Late payment charge, is this correct?

oliveoil99

I received my credit card state this morning with a £12 late payment charge for February. I pay in cash at the bank each month, the payment was due 10th February, I made the payment on the 7th February they said they did not receive it until the 11th February, never had this before had the card 20yrs+. So is it not the date you make the payment but the date they receive it? Thanks for any advice.

Tixy

Its the date it is credited to your account. And 2 working days is pretty quick.

It often says on the back of statement to allow 4 working days for certain methods of payment. Might be worth checking whether your statements show that or not, or what it does say.

If its a 'first offence' it might be worth contacting the provider and seeing if as a goodwill gesture they will remove it and not mark your credit file.

stephane_2

Considering that you made the payment on a Thursday and depending of the time the payment was made then unlikely that the payment would have hit the credit card account by Friday so this is why it did not appear on your credit card account before Monday 11th....so £12 fee is probably right and it will be recorded on your credit file....

tsimehC

Cash payment is the fastest method afaik and it can take up to three working days to process. It hit your account on the last day of that window which is unfortunate. If you paid in after 4pm, I think it rolls over to the next working day too.

stephane_2

tsimehC wrote: »

Cash payment is the fastest method afaik and it can take up to three working days to process. It hit your account on the last day of that window which is unfortunate. If you paid in after 4pm, I think it rolls over to the next working day too.

No...cash payment is not the fastest method. When a credit card provider accept Faster Payment then it will be credited on the credit card account within the same day....

shiny76

stephane wrote: »

No...cash payment is not the fastest method. When a credit card provider accept Faster Payment then it will be credited on the credit card account within the same day....

Is that definite?

I thought the transfer from your account to their (holding/paying in) account had to happen within the same day, but it could take longer for it to be credited to your credit card account???

stephane_2

If the credit card provider accept Faster Payments then it will be credited on the same day...but might take an extra day to appear on your credit card account.

The_Boss

Yep, as above FASTER is best. My Halifax account and old First Direct account had it so assume they are starting to become more widespread.

oliveoil99

Tixy wrote: »

Its the date it is credited to your account. And 2 working days is pretty quick.

It often says on the back of statement to allow 4 working days for certain methods of payment. Might be worth checking whether your statements show that or not, or what it does say.

If its a 'first offence' it might be worth contacting the provider and seeing if as a goodwill gesture they will remove it and not mark your credit file.

Well I contacted my provider they would not move company policy and all that. Cost me another £6 on the phone call as I only have pay as you go mobile and those minutes soon add up. In future will always make sure I pay it at the beginning of the week and not a Thursday. Thanks all.

Wheres_My_Cashback

FP/cash payments over the counter/debit card payments over the phone are all as quick as each other...............depending on the card company.

OP, what's the card company and how exactly did you pay ?

PO Card/Lloyds pay in cash at a PO/lloyds branch and the account is marked as paid immediately.
AMEX/Mint pay over the phone with a debit card and it's marked as paid immediately.

Loads of cards except FP's too.

In ALL cases accounts are marked as paid immediately so you can pay on the due date without fear of being late. However, you're account transactions will not be updated for 2-3 days.

stephane_2

oliveoil99 wrote: »

Well I contacted my provider they would not move company policy and all that. Cost me another £6 on the phone call as I only have pay as you go mobile and those minutes soon add up. In future will always make sure I pay it at the beginning of the week and not a Thursday. Thanks all.

Set up a direct debit....even better!