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Credit Cards - Fees


Can the bank charge a late fee on my credit card?

Yes, if either of the following is true:

For more information, please review your Account Agreement or contact the lender for an explanation.

I mailed my credit card payment prior to the due date, but the bank still charged me a late fee. Can it do this?

Yes. Please keep in mind that your payment must be mailed in enough time for the bank to receive it on or before the due date.

Banks are not obligated to honor postmark dates when considering timeliness of a payment. The bank considers when the payment was received—not when it was mailed.

I pay my credit card bill every month, but I don't pay the minimum amount due. The bank is charging late fees. Can it do this?

If you are paying less than the minimum amount due, then the bank can charge you a late fee if disclosed in the Account Agreement.

You should also review the Account Agreement you received when you opened the account or contact the lender for an explanation.

Can the bank charge me an over-the-limit fee?

Yes, if you exceed your credit limit and it was disclosed in the Account Agreement the bank can charge you an over-the-limit fee. You should review your Agreement or contact the lender for an explanation.

Can the bank charge a fee for a cash advance on my credit card?

Yes, if it was disclosed in the Account Agreement, the bank can charge you a fee for a cash advance. You should review your Agreement or contact the lender for an explanation.

Last month, the bank scheduled my credit card payment due date on a weekend but didn't post the payment until the next Tuesday. I made my payment on time but was charged a late fee because of when it was posted. Why is the bank assessing a late fee?

Generally, unless a cut-off time is specified, payments must be credited on the date received. Check with your credit card company about its policies. For more information, review the Account Agreement provided when the account was opened.

If you followed the payment requirements and you were still charged a late payment fee, you can dispute the charge with the bank. Notify your bank in writing using the billing error instructions, which should be on the back of the periodic credit card statement.

Be sure to use the address specified after "Send Billing Inquiries to:" on the back of the statement. This is usually not the same address where you send your payment.

I closed my account. Can the bank continue to charge interest and fees?

Yes, even though you paid off and closed your account, there could have been residual interest from previous balances. Residual interest will accrue from the last statement cycle date until the bank receives your payment.







Copyright 2007 by Mark McCracken , All Rights Reserved