Ouch! Forgetting to Pay My Credit Card.
Most of our bills are paid through automatic withdrawal from our checking account. My husband and I jointly own one credit card that we use to pay for just about everything. I do own two credit cards that are only in my name. One is a credit card that I’ve had since the beginning of time. Really, I opened this account way back in college, and I no longer use the card, but I do keep the account active and the credit card locked in the safe in our home. I also own one store credit card. I only opened the account because they often send me coupons in the mail and they offer savings on just about every purchase.
The store credit card is not paid automatically. I have to remember to log on to bill pay to pay it. But for some reason I have the hardest time remembering to pay it. Maybe it’s because I use it so infrequently or because it’s one of the few bills that aren’t paid automatically. Either way I forgot to pay it last month. The bill was a whopping $5.19.
This month I received retribution for my sins with a $1.00 finance charge and $15 late payment. $16 for failing to pay a $5.19 bill? The letter actually reads As a result of the minimum Finance Charge of $1.00 being applied to your Revolving account, the actual ANNUAL PERCENTAGE RATE charged on that account is 228.96%.
Thankfully since this is the first time I’ve missed a payment on that account the fee was waived, with the note that it would not be waived EVER again. Really $16 for a $5.19 bill?
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