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I have to talk about this......

Discussion in 'Consumer Affairs' started by savagewind, Sep 28, 2017.

  1. savagewind

    savagewind Veteran Member
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    I am not rich, so I shop at Sam's Club. I use their credit because it gets points.
    I pay the total due each month. I get the points.
    Payment is due on the 15th of each month.
    Last month I sent the check on the 12th because I forgot to send it sooner and then I thought Monday was a holiday. I suppose not that it really wasn't. Anyway, they should have got it by the 15th. They didn't.
    I haven't paid interest on a credit card for a long time, so I was agitated that they had not got it.
    I was thinking that the interest could not be so bad on 495 dollars. I might have been rounding down to five dollars. Hahahahahahh. I called them agitated. Oh god, I wouldn't like that job! I hadn't got the next bill yet.

    The poor thing. LOL She was extraordinarily patient, something like a machine would be.
    She said she took off the penalty (I don't know what it was).

    That was a week after it was due that I called. I was watching my bank account.

    Two days ago I decided to pay the whole damn thing via online. The whole damn thing was the amount the check was for and the next month's shopping, which was higher. I was thinking maybe someone will find that check, but probably not.

    My paranoia has me checking my bank account often and today, OH NO! they found the check!

    But, that is not what this is about.

    This is about the statement that came today. This si what I want to tell you. The interest charged on $495.00 is $22.74. I don't know much about finance but I thought I knew about compounded interest. So, if a twenty percent interest is agreed upon and I held a five hundred dollar balance for a year then the interest would be $100.00 A YEAR and so a month would cost me just $8.33.

    It seems to me that a 22 dollar charge means they are charging approximately three times that.

    I do not understand. Is it really 50% interest that I agree to? Isn't that crazy? Do loan sharks charge less?
     
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  2. Enoch07

    Enoch07 It's all a sick freaking joke.
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    Some of them will charge a standard late fee just for being late. $22 seems reasonable to me. Kohls charges a $37 late fee plus interest I think, and Capital One charges about $20 for a late fee as well. This is all from memory but I think I am within a few dollars of each being correct.

    Store credit does seem to charge higher which is odd considering I cant use my Kohls charge card anywhere but Kohls. So If Sam's is only charging $22 late fee that is quite reasonable for a store credit. Bit yeah i constantly if I cant pay atleast 30% of my remaining balance by the due date i will make the minimum payment due (which is usually like $27) so that the payment is on time. And then even if it is only 2 days later I make the 30% payment or pay it off totally, so that I get the credit points and still keep my interest down to a reasonable level. Its all about juggling that credit and keeping them going. Because unused credit damages you more than delinquent credit, but ideally you don't want either and just want to keep a low balance all the time.
     
  3. sun rise

    sun rise "Let there be peace and love among all"
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    This happened to me as well. The penalty is really hefty and is like an electric shock to the system.
     
  4. Nowhere Man

    Nowhere Man Bompu Zen Man with a little bit of Bushido.

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    Funny how businesses can extract late fees and we can't charge them for inferior services.
     
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  5. savagewind

    savagewind Veteran Member
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    Now I have overpaid the bank almost five hundred dollars.
    I paid last month's balance with this month's balance and then they found the check for last month and cashed it.
    Will I get paid the interest on the money I gave them? Actually, I didn't give it to them. They took it.
    No, they won't give me anything for it. At least I won't have to worry about the next month's bill.
     
  6. Kuzcotopia

    Kuzcotopia If you can read this, you are as lucky as I am.

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    This is a consumer advocacy issue, and the worst hit are always the poor or desperate. Sorry this kind of stuff is still allowed to go on.

    I recently had to fight with Comcast* over a 20 dollar service increase I didn't ask for. My bill went from 40 to 60 dollars. That is a 50% increase. . . And since I'm auto paying, they are just hoping we don't notice for a few months.

    I get the buyer beware mentality to some extent, but there are not enough hours in the day to keep yourself from being conned by someone. We need legislative action, but it'll never happen until we get true liberals to run for office who don't shy away from regulation issues.

    * also known as Pit of the Whispering Demon Spawn
     
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  7. Kuzcotopia

    Kuzcotopia If you can read this, you are as lucky as I am.

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    Yeah, but now your stuck for the month with 500 less until it all evened out. Gonna be okay?
     
  8. savagewind

    savagewind Veteran Member
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    Thank you. Yes. I am still in the black. It is my goal to stay there.
     
  9. savagewind

    savagewind Veteran Member
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    I have received the paper bill. When I called about my check not getting there (the business is in Orlando) the poor young lady said she would remove the penalty charge and I believe she did. She told me that the next day after we spoke would be the end of that cycle. That to me means that what she said she did would show on my bill. The bill says, "interest charges". I don't know :( You guys must be right that it includes the penalty charge that she said she had removed.
     
  10. bobhikes

    bobhikes Nowoligist
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    Yes those numbers do not add up. What is possible it happened to me; you have 30 days to pay off a purchase before they charge interest. If you miss that 30 day window by 1 day they charge you interest and it shows up on the next bill. That would mean the month before you would of had an 867 dollar purchase that you missed the 30 day window. Otherwise it might be an error and you should contact them. This is all based on a 20 percent interest rate.

    edit:
    Explanation of what happened to me.
    I got April bills zero balance.
    April 1 I bought something say 900.00
    I got May's bill showing 900.00 no interest when the bill was printed before interest was added.
    I paid May's bill on the 12.
    I got June's bill showing the interest. This is when I was informed of the 30 day window and they were unsympathetic about removing it. I got a new card.
     
    #10 bobhikes, Sep 29, 2017
    Last edited: Sep 29, 2017
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  11. DavidFirth

    DavidFirth Well-Known Member

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    My recommendation is to pay online with your debit card. I pay all my bills that way, collect my receipt and save it electronically. I pay on the creditor's site, not my bank's. That way they have confirmed the payment themselves and they cannot say they never got it.
     
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  12. savagewind

    savagewind Veteran Member
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    Unbelievable! I told the phone operator that I am old and in the old days as long as a company received the check by the due date the money was called received. Now they seem to need the funds in their bank before it is called received. Well, then move the due date! I told her that. LOL

    I talked to three different people. The second one was like a machine. Maybe it was. So, I asked for someone else and I think I got a real person. She told me that the next bill will show -22.74. I am not betting on it.

    It was my first late payment, but it wasn't really late, it was hurricane late. Don't you hate automation?

    Anyway, it is funny now and later I get to spend some money for free. LOL
     
  13. savagewind

    savagewind Veteran Member
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    Yes, it is what I decided on and that is why I paid one month twice.
     
  14. DavidFirth

    DavidFirth Well-Known Member

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    At least you can easily prove you paid one month twice. They should either refund your money or credit your account for next month.
     
  15. savagewind

    savagewind Veteran Member
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    I didn't ask for a refund. They had better credit my account!
     
  16. DavidFirth

    DavidFirth Well-Known Member

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    Yes, they had better. You've got proof positive that it's paid so I don't see how they could get around that.
     
  17. Stanyon

    Stanyon WWMHD?

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    It depends but if you don't pay your vigorish on time it will probably be more than a phone call and a late fee.
     
  18. YmirGF

    YmirGF Bodhisattva

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    I resorted to doing just that when I noted that on my bank's website they state very clearly that all transaction go through at midnight of the given day. Likewise, it can take another day for the recipient to update their books. So, cut out the middleman (person) and pay direct to the recipient.
     
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  19. DavidFirth

    DavidFirth Well-Known Member

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    Yes, very good point.
    Also, it makes it harder for someone to track your online activity because if you pay everything directly from your bank account that's easy to track.
     
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  20. sun rise

    sun rise "Let there be peace and love among all"
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    I'm not concerned about tracking but I do pay on the credit card site if I'm even close to the payment date to avoid hiccups.
     
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