Ads
Credit Cards: Late Fees
It can be very tricky avoiding late fees on credit card payments mainly due to the procedures involved. It takes 5 to 7 days from the time your payment is actually received by the credit card company till it is reflected in your account. In case your payment is being made by certified or air mail, checks are stapled or bound with a paperclip to the remittance stub, or include a cover letter, another couple of days are sure top be added before your payment reaches your account.
The reason for the delay is that the sorting machine has a conveyor belt that is just able to accommodate an envelope, enclosed check or money order and remittance stub. Everything else, even a mere paper clip requires manual sorting to be done.
It usually takes 7 to 10 days for your payment to be credited if sent by post. However your bill may only be mailed as late as 10 days before the due date. So avoiding late fees can prove nearly impossible. One way to avoid delaying your payment unintentionally or otherwise is to pay online or over the phone. Credit card info.com reports:
The Company processes millions of payments each month through huge sorting machines (in training we saw a short video of this process). From the time we ACTUALLY receive your payment in our warehouse to the time the payment posts to your account takes 5-7 days.
--
Did you enjoy this post?
Comments
Post a comment
« Merchant Charges | Main | Valentine's Day and credit card woes »
Syndicate
Comments