Make sure your making your CC payments on time

**smcc** · August 24th, 2010, 12:50 AM

Interesting reading posted in the USA TODAY

http://www.usatoday.com/money/perfi/...ney24_ST_N.htm

**cce** · September 5th, 2010, 11:54 AM

Good find SMCC!

"At least 94% of bank cards and 46% of credit union cards include the right to impose an interest rate penalty in their card holder agreements, according to Pew's analysis. Among those that disclosed their rates, the median rate in March was 29.99%, up from 28.99% in July 2009."

I couldn't imagine having a rate of around 9% and then see that jump to 30% for missing a payment. Talking about beating you while you're down!

**smcc** · September 5th, 2010, 02:45 PM

What I do cce is when I make a purchase on my cc I make the payment that day. I have been known to get on my cell and make the payment at work if I make a purchase while at the job. Obviously a large purchase will have to mitigated over "x" number of months but I don't make a purchase on my cc until I already know how I am going to pay it off and make sure the payments are before due date.

**Joeyman** · September 5th, 2010, 05:38 PM

Originally Posted by smcc

What I do cce is when I make a purchase on my cc I make the payment that day. I have been known to get on my cell and make the payment at work if I make a purchase while at the job. Obviously a large purchase will have to mitigated over "x" number of months but I don't make a purchase on my cc until I already know how I am going to pay it off and make sure the payments are before due date.

I do the same, but I go online. Basically with my credit union, I go the transfer section of my online banking and instantly transfer money from my checking to the Classic Visa account. The interface for both the checking and credit are the same. Basically, it's like I am transferring money from my savings and checking! I like how instant it is. For instance, to make a payment with my Capital One or Elan card takes about 3-7 days online. This makes me more enticed to use my Classic Visa from my credit union.

**smcc** · September 6th, 2010, 08:31 AM

Me too Joeyman, have it set up online to pay for my AMEX, DISCOVER, BOA Signature Cards, through my Bill Pay with BOA. The Visa Signatures get their money instantly, AMEX and Discover take 1 day.

**Ergonomic** · September 6th, 2010, 11:30 AM

Originally Posted by cce

Good find SMCC!

"At least 94% of bank cards and 46% of credit union cards include the right to impose an interest rate penalty in their card holder agreements, according to Pew's analysis. Among those that disclosed their rates, the median rate in March was 29.99%, up from 28.99% in July 2009."

I couldn't imagine having a rate of around 9% and then see that jump to 30% for missing a payment. Talking about beating you while you're down!

do they really penalize you for one single missed payment? That sound mighty cruel! There should be a cap right?

**smcc** · September 6th, 2010, 04:07 PM

Missing a payment, voluntary or involuntary, isn't good. You get crucified, financially and otherwise. Too many things the consumer can do to avoid this issue. Obviously if their is no income then you have no other choice.......

**Wanderer** · September 6th, 2010, 08:12 PM

Originally Posted by Ergonomic

do they really penalize you for one single missed payment? That sound mighty cruel! There should be a cap right?

All of this is covered by the new Federal Credit Card Act that has been written about everywhere. You would be well read to review the act and become familiar with your rights. It is quite a piece of federal legislation.