Credit Cards Without Late Fees?

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Post subject: does any credit card not charge late payment

Edwin
Date: 2/13/2001 4:38 pm CDT

Does anyone know of a credit card that does not charge an annual fee and does not charge a late payment fee. If not, what card offers the best late payment policy. We normally pay off our balances every month, but we were late this month and got wacked $28. I thought this would be illegal, but now that I'm looking for another card, it appears that every company does this. Where is congress when you need them????

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Ira Stoller
Date: 2/13/2001 11:16 pm CDT

In response to your two questions, most (not all!) cards do NOT carry an annual fee. The only ones I know of that do are the air miles cards and American Express, although you can now get their Blue Card for no fee.

A card that DOESN'T charge a late fee? You've gotta be kidding! In this day & age where everybody charges for everything and margins are so thin, the banks look for any way to make the consumer bleed. I will say that if you are just a day or two late, most card companies will remove the late fee as a courtesy, so long as yoju don't do it too often. However, you do have to call and give them a sob story; they won't automatically forgive your lateness.

Hope this helps.

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Board Monitor - CS
Date: 2/14/2001 3:08 am CDT

USAA will only charge a late fee if you are *15* days late after the due date. Even if you do manage to be that late, the fee is only $20. Furthermore, the bank doesn't charge an overlimit fee. You can contact them at 1 800 922 9022 if you're interested.

Take Care
Casey Smith
cardrevolt.com

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Ira Stoller
Date: 2/14/2001 10:49 am CDT

Interesting! Thanks.

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Board Monitor- NK
Date: 2/14/2001 6:26 pm CDT

The MBNA Quantum card has no annual fee and many accounts do not have any late fees (or other kinds of fees) as well. You must have very good credit and income to get this card.

Most credit card companies will remove at least one late fee per year for you as a courtesy. All you need to do is ask. If you have a compelling reason to have the fee removed, such as you mailed it on time but there was a postal delay; or you did not receive your statement in a timely manner, or at all; or you were away on vacation... etc. you will have a greater likelihood of success.

Of more importance, however, is the mark of a late pay on your account, which will affect your internal bank score.

Why do credit card companies charge late fees? Credit card balances are loans. When you don't make your payment on time, the credit card company has to cover that short fall. Yes, they make money on fees, and plenty of it, but there are expenses associated with lending money and after all, they are in business to turn a profit. Somebody is going to pay for all those people taking advantage of promos and grace periods... let's just not let it be us.

Kat

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