Question about Credit Card payment

iVillage Member
Registered: 12-21-2004
Question about Credit Card payment
3
Wed, 02-23-2005 - 5:43am

With your credit card payments will they accept the payment in small amounts throughout the month? I know that you can always pay some during the month but if the minimum payment is $200.00 and you paid $100.00 twice a month would that be considered your minimum payment? Or would they consider it like just paying extra and still expect the entire $200.00 before the due date?

Also - I have mailed MBNA two times so far requesting them to lower my interest rate and both times they have responded by saying - we will "maintain" your current rate. On one card it is 19.99% and on the other it is 14.99%. Should I just keep on requesting that they lower the rate or should I just give up? Also the Discover Card which is in DH's name was due on the 18th and we haven't made it yet - are they going to jump the interest rate up on this one also? It feels like everything is closing in around us. We keep saying well it will get better - but it sure is not so far.

iVillage Member
Registered: 07-08-2004
Wed, 02-23-2005 - 8:52am

You have to make sure that the payments are credited before your due date.

INMO I'd get another card if it was at a lower rate and no transfer fee.

iVillage Member
Registered: 09-22-2003
Wed, 02-23-2005 - 9:16am

I guess it would depend whether the payments came in before the cut off date of the card. There is a time in the month when the card is cut off and that is the balance that is sent on the statement. I think you're best to call the CC company and find out otherwise one payment might show for the month due and the other one might come after a cut off and be put towards the following month.

With an answer to the second question, it depends on how high the balances are on the card, what your credit score is - there are many reasons why they may not lower your interest rate. I always ask why was it rejected, and they usually give me an answer. Check to make sure they are not running a credit check each time you request a lower rate, as it will affect your credit. Usually it doesn't require a credit check, but I would find that out from the lender. I wouldn't give up, but find out what are their stipulations for someone to be able to request a lower interest rate. I just paid off my 2 CCs and have asked for the interest rate to be lowered. One told me that I was in the interest rate level given to someone with my credit score, once that improves then my rate can be lowered probably in about 3 months. The other told me to give them a call each month to see whether they will lower it for me. I basically need to have low balances or no balances on the cards. They are unlikely to lower it when you have high balances.

I'm not sure about Discover. It may be in your disclosure. I would call and try to find out. The more you are in contact with the companies the better leg you stand on. Apologize for the late payment, let them know it's on the way, ask if it will show as being paid late or is there any leeway with the dates. Get whatever you can send to Discover sent now - even if it's not the full amount.

I've learnt not to be scared of CC companies. I have many a time had a fee returned to me, I can argue my point and like to ask them what they are going to do to keep me happy. I can tell you it will get better, you have taken the first steps to recognize your debt and how to control it. Remember not to beat yourself up during this time, keep in touch with the CC companies and don't give up hope.

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wed, 02-23-2005 - 9:31am

Hmm - I'm afraid I don't really know the answer to this - but it's definitely worth calling your cc company and asking them specifically!


I usually send in the minimum payment as soon as my statement closes, and then send small amounts (snowflakes) whenever I can throughout the rest of the month.

All my best,
Danni