Tips on Late Credit Card Payments
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Posted: Mon Oct 25, 2004 12:28 pm
Post subject: Tips on Late Credit Card Payments
nic
Date: 1/12/2001 10:30 am CDT
My question is: Are credit card companies obligated or legally bound to honor US Postmarks (dates) when assessing Late Fees to an account?
From time to time my Sunoco Master Card charges me a $29 late fee even though my payments are made several days in advance of their due date. I have called Sunoco to complain about this on several occasions. Each time it I call I get the same answer. Late Fees based on the date Sunoco Master Card processes the payment, not the postmark on the envelope. They further infuriate me by explaining; “I need to make my payment at least 7 days in advance to allow for postage and their processing time.” I spoke to my local postmaster about this and he assured me the typical delivery time from my location to theirs was 2 - 3 days maximum. I don’t see how Sunoco Master Card can hold me financially liable if it takes them 4-5 days to process payments. This does seem right.
Are Credit Card companies obligated to honor a US Postmark?
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Posted: Mon Oct 25, 2004 12:29 pm
Post subject: Tips on Late Credit Card Payments
Ira Stoller
Date: 1/12/2001 5:08 pm CDT
I have exactly the same problem with Sunoco, which is administered by Bank of America. The short answer is that the postmark has absolutely nothing to do with it. The posting date is allegedly when they receive your payment. I take this to mean when the mail room gets around to opening and sorting the mail and getting the checks up (or down) to the data entry people who then enter the checks. Customer service told me that they are obligated by law to process all checks within 24 hours of receipt, but I seriously doubt that they are doing so. I suppose we could do as one person on this board suggested and send payments certified mail, return receipt requested, and then compare the posting dates with the dates on the return receipt. Bottom line is they have us where they want us.
In reality you don't have anywhere near the advertised 25 day grace period. Several reasons for this. First of all, they do NOT mail statements on the date that appears therein. Generally it's 4-5 days later. By the time you get your statement, you're already 7-10 days into the "grace period." Second, we have the back end delay as mentioned above. In reality if you want your payment to be received on time you have less than a week from receipt of statement to get your check in the mail. Frustrating, but that's reality for you.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Oct 25, 2004 12:28 pm
Post subject: Tips on Late Credit Card Payments
nic
Date: 1/12/2001 10:30 am CDT
My question is: Are credit card companies obligated or legally bound to honor US Postmarks (dates) when assessing Late Fees to an account?
From time to time my Sunoco Master Card charges me a $29 late fee even though my payments are made several days in advance of their due date. I have called Sunoco to complain about this on several occasions. Each time it I call I get the same answer. Late Fees based on the date Sunoco Master Card processes the payment, not the postmark on the envelope. They further infuriate me by explaining; “I need to make my payment at least 7 days in advance to allow for postage and their processing time.” I spoke to my local postmaster about this and he assured me the typical delivery time from my location to theirs was 2 - 3 days maximum. I don’t see how Sunoco Master Card can hold me financially liable if it takes them 4-5 days to process payments. This does seem right.
Are Credit Card companies obligated to honor a US Postmark?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Oct 25, 2004 12:29 pm
Post subject: Tips on Late Credit Card Payments
Ira Stoller
Date: 1/12/2001 5:08 pm CDT
I have exactly the same problem with Sunoco, which is administered by Bank of America. The short answer is that the postmark has absolutely nothing to do with it. The posting date is allegedly when they receive your payment. I take this to mean when the mail room gets around to opening and sorting the mail and getting the checks up (or down) to the data entry people who then enter the checks. Customer service told me that they are obligated by law to process all checks within 24 hours of receipt, but I seriously doubt that they are doing so. I suppose we could do as one person on this board suggested and send payments certified mail, return receipt requested, and then compare the posting dates with the dates on the return receipt. Bottom line is they have us where they want us.
In reality you don't have anywhere near the advertised 25 day grace period. Several reasons for this. First of all, they do NOT mail statements on the date that appears therein. Generally it's 4-5 days later. By the time you get your statement, you're already 7-10 days into the "grace period." Second, we have the back end delay as mentioned above. In reality if you want your payment to be received on time you have less than a week from receipt of statement to get your check in the mail. Frustrating, but that's reality for you.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:16 PM
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