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Can credit card companies charge intrest rate & late fee

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kimbutler0108



Joined: 06 Aug 2009
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60 Magic Points

Subject: Can credit card companies charge intrest rate & late fee
 
Posted on Thu Aug 06, 2009 3:57 pm  

Chase Bank decided to check my credit report after they bought out WaMu and based off off the report they decided that my credit standard is not up to their standards, so they closed the card. The limit was 1500 and In the past 3 years of having the card I was never late and just before they closed it I had paid $700.00 on the card. Of course I was upset and decided that if they closed the card that I will take my time on paying it off now but I received the bill and they charged a closed account intrest and finance charges. Can they do that?
carol

carol

Joined: 27 Jun 2006
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Location: Los Angeles, California


30065 Magic Points

 
Posted on Fri Aug 07, 2009 12:15 pm  

Hi

Quote:
I received the bill and they charged a closed account intrest and finance charges. Can they do that?


Banks do charge an additional fee for lending you their money. However, the loan document must mention that they would be charging this additional amount. If you go through your loan documents you can find out if Chase had already mentioned such a clause and upon signing the document you have made an agreement to pay the amount.
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tony
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Subject: late fee
 
Posted on Sun Nov 22, 2009 3:06 am  

If i paid my balance off in full at the end of the month, can a credit card company charge a late fee on unpaid finance charges only?
Archie



Joined: 09 Nov 2009
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Posted on Sun Nov 22, 2009 11:24 am  

credit card company can charge interest rate as well as late fee.
debranewell2008



Joined: 10 Oct 2009
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Posts: 591



109 Magic Points

 
Posted on Sun Nov 22, 2009 12:17 pm  

Hi tony,

as long as there is any kind of money owed. They can charge you both interest and a late fee if it is late.
Archie



Joined: 09 Nov 2009
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Posts: 57



37 Magic Points

 
Posted on Sun Nov 22, 2009 5:40 pm  

Also I would like to tell it afterall depends upon the company.
You can settle down the issue bye discussion. It depends upon relationship. But generally they do not forgive. They charge late fee if late and interest rate also.
Vickey
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Subject: late fee on closed account
 
Posted on Sat Jan 23, 2010 10:34 am  

Chase ran my credit and closed all of my credit card accounts never late paid on time reason said I had to much credit out but it was from chase credit cards can they charge a late fee in Az when they closed the accountIt all so dropped my credit score down over 100 points because Chase closed them
sonya
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Subject: Payment in full
 
Posted on Fri Mar 19, 2010 4:48 pm  

I paid my full balance on time and Bank of America sent a bill for less than $2 for finance charges. Can they charge additional funds when the bill was paid in full?
Aaron

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Joined: 08 Feb 2010
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Subject: payment in full
 
Posted on Mon Mar 22, 2010 9:33 am  

Hi Sonya,

You should call the bank, and request them to let you talk to the manager. Insist that you have paid the due amount in full and also mention that you Can show the proof of your payment. Request them to send you another copy of the "Paid in full" statement.

Hope this helps.

Regards,

Aaron
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cinnamngrl



Joined: 01 Nov 2008
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Posted on Mon Mar 22, 2010 10:42 pm  

Sonya, file a complaint against BofA with the OCC

Office of the Comptroller of the Currency

I think the Blessed Hands might be a scam.
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Lawton Bryant
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Subject: Chase rip off
 
Posted on Fri Apr 09, 2010 1:25 am  

Chase bought out Wamu and hiked my interest rate up to 20%. They would not work with us on lowering it. We have never been late and always send more then they ask. So we finally paid off full amount and now they charged us interest that says promotion interest charge. I call them to ask what this is and they say rudely, it is because we paid off our bill earlier then expected. I s this even allowed?
Aaron

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Subject: Chase rip off
 
Posted on Fri Apr 09, 2010 8:58 am  

Hi Lawton,

You can send them a "debt validation letter" through certified mail, requesting a return receipt. You will get a sample validation letter at http://www.creditmagic.org/repair/sampleletter-debtvalidation.html .

If you pay off your loan much before the stipulated time, then you can be charged a prepayment penalty. Promotional interest charge is not prepayment penalty.

Thanks,

Aaron
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