I was able to obtain a low 5.99% interest transfer of balance line of credit.
In the fine print is the clause that a late payment will end this promotional rate.
No problem, I usually pay online, on time and even early.
Problem is this company will periodically just change the due date a few days earlier, oops late payment. They charge late fees on the weekend but they only recieve payments on non holliday week days. I am sure it is written in there somewhere that it is up to you to know the rules.
The last late fee I recieved for a bill normally due on the 18th was sent on the 14 electronically to have plenty of time to get there. I use Quicken so most of my due dates have been fixed as agreed to by the billing company including this one, especially after the last time when they took away the 5.99%. I made extra sure that the billing date would be the 18th. Delivery times have been two days for delivery.
Chase had changed the delivery date for only this month to the 17th, the delivery times was changed to three days. They did not miss charging the late fee on sunday the 17th but would not take the payment until Monday the 18th.
The same thing happened when I changed to Wells fargo Bill Pay. They just could not get my payment there on time like I had been doing for many years prior and throw a holliday in and oops, we're sorry we will have to charge you our high interest rates from now until the loan is paid off.
Yes it is a scam and it is probably legal. So it is up to the individual use or not to use this company. There is not a law against bad Ethics that I know of, people just did not purposely take advantage customers like they do these days.
Consumers beware, they know with a little help from them you will not be able to make every payment on time. That is why they offer such low rates.
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