book reader asked:
Since I have had unexpected money issues this month(car)
can I be penalized for paying the credit card bill in two installments? I would pay the whole thing in two payments.
Mydomain.com
Since I have had unexpected money issues this month(car)
can I be penalized for paying the credit card bill in two installments? I would pay the whole thing in two payments.
Mydomain.com
#1 by Modest - September 22nd, 2009 at 23:04
You won’t be penalized, but you will incur a finance charge on the unpaid balance.
#2 by Growl - September 25th, 2009 at 21:06
Depending on your card, you may be charged a non payment penalty ($39 for some cards) plus interest on the unpaid amount.
#3 by googie - September 28th, 2009 at 12:44
On credit card balances, you are charged for the balance which is outstanding for however many days are specified as the payment period. If you owed $ 100 and you paid $50, the remaining balance would be charged interest at whatever rate is charged by the card company for the outstanding period.Some cards charge a specified late payment charge as well.. So always read the fine print and understand the possible penalties.
#4 by Chickie - September 28th, 2009 at 20:03
If your payment(s) is less than the minimum payment then yes you will be penalized. Your interest rate will probably increase and you’ll get hit with a late fee (many are as high as $50) and the interest, and your card issuer will report it to the credit bureaus as late if you don’t make at least the minimum payment within 30 days of the due date. if you pay at least the minimum then the only “penalty” you pay is the interest. With credit cards you’re better off paying the minimum and stretching it out over a few payments than paying it off in 2 payments but paying late.