When is late actually late on a credit card

[cprems]

Hi everyone,

 

I just signed into my Cap1 account and found out that I was assessed a late fee. I logged into my account on the 6 Nov and there was a $0 payment due...I just logged in and now today its showing a payment due of $xx.xx dollars. So my question is will this go on my credit report as a late payment? I am usually very diligent when dealing with bills, and did NOT see a payment due for the 16 Nov.

 

What are my options? Do I have any.

 

Ian

[idon'twanna]

It shouldn't hit your reports unless you're a full 30 days late. As in you skipped a payment entirely.

4 days late will be a late fee, but nothing more.

 

eta: "but nothing more" might be false ... nowadays, you might expect a rate jack, too.

sigh.

Edited November 20, 2009 by idon'twanna

[virtualtreasure]

too bad it wasn't a CU many have a 5-10 day grace period b4 counting a payment late and imposing a fee.

 

in any case it won't report to the bureaus unless 30 or more days late. they can RJ (but cap1 says they forgive the first instance so they technically shouldn't RJ if it hasn't happened before)

 

call and kindly request the late fee be removed as a courtesy. as you know they are waiting for any reason to increase your rates or impose fees, you can diffuse these attempts with your vigillance / not giving them any ammunition.

[squirrelgirl]

That is not late enough to report to CRA, but IS late enough for late fee.

[more credit less cash]

OP, if you are revolving balance, then you are 30-days late. If not, you are not 30-days late, but your credit card issuer might ratejack or other forms of AA...

[cprems]

I am revolving a balance. It will be paid off next month. So why was there a $0 due when I logged in on the 6 Nov. This seems weird that they would do that? They hit me with a late fee on the due date.....

 

Ian.

 

 

 

OP, if you are revolving balance, then you are 30-days late. If not, you are not 30-days late, but your credit card issuer might ratejack or other forms of AA...

[cobalt45xy]

my dw got a letter from crap 1 the other day informing us her rate was moving to 29.xx because we paid more than three days late more than twice within a consecutive 12 month period. they called it the penalty rate. So, unless you want to risk RJ make sure you pay it enough in advance.

[wisco_nick]

just fyi my wells fargo card will mark a late payment a minute after the due date. Then charge the late fee on the cycle date. So due date = 1st, pay @ 12:01a on the 2nd. Fee charged the 5th.

 

Discover card is more lenient... usually with let you day a day late no fee.

[cardcardinsider]

OP, if you are revolving balance, then you are 30-days late. If not, you are not 30-days late, but your credit card issuer might ratejack or other forms of AA...

 

This is not true.

 

Even if OP is revolving a balance and they pay past the due date doesn't make them 30 days late.

 

4 days late is 4 days late no matter if you revolve or PIF.

[Irish72]

OP, if you are revolving balance, then you are 30-days late. If not, you are not 30-days late, but your credit card issuer might ratejack or other forms of AA...

4 days late does not equal 30 days late; balance is irrelevant.

[tlv]

Make sure that your account is set up to send alert reminders to your email, and be sure to actually schedule a bill payment as soon as you receive a new statement. Otherwise, it's pretty hard to forget to make a payment when you're revolving a balance; unless your email somehow got cancelled, and you moved all in the same month.

 

That said, 30 days from the due date is 30 days late.

[cprems]

So 30 days late would be if I missed a payment for a month and then had to make 2 payments correct? I paid early last month and was 4 days (paid today before the cutoff) late, actually only 3 days as it was due on the 16th Nov.

 

Ian.

 

 

OP, if you are revolving balance, then you are 30-days late. If not, you are not 30-days late, but your credit card issuer might ratejack or other forms of AA...

4 days late does not equal 30 days late; balance is irrelevant.

[more credit less cash]

OP, if you are revolving balance, then you are 30-days late. If not, you are not 30-days late, but your credit card issuer might ratejack or other forms of AA...

 

This is not true.

 

Even if OP is revolving a balance and they pay past the due date doesn't make them 30 days late.

 

4 days late is 4 days late no matter if you revolve or PIF.

 

 

4 days late does not equal 30 days late; balance is irrelevant.

 

If you revolve balance, there's no grace period.

[2fast]

OP, if you are revolving balance, then you are 30-days late. If not, you are not 30-days late, but your credit card issuer might ratejack or other forms of AA...

 

This is not true.

 

Even if OP is revolving a balance and they pay past the due date doesn't make them 30 days late.

 

4 days late is 4 days late no matter if you revolve or PIF.

 

 

4 days late does not equal 30 days late; balance is irrelevant.

 

If you revolve balance, there's no grace period.

You pay interest on the money but it's not due til the due date.

 

My wife was just late on the cap1 I let her use because the AF popped on the statement and she didn't see the pymt due. I was less than impressed, called cap1 and they wouldn't remove all of it but did half. I even told them I could care less about the fee, it's the black mark on a perfect account that pisses me off.

It's not totally the wifes fault, I had just looked at the account the other day and didn't see it either. I guess PIFing all the time we just expect to pay before the statement cut, didn't even know when the due date was.

She doesn't really use the card anyway, we put the cel bill on it just for use.

Anyway, they assured me that it's fine as long as it's just a couple days (this was 1 day), and not to worry about it.

Edited November 20, 2009 by 2fast

[idon'twanna]

OP, if you are revolving balance, then you are 30-days late. If not, you are not 30-days late, but your credit card issuer might ratejack or other forms of AA...

 

This is not true.

 

Even if OP is revolving a balance and they pay past the due date doesn't make them 30 days late.

 

4 days late is 4 days late no matter if you revolve or PIF.

 

 

4 days late does not equal 30 days late; balance is irrelevant.

 

If you revolve balance, there's no grace period.

 

Grace period is only relevant to how the interest is calculated. It has nothing to do with when the payment is considered late.

4 days late is 4 days late and won't report to the CRA's.

[nothingtolose]

30 days late --> CRAs

<30 days late --> late fee + default APR unless the issuer waives it as a courtesy

 

(not an RJ imo if default APR is the same as disclosed in the terms of agreement)

[GEORGE]

Hi everyone,

 

I just signed into my Cap1 account and found out that I was assessed a late fee. I logged into my account on the 6 Nov and there was a $0 payment due...I just logged in and now today its showing a payment due of $xx.xx dollars. So my question is will this go on my credit report as a late payment? I am usually very diligent when dealing with bills, and did NOT see a payment due for the 16 Nov.

 

What are my options? Do I have any.

 

Ian

LATE CAN BE 3:01pm EASTERN TIME ON THE DUE DATE (on some credit cards)

 

In a perfect world...it should never report as late till you are 30 days late