Since I don't use a credit card with frequency I seem to struggle to integrate payment of the bill into our spending plan. Last month I paid the Chase bill on the last day of the month and had to have an interest payment reversed (there was a snag with their system). This month, I missed paying the bill all together by two days. I just paid it in full, the statement charges, charges to date this month, and the late payment, but I know they'll ding me for interest as well next month.
Part of the problem is that the Chase bill due date is the 5th of the month. Based on how I get paid, how we collect rent from our tenants and how I pay our bills I don't normally pay the beginning of the month bills until the end of the first week. So this month, March, I've not paid our early month bills yet. I plan to pay them on Thursday when I get paid. As such, the timing of this bill has tripped me up a couple of times.
The other part of the problem is that I was waiting on a $700+ reimbursement from my company due to travel in Feb. I've asked my assistant to timely process my reimbursements, but it is still taking too long to get my money back (which is why I put it on the credit card in the first place) and I'm reluctant to pay the bill with my present cash. But of course, the end result is that I only deposited my reimbursement check this morning and I still had to pay the Chase bill out of my own pocket.
Brainstorming about this problem, I have already sent Chase a message to see if the due date for the bill can be changed to the second half of the month or changed to a date later into the month. I'm also just going to have to come to terms with paying the Chase bill even if I'm awaiting funds from my company. I should realize that I will have gotten a 15 or 20 day float and paying the bill myself will only mean the loss of those funds for a few days.
7 comments:
Ugh, annoying but I've been there with Chase ages ago. They moved my billing date without a problem and reversed the interest charges.
I haven't made too many payment errors, but the couple that I did make were very kindly corrected on their part with no harm to us and no interest paid.
Why not just leave an extra $1,000 in your checking account? It's worth it to save interest and keep good credit.
I'm pleased to report that Chase has adjusted my payment date to a date of my choice.
Anon - the funny part is that I have the money to pay the Chase bill, but I have a silly desire to time the payment (if the bill is made up of business expenses) so I can pay it with reimbursement funds rather than my own funds. The other part is I just have a routine of paying my bills towards the end of the first week of the month because that works for the rest of our bills and I'm just in that habit.
I have the same silly payment quirks. I timed my tax refund to arrive the same time my property tax bill came -- even though there was plenty of money to pay the tax bill.
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