Late Fees & Time taken to receive payments

chris_uk_2

Hi all,

I have a Virgin Credit Card, and when I make a payment to credit its balance it can take 2-3working days to receive this payment. I have just done this today 27/5 and the Minimum Payment Date is 29/5 - do credit card companies have a right to charge a 'late fee' if the payment doesn't clear by the 29th even though I paid by debit card today? Hardly seems fair that because of their inadequate payment processing systems we have to bear the brunt.

Many thanks,
Chris.

leicsmarkyr

Yes they have every right to charge teh fee if they do not receive it by 29th May. Different companies work different and may:
* Use the transaction date and therefore you are ok
* Use the posting date and that depends how quick they get it and by what means you made it
* Have a grace period where they give you a tollerance of 'x' days {and you wont know this}


I think things are going to be easily and qwuicker if paid by BACS with the instant payments now occuring

nicnevitt

They give you a days grace for payments to come through.

Your payment should clear overnight on the 29th so you should be ok.

cifpower

Why not set up a direct debit so the minimum payment is made every month on time? That way you will incur no late fees, your credit report will remain intact and you will keep any 0% offers you may have.

Night-owl_6

They have every right as has been stated to charge you a late payment fee, its in the T&Cs

leicsmarkyr

nicnevitt wrote: »

They give you a days grace for payments to come through.

Your payment should clear overnight on the 29th so you should be ok.

Not all cards give grace