HSBC late fee - Missed due date.

[Deleted User]

Hi all

I have had credit cards for like 17 years and I've never missed a payment, paid interest or had a late fee. Until now. 

How I have been doing it for the past few years,across multiple credit cards, is paying a fixed amount via standing order on pay day (25th). Every credit card I have had, this has worked flawlessly as the due date is at least 30 days from the statement date. This is not the case with HSBC however.

My latest statement date is the 26th October with the due date 21st November. Previous date was 27th September with a due date 24th October. I have just noticed I have incurred a £12 late fee (which could be for the previous statement which means I may be due another).

Surely this is not typical or right? It basically means payment is due before I get paid. Surely this should be at least 30 days and I'm sure it was a lot more with the other credit cards I had.

Also, would these missed payments appear on my credit file and if so, any chance of my rectifying it? I've never missed a payment on anything in my life! 

msallen

Due date is never over 30 days from statement date.
You have basically been very lucky for 17 years.
Although you are definitely at fault here, if it is the first time, then the credit card supplier may offer to refund the fee as a goodwill gesture, but not if you go in there all guns blazing. Ring them, apologize, explain you misunderstood and ask them to move your statement date so that the due date falls around the 1st of the month (to give yourself a few days grace if you want to continue paying the way you do).
Better still set up a direct debit for the minimum payment.

[Deleted User]

Never? 20 plus credit cards over the years and they've always been at the beginning or end of the month. First one with HSBC and this happens. I never read the statement, but poor banking by them. I'm sure they are in the minority of banks that do this

msallen

Yes that's right NEVER.
If you don't know how credit cards work, and admit to not reading statements I can't believe you've not had numerous late fees in the past ... or maybe you have but don't know because you didn't read the statement.

[Deleted User]

msallen said:

Yes that's right NEVER.
If you don't know how credit cards work, and admit to not reading statements I can't believe you've not had numerous late fees in the past ... or maybe you have but don't know because you didn't read the statement.

Not a single one. Only thing I read on this particular statement was the amount due. Every other credit card, I keep a close eye on my finances, has never been like this. A quick Google search shows that HSBC have had a few complaints around randomly moving the date so I am not the only one it seems. 

Ebe_Scrooge

Deleted_User said:

I never read the statement, but poor banking by them.

No, poor financial management by you.  How can you not read the statement?  If you're not checking your statements, apart from anything else how would you be aware of any suspicious, unexplained or fraudulent transactions?

Just set up a Direct Debit for the full balance, this will avoid any issues.  And yes, different card providers do have different Statement Date-to-Payment Due Date intervals.  Commonly it's around 21 days, but it varies between cards.

As a previous poster mentioned, if it's a one-off occurrence then a polite phone call will often see them refund any charges, if you ask very nicely.  But do be aware that the fault lies with you, not them.

Deleted_User said:

Also, would these missed payments appear on my credit file and if so, any chance of my rectifying it? I've never missed a payment on anything in my life! 

Any missed/late payment will appear on your credit history.  But a single aberration in an otherwise well-managed and long-standing history will have such a tiny effect as to be meaningless.

[Deleted User]

Ebe_Scrooge said:

Deleted_User said:

I never read the statement, but poor banking by them.

No, poor financial management by you.  How can you not read the statement?  If you're not checking your statements, apart from anything else how would you be aware of any suspicious, unexplained or fraudulent transactions?

Just set up a Direct Debit for the full balance, this will avoid any issues.  And yes, different card providers do have different Statement Date-to-Payment Due Date intervals.  Commonly it's around 21 days, but it varies between cards.

As a previous poster mentioned, if it's a one-off occurrence then a polite phone call will often see them refund any charges, if you ask very nicely.  But do be aware that the fault lies with you, not them.

Deleted_User said:

Also, would these missed payments appear on my credit file and if so, any chance of my rectifying it? I've never missed a payment on anything in my life! 

Any missed/late payment will appear on your credit history.  But a single aberration in an otherwise well-managed and long-standing history will have such a tiny effect as to be meaningless.

To be fair, I never read my statements either but I do check the app most days so I know if there is anything suspicious on there. However, I have a DD setup for paying in full every month to avoid missed payments. Lloyds seem to be 25-26 days for me from statement to due date but agree with everyone else, 30 is not common and especially not more than 30

grumbler

Deleted_User said:

Surely this should be at least 30 days and I'm sure it was a lot more with the other credit cards I had.

"Most cards generally give you up to 56 days to make a repayment before interest is applied" - https://www.hsbc.co.uk/credit-cards/what-is-an-interest-free-period/

"Credit cards usually have an interest-free period of up to 56 days from the moment of purchase" - https://www.experian.co.uk/consumer/credit-cards/guides/using-credit-cards.html

56=30+26

If you make payments manually, set up a DD for a minimum payment to avoid fees if you pay late. But it's interest as well, not just fee if you are late.