Comments on: Can you be penalized for paying a credit card bill in two payments?

By: Chickie

Chickie — Tue, 29 Sep 2009 02:03:28 +0000

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.

By: googie

googie — Mon, 28 Sep 2009 18:44:25 +0000

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.

By: Growl

Growl — Sat, 26 Sep 2009 03:06:09 +0000

Depending on your card, you may be charged a non payment penalty ($39 for some cards) plus interest on the unpaid amount.

By: Modest

Modest — Wed, 23 Sep 2009 05:04:14 +0000

You won’t be penalized, but you will incur a finance charge on the unpaid balance.