Borrowers With Good Payment Histories May Be Hit With Dirty Credit Card Tricks

December 22nd, 2009 by Reed Allmand

To get around the Credit CARD Act passed by Congress earlier this year, some credit card companies have decided to play dirty with even their best customers.

Regarding late-payment fees, Dan of Campbell Hall, NY, says he’s had a WaMu credit card for five years and has always paid his card down. He tells ConsumerAffairs.com that when Chase acquired WaMu last year, his interest rate shot to 29.99 percent and his account was closed. He says Chase refused to re-activate the card, citing late payments.

Eventually, the credit card borrower was informed that his payment was deemed late because his due date fell on a Sunday and despite the fact that the borrower paid the bill on that Sunday, the credit card lender did not process it until that Monday making it late.  Campbell didn’t see it coming.  This credit card borrower paid faithfully; but was still exploited by his lender. Now the borrower possibly has two negative entries on his credit report, a late payment and a credit card account closed by the lender with a balance.  Oh, and let’s not forget, he now has to repay that amount at a 29.99 percent interest rate.  Don’t think it can’t happen to you.  Here are a few tips on avoiding this particular dirty credit card trick:

1. Thoroughly check your credit card statement to see if your due date has changed.
2. Check your calendar to see if that credit card due date falls on a holiday or a weekend.
3. If the credit card due date falls on a holiday or weekend, please make the payment before that due date. A matter of fact, it may be wise to avoid paying your credit card bill on the due date so that you can avoid “processing times” that may impact whether or not your payment is considered late.