^^^ That sucks!!!

 

Yes, they all do this. One day late and your rate is jacked. It was not a secret though.

If you're a good customer you can call and ask for forgiveness. My wife was late on one promo deal and, after she called up to beg, our CC company rolled back the rate and current interest charge.

 

Interesting.

We have our mortgage through Chase. We have a fifteen day grace period (without penalty) for all payments and we didn't have to "pay" to get that option, either. My wife regularly sends payments "late" (based on how my pay cheque hits our account) and we haven't yet gotten a penalty yet.

Great feature and very forgiving.

 

Maybe they treat mortgages originating from Chase differently? Or they have regional rules?

 

or maybe she's a more desireable, low-risk customer because of her credit. Lenders want these people and will give different terms to them.

 

I'm not sure, really, but yes, our mortgage originated with Chase and they still hold it. I have pretty strong credit with no problems whatsoever (ever!) and until we bought the house, I had no debt at all (not even credit cards). So, that may have had something to do with it.

Either way, I'm not complaining!

 

You're right - Turns out I couldn't afford the unanticipated medical costs I was assisting my parents with, but thanks for the just the same.

Point was that I had heard of cc companies reverting to the default rate after a couple of missed payments, etc, but one payment, one day late to me is absurd.

 

Threaten to close the account, that always works. And if you've been a good customer, just bringing the issue up ("hmm...I mailed the payment way early but why did it show up that late on the statement?') and they'd usually waive any fees or back off as a courtesy.

Chase sucks big time. I will never bank with them ever again. On one check I wrote, they paid it TWICE and when I went to the branch to sort it out, they said it'd take 4-5 business days. 4-5 business days?? To correct their OWN MISTAKE??? Again, Chase sucks!

 

CC's are a business ,if you call and tell them you will cancel and they say fine you just found out how good a customer you are. They want 2 types of customers , the one who carry debt or the ones who spend big even though they pay it off so they can collect transaction fees.

The rep on the phone has a formula they use to decide if they want to keep you as a customer or send you with your tail between your legs.

Used well CC's provide many perks, mine gets me free companion 1st class tickets , hotel upgrades, cool invites.

If you ain't got the cash to take care of emergency expenses , it's time to start. This is a basic hey I'm a adult 101 thing. Pretty sad how the USA has negative savings rate, most people are F'en morons in this regard. Remember when you carry bad debt (only half way decent debt is a mortgage and even that still sucks in some regards) you are the banks bltch till you manage to pay it off.

 

Once your payment becomes late, your agreement with them for the 5% apr goes out the window.