10 August 2008

Petty Credit Card Peeve

American Express has deadlines for them to receive your money from credit card payments that fall on Sundays, when they are incapable of receiving money by mail. For customers who don't pay their bills electronicially, this allows them to claim that they are providing a longer grace period for payments then they actually do.

1 comment:

Jon W. said...

This is a symptom of the fact that credit card companies treat late fees as a revenue stream. I was fortunate to receive a bill today that is due while I'm away on vacation. Had it come one day later, I would likely be looking at a $40 late fee (despite the minimum payment being just $15).

The only way I can pay bills electronically right now is from a (non interest bearing) checking account, so I usually write a check from a money market account.