Fuming with credit card company.

Ace Modder

Ace Modder

Ace Modder

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Hi

I have a CC which I make regular payments every month and today they have posted a £12 none payment fee.

My payment history

12th Feb - £40
8th March £40
7th April £250
9th April - £20
5th May -£50
6th June - £40
11th June - £30
30th June - £100
4th July - £30
30th July - £100 (pending clareance but they can see the payment on their system)

Anyway due to my payment on the 4th July being on the same day, but timed before my new statement generation they have charged me today (31st July) £12 none payment fee.

Ive phoned them, they have cancelled the charge but are claiming that they are requesting the removal of a none payment from my credit file, but they cannot promise it will happen.

I'm so mad it's unreal.
 
Setup a direct debit for the minimum amount.

There is often a separate payment due date compared to the statement date.
 
Technically no I didnt pay late. I paid 1 day early, the 4th July. What I don't get it the statment date was 4th July ---> So surely as long as I paid between 5th July and 4th August I won't have missed a payment, but on the 31st to slap a none payment fee for a statement starting on the 5th July is wrong and stupid! When the statement period should not have ended yet.

And yes, I have setup a DD now. But its the whole point of it all.
 
You can't pay a credit card "early" though, can you? If you pay before your monthly statement is issued, you've paid in the previous month not the current one...
 
I know, but my point is surely if the start date is the 5th July, then the statement period should not have ended until the 4th August - which hasn't happened yet!
 
Ace Modder said:
I know, but my point is surely if the start date is the 5th July, then the statement period should not have ended until the 4th August - which hasn't happened yet!
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No, you have to make a payment in the time between your statement being generated and your payment due date, which is never usually the date of your following statement.
 
It doesn't work like that unfortunately, you don't have the whole month. I have made a similar mistake where I paid off too early without realising (as I rarely paid much attention to the dates on the statement), and got the £12 fee from natwest*. Called them up the same or next day and they refunded it.
I don't believe a single late payment will go onto your credit report anyway, mine didn't...
*Although now thinking back it was largely their fault because I had set up a direct debit, they confirmed it by post, but never took any money. This would also mean I guess they would be have to prevent it from being on the credit report
 
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Realistically you should pay more than the minimum amount off on your credit card every month and ideally the full amount.

If you fail to do so it is a very expensive way to borrow money APR can be around 18% where as a loan from the bank the rate would be typically 8-10% saving you money in the long run.
 
RHS said:
Realistically you should pay more than the minimum amount off on your credit card every month and ideally the full amount.

If you fail to do so it is a very expensive way to borrow money APR can be around 18% where as a loan from the bank the rate would be typically 8-10% saving you money in the long run.
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Maybe he has a 0% credit card? Or not, but he's happy with the repayments and managing his credit well?
 
Give them a shout they'll drop it, but it sounds like you don't quite have the timing right. My RBS card for instance has a statement date of the 8th, but the payment date is the 4th. If I pay on the 5th, 6th, 7th or 8th I'm late.

Instead I've got a DD setup to pay them on the 1st of each month with the minimum and then at a later point if it's not cleared I'll pop more cash on it, means I never miss a payment though.
 
RHS said:
Realistically you should pay more than the minimum amount off on your credit card every month and ideally the full amount.

If you fail to do so it is a very expensive way to borrow money APR can be around 18% where as a loan from the bank the rate would be typically 8-10% saving you money in the long run.
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To be fair I think he knows this, but may have little choice but to borrow it. Bare in mind that with transfers you can also keep the amount at about 3% or less per year thanks to 0% transfers (you only pay a % fee for the transfer). It entirely depends how you manage it, but it's not necessarily a bad way of borrowing.
 
RHS said:
Realistically you should pay more than the minimum amount off on your credit card every month and ideally the full amount.

If you fail to do so it is a very expensive way to borrow money APR can be around 18% where as a loan from the bank the rate would be typically 8-10% saving you money in the long run.
Click to expand...

Those payments are the full balance, when I use it! I typically leave under £10 outstanding on it. Thats the whole idea of it. Keep my credit file good.

I get 0.5% cashback on it too, just that this £12 wiped out the cashback I have been earning. But they cancelled the charge now, just dont want a blemish on my credit file.
 
I'm quite forgetful in terms of making payments so I just ended up setting a DD from my current account every month so I don't need to bother with it.
 
Ace Modder said:
Technically no I didnt pay late. I paid 1 day early, the 4th July.
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technically you did because the letters tend to say payments could take a few day to be processed.

It's not like one late payment against you is going to count for **** anyway...

I had a late charge about 12x in a row because I was ******* with a company that peed me off.

virgin media still said I had the top credit score when I got their services installed

Realistically you should pay more than the minimum amount off on your credit card every month and ideally the full amount.

If you fail to do so it is a very expensive way to borrow money APR can be around 18% where as a loan from the bank the rate would be typically 8-10% saving you money in the long run.
Click to expand...
Pro tip I thought it was free money
 
I have done the exact same thing this month with my tesco credit card. Got hit with £12.55 interest and £12 charge. Phoned up and got the charge cancelled but still have to pay the interest.

Setup a direct debit now
 
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