Credit Cards: Beat the Late Fee
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For some reason--a slip-up en route or a backup at First USA's payment-processing center--your payment was posted after the due date. Even though federal law requires card companies to credit your account the day they receive the payment, you can't prove when it arrived in the mail. And the fine print on the back of First USA statements says that payments must be received by 8 A.M. on any "normal" business day to be credited to your account that day. It also says there may be a delay of up to five days if the payment is not accompanied by the payment coupon, if it's not received in the return envelope provided or not received at the location shown on the front of the statement.
If you mail your check more than a week in advance but are still charged a late fee--which Gerri Detweiler, author of The Ultimate Credit Handbook (Plume), says has been happening more often than in the past--call the card issuer and explain. It will often waive the fee the first time. If the issuer doesn't give you a break, complain to the bank's regulator and the Federal Trade Commission. They may take action if they find a pattern of problems.
With such high stakes, it pays to send your payment as early as possible and then call customer service to make sure it's been received. You can even send a payment before your bill arrives. Also consider electronic payment: Some companies, including First USA, let you make card payments directly from your checking account.
GIFTS THAT DON'T AFFECT FINANCIAL AID
I would like to make an annual investment for my godson's college education that I would present to him on his 18th birthday, but I don't want to hurt his chances of receiving financial aid. Do you have any recommendations?
To know more, vieit here
For some reason--a slip-up en route or a backup at First USA's payment-processing center--your payment was posted after the due date. Even though federal law requires card companies to credit your account the day they receive the payment, you can't prove when it arrived in the mail. And the fine print on the back of First USA statements says that payments must be received by 8 A.M. on any "normal" business day to be credited to your account that day. It also says there may be a delay of up to five days if the payment is not accompanied by the payment coupon, if it's not received in the return envelope provided or not received at the location shown on the front of the statement.
If you mail your check more than a week in advance but are still charged a late fee--which Gerri Detweiler, author of The Ultimate Credit Handbook (Plume), says has been happening more often than in the past--call the card issuer and explain. It will often waive the fee the first time. If the issuer doesn't give you a break, complain to the bank's regulator and the Federal Trade Commission. They may take action if they find a pattern of problems.
With such high stakes, it pays to send your payment as early as possible and then call customer service to make sure it's been received. You can even send a payment before your bill arrives. Also consider electronic payment: Some companies, including First USA, let you make card payments directly from your checking account.
GIFTS THAT DON'T AFFECT FINANCIAL AID
I would like to make an annual investment for my godson's college education that I would present to him on his 18th birthday, but I don't want to hurt his chances of receiving financial aid. Do you have any recommendations?
To know more, vieit here
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