creditcard problem

magpiemale

thanks for all the replies i know i am FRUSTRATING (even my wife tells me haha ) but maybe the payments should be more clearer if not even in the terms and conditions but me a common person looking at your statement you would assume the du date was the last date in which deposits would be credited to the account within that period.Like I said live and learn which is robins moto lol thank you all.

chattychappy

magpiemale wrote: »

maybe the payments should be more clearer if not even in the terms and conditions but me a common person looking at your statement you would assume the du date was the last date in which deposits would be credited to the account within that period.

Assuming is dangerous, particularly if you don't assume the least favourable interpretation. The problem is that over time people become attached their version of the way things should be and become disgruntled when the opposing party has a different reality which is then enforced upon them.

In this case, I struggle to see how you made your assumption!

Anyway, just so you know:

If you miss a due date, CC will typically apply a late payment fee. They will usually refund this for a first "offence". Apart from the goodwill, it's really not worth their while having a ballyhoo for the sake of £12.

CCs periodically report the state of an account to CRAs. They report whether it's OK, or late, whether only minimums have been received, whether cash advances have been taken, etc. (It varies.)

NOTE: if you miss a payment, the CC doesn't fire off a report saying you are late. Whether you are late or not is reported on the periodic report. In my case with my CCs this usually happens on statement generation.

The effect is:

1) If you are only a day or so late, it is quite possible this won't appear on the CRA - because at the time the periodic report is made, you are up-to-date.

2) Just because the CC agrees a refund, doesn't mean the CRA won't show you were late. IF the CC accepts they made a mistake, then they should remove any negative marker. Typically when the refund the late charge they are not accepting they are wrong - they are effectively "paying you off". If you want to be sure there is no negative report, you must get the CRA report yourself and check. My experience is that even if they tell you a late marker will be removed, it is often still there.