April has been Credit Card Question and Answer month here at Financial Elite. We continue with Part 8 with information provided from an article from SmartMoney about the little known rules that are costing you money and putting your credit, your identity and your family at risk.
Credit card statements are crystal clear about what day your payment is due, but they're not so forthcoming about what time on that due date. Some banks have triggered consumer complaints by setting a 9 a.m. deadline on the posted payment date- which is before the mail arrives.
Chi Chi Wu, an attorney with the National Consumer Law Center, says a number of class-action lawsuits have succeeded in getting most banks to push back their payment deadline to 2 p.m., the traditional bankers closing hour, a time by which most mail delivery is complete. Even so, a spokeswoman for the American Bankers Association is unsympathetic, saying bills are due upon receipt and that banks spend a lot of money giving consumers options such as paying via phone, online, or auto bill pay. She does not understand why it's an issue to pay your bills on time, it's very easy.
You have to admit she has a point: If you cannot allow time for the U.S. mail delivery, you can always take advantage of an online or pay by phone option and if you are really in a pinch you can always overnight your payment via Fed Ex or UPS delivery, its worth it to avoid a late payment.
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