CARD Act: No more payment-method fees
Posted in: Credit Cards
There once was a time when, if you forgot to make a payment for any of your credit cards on time, you could call your credit card company to make a rush payment by phone. This was a great way to make quick payments and avoid late payment fees and perhaps even an interest-rate hike.
But this form of payment most likely did not come without a catch. Your credit company most likely charged you a fee for the convenience of making that over-the-phone payment.
Now that the Credit CARD Act of 2009 has passed, credit card companies can no longer charge you to make payments over the phone, Internet, or by mail.
Basically, if you’re doing the right thing by paying your bill, you cannot be penalized for the method by which you choose to do so.
Combined with some of the other rules highlighted in the Act, there’s a recipe for consumer safety and financial preservation. But remember, a late payment is still a late payment and can still trigger additional fees and penalties, so don’t take any chances.
Mark your calendar and make payments to your credit cards a few days before the bill is actually due.
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