credit card payment question - Chicagoland Sportbikes
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post #1 of 10 (permalink) Old 02-20-2005, 10:35 PM Thread Starter
 
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credit card payment question

If anyone sends a payment by mail. Is it considered on time if it's sent by the due date? Say its due feb 10, and the post office marks it feb 10. Will they consider that a late payment?

If they dont, then why is online payments need to be rushed if it is paid the same day? Wouldn't it be perceived as a transaction on the same day?
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post #2 of 10 (permalink) Old 02-20-2005, 10:39 PM
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they do not go by the postmarked date. they go by the recieved date.


as for the second part of your question I cant even decifer what you are asking.

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post #3 of 10 (permalink) Old 02-20-2005, 10:53 PM
 
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VCook is correct... it's the day the check is recieved. Usually 3-4 business days from the say I send it in my experience.


For online payments... it depends on the company. My online banking is instantaneous. But for other bills, it takes 2-3 days to process the payment.

Best paractice is to try and mail payments 7 business days early and no later than 4 business days before it's due. I set online payments 3 days before it's due.

For some bills, it's a balancing act between not letting them have my money until the last minute vs. not being late. But if it's a credit card with a balance... you want ot pay them ASAP since interest is calculated daily... and you are losing more money in interest than you gain in a savings account.

That also goes for car loans. They are typically calculated daily so it can be ot your benefit to pay early.
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post #4 of 10 (permalink) Old 02-21-2005, 12:16 AM Thread Starter
 
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Quote:
Originally Posted by Vcook
as for the second part of your question I cant even decifer what you are asking.

you dont have to add anything or was that subtraction for jethro?


Cherry pretty much answered it, as well as you did, vcook.


Credit cards have the online payment option. Some allow you to do it the same day but only to a certain time. Others need 2-3 days but have the option of rush payment. That is when they charge 10 dollars to do it the same day.


Im just wondering, since i'm paying it online. Cant it be qualified as todays transaction but it will be posted the next day. Just as if i bought something today, they will post what i bought the next day, but show a transaction with todays date.


My friend said something how banks cant charge(overbalance) you, if you deduct money earlier in the day, while later in the day you add money into your account.
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post #5 of 10 (permalink) Old 02-21-2005, 01:52 AM
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They might require a "validation" period. That might be what the added fee for a "rush" transaction is for.

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post #6 of 10 (permalink) Old 02-21-2005, 03:09 AM
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take it from a pro, i have a average credit score over 820, its called manageing debt!


when ever a payment is DUE that means they have the funds BEFORE or on that date in which the payment has been received from you.

dont know about online payments, but its the same thing!

you making a last minute payment by phone or online, is a convienance charge "which means your ass was lazy and they will take a auto payment over the phone or online"

send out your bills earlier, or its time to look at your spending "income to debt ratio" if you can not afford your life style the way you debt yourself.



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post #7 of 10 (permalink) Old 02-21-2005, 04:50 PM
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paying online have diferent meenings. I bank with citibank and have their creadit card. If I log in to my checking account online and make a payment it might take 2-3 days to get posted. But if I log in into credit card web site it is instantenuasly.

But like others said pay sooner then later. As far as i know if your payment is late it has no bearing on your credit score, unless you are more then 30 days late. What effects if your account in 2 ways. one they will charge youlate fee, two they will raise your percentage.

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post #8 of 10 (permalink) Old 02-22-2005, 01:06 PM
 
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I think I can answer the Fee question, it is usually a 15 dollar fee that is assessed, the reason for this is it is specialy handled, it is called a Federal Wire which means the CC is able to have the money instantlly from your fiancial institution vs a standard wire transfer which the bank makes the Credit Card company or recieveing party wait to verify sufficent funds even though some banks will still allow the money to leave your account.(so they can make money off of you hence overdraft fees) Even though your not writing a check to the credit card company or recieving party they still have to wait till they recieve a paper statement on a feed from your bank. The Federal wire has its own feed because it is of a higher priority..
I hope that made sense I deal with it everyday so... Im hoping i can explain it lol

take care,
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post #9 of 10 (permalink) Old 02-22-2005, 01:09 PM
 
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cougar is correct, it takes up to 30days before they report it to the credit bureau, Someone correct me if im wrong but I believe that is IL's Law ;-) only thing you will end up recieving is late fees until those 30days
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post #10 of 10 (permalink) Old 02-22-2005, 03:11 PM
 
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Quote:
Originally Posted by oldschoolninja

My friend said something how banks cant charge(overbalance) you, if you deduct money earlier in the day, while later in the day you add money into your account.
On my credit card or chcking account... it depends on what order (time of day) they are posted at. I've had a check bounce... but 8 hours later that afternoon, my direct deposit came in and covered it.... but i was still charged a fee by my bank. I later made a note of the issue and was refunded the fee.
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