Credit Cards: Payments
Late Payments
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Can the bank charge a late fee on my credit card?
Banks are required to disclose late payment fees in the account-opening disclosures you receive with your credit card. Read your account-opening disclosures and your account agreement for information about your bank's […]
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I mailed my credit card payment four days before it was due, but the card issuer says it was late. What can I do?
You may wish to contact your card issuer and see if it is willing to waive the late fee. However, the card issuer is not required to. Card issuers consider the day the payment was received and not the date it was mailed in […]
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This month my due date falls on a Sunday. I mailed my credit card payment and it has not arrived there yet. If the payment is received on Monday, will it be considered late?
If your payment due date falls on a weekend or a federal holiday when the bank does not accept or receive mailed payments, any mailed payments received by the bank before the cut-off time on the following business day will […]
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Making Payments
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Can I make special payment arrangements on my credit card account?
You should contact your bank or credit card company. However, many lenders may be willing to work with their customers on an alternate repayment or collection program. If you are suffering financial hardship as a result […]
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My bank increased the minimum payment on my credit card account. What should I do if I can’t afford it?
If you cannot afford the increase, you should contact your bank right away to discuss your specific situation and explore options that may be available to you. If you are suffering financial hardship as a result of […]
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After a payment is made to my credit card account, when does the bank have to make the additional credit available?
A credit card or other type of loan known as open-end credit, adjusts the available credit within your credit limit when you make payment on your account. However, the decision of when to replenish the available credit is […]
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My credit card payment is due on the 4th of the month, but this month the 4th is a federal holiday. I generally mail my payments to the bank. Why don’t they change the due date on the bill?
The Truth in Lending Act requires that: The due date must be the same day each month. The due date could be set as the last day of the month or it could be a specific date in the month, such as the 4th. If the payment […]
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Can the bank apply payments to the “purchase portion” of the account first and then to the cash advance balance?
The bank must apply any amount paid that is more than the minimum payment to the balance with the highest interest rate. For example, if the highest interest rate on your account applies to the cash advance balance, the […]
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The bank is not giving me enough time to make the payment on my credit card account. How many days does the bank have to send the statement before the due date?
A credit card issuer may not treat a required minimum payment as late for any purpose if the minimum payment is received by the card issuer within 21 days after mailing or delivering the credit card statement disclosing the […]
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I made a payment, but it has not shown up on my credit card / home equity line of credit / personal lines of credit statement. What can I do?
You can contact your bank, which may require you to file a written billing error notice. Send the notice to the address specified after "Send Billing Inquiries to:" or the address specified on your monthly billing statement. […]
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Why wasn't my online payment credited to my credit card account on the same day I made it?
The general rule is that a credit card account payment must be credited as of the date it is received. However, the bank may set reasonable requirements for receiving payments. For instance, the bank may set a cut-off […]
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Can the bank delay the posting of a payment to my credit card account?
The bank generally must credit a payment to a customer's account as of the date of receipt of payment. However, the bank can set reasonable requirements for making payments. Reasonable requirements include: That the […]
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Preauthorized Payments
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I canceled a product after the free trial period, but the merchant keeps charging my credit card account each month. The bank has told me to resolve it with the merchant. What should I do?
First, write to the merchant, directing them to stop the charges. Second, notify your bank in writing about any charges that you feel were in error. (Use the billing error instructions, which should appear on the back of […]
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I closed my credit card account, but the bank continued to accept recurring charges (such as charges from my insurance company). Why won’t the bank stop accepting these charges?
Most credit card account agreements require you to cancel all agreements for preauthorized charges by merchants before closing the account to prevent the charges from being accepted. You should contact the merchant, rather […]
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