CRRAAAAP Missed CC payment... bumped my interest rate!

[Homerboy]

I carry a sizable balance on 1 CC card at 2.9% from our recent home addition project (cheaper than the HLEC rate itself).

I KNOW I mailed in the monthly payment (due the 21st), but I just logged into their website to see why the check hadn't cleared yet... well its because apparently they never got it?!?!?!

Now my PAR is at 32.9%!!!! WHAT THE HELL!!! Ugh I know its the "rules" and how the game is played, but do you think if I call and beg and explain that I did in fact mail a check they will give me a reprieve? I don't have the CC on me right now (I never use it as its sole purpose is just to carry this low balance), its buried in a drawer.

FvCK! so PO'ed right now. I know I should have just used the stupid online pay.

Worst case is I guess I transfer that balance to another CC but I doubt I'll get that rate again for that dollar amount.

FRACCCCCCK!

 

[deerslayer]

Call them and tell them you mailed it. I had an issue like this once and I called Capital One and kindly asked them how it was my fault the the USPS didn't deliver the mail. They removed the charges for me.

 

[waggy]

bummer

 

[Brainonska511]

Online payments FTW

Call them up and explain that you sent the check and see if they'll let you send another one without penalty. They should have no problem waiving the fees and interest if this happens only once.

 

[Ronstang]

And you don't use online payment WHY?

 

[giantpinkbunnyhead]

If you have a good payment history, a call to the CC company stands an excellent chance of having your interest rate returned to the 2.9%. IT certainly won't hurt.

 

[Canai]

I'd think as long as the date on the envelope showed it should have arrived you should be able to reverse the charges

 

[edro]

Transferring to another credit card will cost you a few percent usually.

I know this is hindsight, but why not have your minimum monthly payment withdrawn automatically from your checking each month? Then pay extra when you want.

 

[brxndxn]

Dude.. relax. Take a load off.

Okay, let's all keep our feet on the ground and take a deep breath. When I coached tennis I wore white socks, white shorts, and a white top. It looks good. You guys look good.

Anyway.. call your credit card company and say 'hey look.. I've made all my payments on time and YOU lost my check. I will resend another check if you like - if you lower my rate back to where it was. Otherwise, I will open another credit account, transfer this balance to the new account, and close this one.'

Boom.. problem solved.

You owe me $5 for this GREAT advice.

 

[Homerboy]

Originally posted by: edro
Transferring to another credit card will cost you a few percent usually.

I know this is hindsight, but why not have your minimum monthly payment withdrawn automatically from your checking each month? Then pay extra when you want.

because... well... that makes sense doesn't it?
I know I know it was just "one of those things" that I never got around too. Too busy neffing I guess.

I know I know, online payment is the way to go, and I acutally do use it for other things. I've just never pulled the trigger on this Citibank card for whatever reason.

Payment history is clean as far as I can recall. The account has been open for at least 6+ yrs and only carrying this balance for 5-6 months .

I will obviously call once I have the card in my hand so I have info etc. I guess my "threat" is "Fine... if you won't float me this one time, I wil be transferring enter balance to AMEX tonight." 32.9% of $0 is $0

 

[Homerboy]

Originally posted by: brxndxn
Dude.. relax. Take a load off.

Okay, let's all keep our feet on the ground and take a deep breath. When I coached tennis I wore white socks, white shorts, and a white top. It looks good. You guys look good.

Anyway.. call your credit card company and say 'hey look.. I've made all my payments on time and YOU lost my check. I will resend another check if you like - if you lower my rate back to where it was. Otherwise, I will open another credit account, transfer this balance to the new account, and close this one.'

Boom.. problem solved.

You owe me $5 for this GREAT advice.

re-read my OP again. I do plan on calling and I do plan on transferring to another card if they don't concede

Edit: I did like the tennis comment though... good and out of left field.

 

[Suspicious-Teach8788]

I love calling CC companies and making random excuses. I'm horrible with transferring my money from a savings account into my checking account as that takes 3 - 4 days. I usually cut it quite close with my CC payments so sometimes I have to be late otherwise I would get a bounced payment, and we obviously don't want that. I love calling Citi and saying that I didn't kn ow the 5pm deadline was a 5pm EST and I thought it would be 5pm west coast time. It's so BS, but it's worked =]

 

[f4phantom2500]

Originally posted by: brxndxn
When I coached tennis I wore white socks, white shorts, and a white top. It looks good. You guys look good.

...

 

[Brainonska511]

Originally posted by: DLeRium
I love calling CC companies and making random excuses. I'm horrible with transferring my money from a savings account into my checking account as that takes 3 - 4 days. I usually cut it quite close with my CC payments so sometimes I have to be late otherwise I would get a bounced payment, and we obviously don't want that. I love calling Citi and saying that I didn't kn ow the 5pm deadline was a 5pm EST and I thought it would be 5pm west coast time. It's so BS, but it's worked =]

So you like being irresponsible and then calling to make excuses for your irresponsibility?

 

[ebaycj]

Yeah, as some have said, ONLINE PAYMENT IS THE ONLY WAY TO GO.

If you are really stuck on your stupid snail mail paper payment, fine. Do that as long as you mail it out 7+ days in advance. If you are at 7 or less days until the payment is due, you should do a one-time online (or phone) payment instead of that month's paper payment. Even if it costs you $10 or $20 in fees. $10 or $20 in fees is MUCH LESS than one month's worth of interest (assuming your rate is going from 2.9 -> 32.9), not to mention you avoid the hassle of having to transfer your balance to get back to the low rate you originally had.

 

[rudder]

Call them and be nice and apologetic. If you make a habit of late payments forget it. I've had late payments from a best buy card removed before and they are the worst (never pay a bill friday afternoon when it is due monday, thier servers must shut off over the weekend).

Key is dont get beligerent. Its either someone in the US making $5.15 an hour or someone in India pulling in 20rupees a day. Either way, they do not care about you. They just dont want to be hassled.

 

[MercenaryForHire]

WTF? What kind of CC holder bumps the rate on a missed payment? Is this normal with US banks?

- M4H

 

[MikeyIs4Dcats]

this is why you ALWAYS set up an auto-pay with the minimum payment amount. You can always pay more, but it's hell if you forget to pay anything.

especially because now it is common for other creditors to see your late payment and rate-jack you, so even if you are in good standing on another card, they may increase your rate similarly for no reason.

 

[simms]

online FTW.

 

[Homerboy]

yes yes people I get the idea Online Pay works (and I do use that for many of my bills just not this one).

 

[MikeyIs4Dcats]

Originally posted by: MercenaryForHire
WTF? What kind of CC holder bumps the rate on a missed payment? Is this normal with US banks?

- M4H

YES. it's the new trend.

 

[SlowSpyder]

There are people who still mail in paper payments?

 

[waggy]

Originally posted by: MikeyIs4Dcats

Originally posted by: MercenaryForHire
WTF? What kind of CC holder bumps the rate on a missed payment? Is this normal with US banks?

- M4H

YES. it's the new trend.

yeah but on the first missed payment? i have a 6% card that i have been late a few times and they have not done a thing. and i have had the card for 12 years now.

 

[KarmaPolice]

I don't use a credit card....they scare me

Note: I realize that i will need to use mine eventually. At the moment the only thing ive used it for is for large items for a house we redid and that my parents paid for...so i could build credit.

 

[MikeyIs4Dcats]

Originally posted by: waggy

Originally posted by: MikeyIs4Dcats

Originally posted by: MercenaryForHire
WTF? What kind of CC holder bumps the rate on a missed payment? Is this normal with US banks?

- M4H

YES. it's the new trend.

yeah but on the first missed payment? i have a 6% card that i have been late a few times and they have not done a thing. and i have had the card for 12 years now.

yes. Not all creditors do it, but more and more are. I missed a payment a couple of years ago on a Chase account and they rate-jacked me immediately to the maximum allowable rate. And they wouldn't budge on it despite an otherwise good credit history. That is their one in---you violated the terms and they can now jack your interest rate. They gamble that you don't notice (I didn't for a couple of months) or that you will be unable to transfer your balance if it's a large one.