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Personal Finances / Credit Cards and Consumer Debt
|Subject: Best Buy Credit and billing cycle||Date: 11/12/2002 10:44 PM|
|Author: BlondeSwede||Number: 145035 of 309248|
OK, this might not be new for some people, but is for me.
We purchased a TV & stereo system through Best Buy on a 24 month no interest on their credit card(AKA Retail Services). We've did this before with a fridge and know we have the ability to pay it off before the 24 months is up.
So, I calculated the amount needed each month to pay off the total balance and pay that with my online bill pay. This amount was twice as large as the minimum payment required each month.
I just found out that the time period between the due day (29th of each month) and the day they generate new bills (4th of the next month) is a no-man's land for making payments. Basically, if it clears on the 3rd, one day before the new bill is created, then it is seen by their computers as a payment for last month, even though I had made a payment for the last month on the 18th. This caused a $29 late charge to be added.
Luckily, I was able to get the customer service person to waive the charge, "just this once", as a favor. Now, I need to make sure the payment clears after the 4th, but before the due date. I can see this happening if both payments occurred before the due date, but after? Oh, well, I'm no dumb bunny, so I'll jump through this hoop, esp for no interest.
Just an FYI for those with a Retail Services type card. I don't know if this happens with other cards as this is the first time it has happened to me.
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