I cringe when I hear those words. Especially before I’ve had my second cup of coffee (that’s the rule – no one is allowed to talk to me until I’ve finished that second cup. It’s ugly if that rule gets broken).
So here’s the situation: I opened a new credit card account because the card had some wonderful product features. As soon as I received the card, I went online to the card issuer’s website and set up for automatic payments so I wouldn’t ever be late and trigger penalties and repricing of the account to an exorbitant rate. Their website confirmed I was set up for autopay with due dates of the 30th of each month.
So I look at my account today to find a $39.00 late fee. Ouch. I figure it’s not possible given I signed up for autopay, right? I promptly made a payment online (minimum payment plus the late fee) then I called customer service and was greeted with the above (the issuer’s name has been hidden to protect the less-than-innocent). I explained the situation. The customer disservice rep said “I’m sorry sir. When you set up online payments, it takes two billing cycles for that to take effect. Your account has been repriced to 24.97% (double ouch).”
“Ummmm yeah. Your site says nothing about a delay of two billing cycles before payment posts. I’d like the fee waived and the original interest rate reinstated.” I said this in my nicest, semi-frustrated customer voice.
“I can’t do that sir until you make your payment.” Read more