CC Payment due... what to do?

[Suspicious-Teach8788]

So I marked the wrong date of my corporate card due date as 4/19 instead of 4/09.

I submitted my expense report for my trip last week and it got approved, but seeing how slowly they work, I'd allow for a week before the payment goes through. Most likely means I won't make today's payment....

What to do? Call the CC company and ask if an extension is possible?

I can pay out of my own pocket but it's a huge chunk of change (international flight + hotels), and I'd have to then go through a reimbursement process to get the money back because the company's expense system directly pays the credit card....

 

[Vdubchaos]

Call them and give them heads up of late payment!

Most Banks will work with you (especially if it's the first time).

Lesson learned, do it EARLY next time!!!

 

[Sluggo]

Can you just send in the minimum payment to stay in good graces?

 

[Juddog]

Can you just send in the minimum payment to stay in good graces?

This.

 

[Suspicious-Teach8788]

I'll call in. If they can't move it, I pay out of my pocket. I just have to go through a lengthy process to get the company to cut me a check again because my balance will then show up as positive in the CC as they only pay to the CC account for expense reports.

I'll see what I can do. Yeah I budgeted some time for the expense report, but I marked the date as wrong...

 

[Markbnj]

Can you just send in the minimum payment to stay in good graces?

This is what I would do. If it's an Amex card, though, they'll want the whole balance.

 

[Theb]

Only seppuku can wash away your shame.

 

[Suspicious-Teach8788]

It;s a Citi corporate card and I called in and they say I have a 31 day grace period with the corporate card.... No late fee until after 31 days. I asked if there's a credit ding to my credit rating, and they said no, only if you go too far past due.

I guess I forgot one thing (since I always pay my cards on time), is whether I get dinged with interest...

The only reason why I'm a little ehhh is because the charge is $6000 due, which I have, but if I pay that, I'm out $6000 of my bank account, and it probably takes another 2-3 weeks to get my company to cut me a check for that amount once the expense system finally pays the credit card.

 

[bignateyk]

This.

You don't think his employer would get pissed at him about being charged interest?

 

[kranky]

From what I've seen, the Corporate Cards are treated differently WRT late payments. Amex knows most people are waiting on reimbursements and they don't freak out if they don't get paid by the due date. I work with a guy who travels extensively on an Amex Corporate Card and he's said he's paid 30 days late with no repercussions. After that Amex notifies the company who is past 30 days late but that's it. I don't know what happens at 60 days.

 

[tontod]

When I had an Amex Corporate Card in the past, typically it was 60 days before they levied any late fees or dings to your credit.

 

[TwiceOver]

You are in charge of paying your corporate card?

Guess I've never worked like that.

 

[wirednuts]

if youre like me and have over 10k in cc debt, just default. fuck it.

 

[Suspicious-Teach8788]

You are in charge of paying your corporate card?

Guess I've never worked like that.

The card is in my name, but if expense report is submitted on time, the payment credits to my CC account. As an emergency measure if the expense report is not going to make it, I can pay out of my pocket.

 

[CPA]

Any Corporate Card program that matters has grace periods. No need to worry. Believe me, some of the higher ups and sales people are probably not submitting their expense reports for 60-90 days at a time.

<----has managed a corporate card program for a Fortune 150 company.

 

[CPA]

You are in charge of paying your corporate card?

Guess I've never worked like that.

No, he said the company pays the card directly, however because of when you submitted his expense report, the payment will not be processed until after the due date.

 

[Krazy4Real]

It's a corporate card. Don't worry about it.

 

[gorcorps]

You don't think his employer would get pissed at him about being charged interest?

Companies that give corporate cards account for such things. They wouldn't be handing them out if they were concerned about one pay period of intereset.

 

[rcpratt]

The card is in my name, but if expense report is submitted on time, the payment credits to my CC account. As an emergency measure if the expense report is not going to make it, I can pay out of my pocket.

It's odd to me, too. I have a corporate card in my name, but it's the company's. Even if I never paid it, it would have no impact on my personal credit.

 

[Suspicious-Teach8788]

well apparently i called in to our expense site and they said payment will post Friday, but not to even worry because nothing is past due. basically i was told that it's not late til 60 days past the date of purchase.

probably not gonna worry.

 

[CPA]

Companies that give corporate cards account for such things. They wouldn't be handing them out if they were concerned about one pay period of intereset.

Most Corporate Cards don't charge interest. they will, however, charge a late fee - usually if past due 60 or 90 days. Also, if a Card is not paid within 120 days they will close the account, forcing the employee to explain and request a new card. This is generally part of the contract and something the employer requests in the contract so to get the employee to comply with timely expense reporting.