement came.
They also have a time warp in their system, if I pay by internet and have it go out the day its due it shows up 1 day late and I get charged interest, I queried it the first time and they reversed the interest but when I did it again(forgot about payment) they still charged me as I had been told before. I think its wrong as the money leaves our account the day before its due but only appears on the visa 2 days later. Its not a problem now as we set up the payment when we get the bill.

Glenn
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23 acres, a cat(olive), Maddison the chocolate lab, 2 ewes, Mumma the cow, 4 steers, 10 chooks and lots of hares.

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14 years 2 months ago #184304 by reggit
Replied by reggit on topic Credit Card Fees
SG, I have noticed that between banks too there is a time lapse that means money can disappear into a black hole for up to three days before it appears again where it should - imagine how much money someone is making on the interest on the cumulative sum of all that disappearing money [:(!]

Take a break...while I take care of your home, your block, your pets, your stock! [;)] PM me...

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14 years 2 months ago #184318 by oskatd
Replied by oskatd on topic Credit Card Fees
Exactly, Tigger - like it still taking 5 days to clear a cheque - what a crock! And don't even start me on charges for changing payments on line - why charge when using the internet is actually saving money and resources. Money grabbing b*stards, banks are.

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14 years 2 months ago #184336 by The Kats Place
Replied by The Kats Place on topic Credit Card Fees
Actually you aren't free loading because the merchant pays a percentage of the purchase to the credidt card company - quite small, like maybe 1% or even .5% so the banks still want you using your card. You end up paying in the long run because the retailer allows for it in the cost of whatever you buy.

kats
Live your life in such a way that it will be easy for people to say nice things at your funeral [;)]

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14 years 2 months ago #184380 by GrantK
Replied by GrantK on topic Credit Card Fees

skyline_glenn;156261 wrote: They also have a time warp in their system, if I pay by internet and have it go out the day its due it shows up 1 day late and I get charged interest, I queried it the first time and they reversed the interest but when I did it again(forgot about payment) they still charged me as I had been told before. I think its wrong as the money leaves our account the day before its due but only appears on the visa 2 days later.

Here's a tip which solves that problem:

- Get your credit card from the same bank who hold your accounts and choose a bank who offer Real-Time Transaction Processing.

We have our accounts and VISA cards with ASB, and can make a payment to either of our VISA cards on any day, business or otherwise, and it shows up on the VISA statement a few minutes later

Until about a year ago, we had to make payments on the preceding business day, but they have now stopped that silly nonsense [xx(]

skyline_glenn;156261 wrote: Its not a problem now as we set up the payment when we get the bill.

Yep, that's what I do as well. Then I know the payment will be made on time [^]

tigger;156263 wrote: SG, I have noticed that between banks too there is a time lapse that means money can disappear into a black hole for up to three days before it appears again where it should - imagine how much money someone is making on the interest on the cumulative sum of all that disappearing money [:(!]

It's usually the following business day IME, but if you make a payment over the weekend, it won't show up in your account at another bank until Tuesday morning.

The Kats Place;156296 wrote: Actually you aren't free loading because the merchant pays a percentage of the purchase to the credidt card company - quite small, like maybe 1% or even .5% so the banks still want you using your card. You end up paying in the long run because the retailer allows for it in the cost of whatever you buy.

Actually, it's usually more like 2% depending on the particular merchant agreement with the bank. For years it was 2.15% in our business and then they reduced it to 2.09% out of the goodness of their heart -- Yeah, right :p

However, having a merchant agreement and on-line credit card processing facility enables us to accept orders from around the world which we would otherwise miss out on :cool:

Live weather data and High/Low records for our farm at: www.keymer.name/weather

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14 years 2 months ago #184407 by Isla
Replied by Isla on topic Credit Card Fees
During my sorting-out-by-phone today, the National Bank guy said they were happy enough that I paid on the due date from another bank and that they didn't see it until the following day, or after the weekend. It is only in the case of long weekends that I'll get caught up with being seen as paying late.

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14 years 2 months ago #184511 by ccrk9
Replied by ccrk9 on topic Credit Card Fees

Isla;156372 wrote: During my sorting-out-by-phone today, the National Bank guy said they were happy enough that I paid on the due date from another bank and that they didn't see it until the following day, or after the weekend. It is only in the case of long weekends that I'll get caught up with being seen as paying late.


National Bank hit my credit card with a late payment fee at Christmas. I pay either by telephone transfer or by transfer at an ATM machine. At the time I transferred money in time at an ANZ ATM machine (part of National, and we dont have any NB facilities for a 100km round trip) and the NB in their wisdom closed off my statement early due to Christmas and hit me with a late payment fee:(. They were fine when I rang - they reversed all the fee and the interest charges relating to the so called late payment.

NB are also damn quick to hit a chq account with an unauthorised over draft fee - one month I ended up accidentally over drawn by a very small amount by the time I miscalculated something and the bank fees came out as well - I got hit with a $12 fee at the end of the month! and the way the fee hit it actually put me in overdraft a 2nd time! which would have added yet another $12! Lucky when I moaned NB reversed both lots of $12 - yet they tell me I can write a chq and they wont bounce it up to a certain value as they have a built in leeway on my account as I'm a good customer...:confused: but they will still charge me an unauthorised overdraft fee..If I'm that good a customer you would think they would grant me a bit of a leeway on the overdraft fee as well. Not that I ever go into overdraft on purpose - the time I did it was less tha $20.

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14 years 2 months ago #184524 by jeannielea
Replied by jeannielea on topic Credit Card Fees
Isla, I've very occasionally missed payments for good reasons and have phoned and complained about the charges because usually we pay it off in full each month. They have always credited the charges back as they can easily see if you pay regularly. But I have spent a very long time on the phone trying to get them this week because we never received a statement at all for the month and I wanted to pay before getting charged for it. No apologies either though I know from the bank its happened to a few people last month.

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