Blame Thyself
September 30, 2008 – 6:20 pmI just received my credit card bills today. This reminded me of the many times that some friends would whine that they have been charged interest rate by their credit card companies for paying their bills on time.
For Heaven’s sake, we get about two weeks to settle our credit card bills. If we do not want or could not afford to settle the bills in full, then we could at least pay the minimum amount. But then even with this two week grace period, there will be people who could not do it and end up paying their bills late and then they call up the credit card company (or bank) and scold the staff for charging them interests.
I keep telling these friends that it’s an automated system and that as long as the payment is not received, interest will start to accumulate. The bank does not care that your cheque has been delayed, that you have a rosy track record or whatever. And by the way, why would people still want to pay their bills via cheque when they could do it by fund transfer, right?
My sister, although living in the United States, still does not trust online banking and pays her bills via cheque. There was once her cheque was lost in the mail and she had to pay some money to cancel it and also was fined for settling her bill late. See, what a hassle it is?
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