I’m one of those people who always (ALWAYS) pays his credit card bill in full each month. I don’t think I’ve ever paid interest on a credit card.
A few months ago, I signed up for autopay on one of my credit cards. I was informed it would be one or possibly two billing cycles before autopay would kick in and I should check my account online to verify autopay status, which was okay with me.
After about 6 weeks, I checked my account online and saw a little green check mark next to "autopay" so, naturally, I figured all systems were go and I didn’t send a check when the next statement came.
As you have already anticipated, the account was not "autopayed" and I ended up with a $39 late fee and some interest. I called customer "service" and raised hell and after several failed attempts to explain the issue to some poor schmuck in Mumbai, I finally got my point across and he debited the overdue payment from my checking account and said he would issue a credit for the late fee and interest. I got a credit for the late fee but not the interest. Another call. More hell-raising. When the dust finally settled, I ended up with a credit balance of $18.51. In other words, they owed me $18.51.
I thought, "What the heck, let it ride and it’ll get absorbed next time I use the card." Today, I checked my bank account online and saw two debits of $18.51 to the credit card autopay. One was at the end of June, the other last Friday. Apparently, autopay looks at the balance field on my account and, if there’s a number there, it yanks it from my bank account with no concern for whether it’s a credit or a debit.
Guess how successful I was explaining that to the guy in Mumbai.
The offers I get from Credit card companies, come with a stamp that says: Pre-declined, or else they charge 50-100 bucks a year, just to possess.
Needless to say, I have no credit cards.
N
From my experience with autopay. It is not a good thing to pay my credit card bill that way. It was too easy for them to collect money for services that were not signed for or agreed upon or disputed.
A bank debit card is much better for paying as you go without having to carry the cash.
Did you pull your credit report lately? Their mistake may show up there.
That is why most of mine are paid from my bank account to the entity that is owed the monies. I only have one Autopay and they have never messed up in 10 years.
SJ
> That is why most of mine are paid from my bank account to the entity that is owed the monies. I only have one Autopay and they have never messed up in 10 years.
>
> SJ
Me too. I must be old fashioned but I don't like the "AutoPay" thing. I like writing out the checks and mailing the envelope.
Luddite!
I do use electronic bill pay. I just don't set any on "Automatic Pilot".
