Applied bank High fees and scam fees Wilmington Delaware

A very important detail you left out is WHEN and HOW did you pay your bill?

Every credit card company has a "cut-off" time for receiving payments.  This cut-off time can vary by payment type.  If your payment is received after the cut-off time it is processed as the next business day and if that is past your due date you are late.  So for example if you paid it on-line and their cut-off time was 5PM EST.  If you paid it at 5:01EST you are late and the late fee is assessed.  This is how EVERY credit card works.

As for the fee again that depends on  how it is paid.  If you mail in a check there is most likely no fee.  Most(but not all) credit card companies will not charge for web payments.  But if you have to do a phone or talk to a customer service person with just about every company you are charged a fee.

There are also cases where if you pay AFTER the cut-off time but still on the same day you are charged a fee, but it is less than a late fee and keeps your payment on-time.

But with all of that if your late fee was legitimate and they are going to refund it when the payment clears, consider yourself lucky and the small amount of interest you are paying on that a tiny lesson.

For the heck of it let's calculate it out though.  You are a Sub-Prime borrower who is considered "high risk" as high risk means higher interest and fees.  Let's figure your late fee was $50 and you are paying an interest rate of 29%.  Let's even give them 10 days to clear the check.   The total Interest you are paying is a grand total of $0.40(actually $0.397).

 If you waited until the last day then youre already late as MOST companies will accept the payment but it is not processed completly until the NEXT day. SO if you wish to avoid any fees pay it a day early.