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How come you have to pay at least $1 for online credit card payments? And why only 1 payment every 24 hours?
Posted on June 27th, 2009 2 comments
notquite404 asked:
Why is it that credit card companies will not accept a payment of less than $1 and you can’t make more than one payment every 24 hours? Is someone out there trying to pay their credit card bill a nickel at a time? And what would happen if they did? Inquiring minds wanna know.
By online credit card payments, I meant paying, say, Citibank or Amex money towards your cc bill/balance. I could have been clearer…I didn’t mean for online purchases.
NEALCredit 24 Hours, Accept Payment, Amex, Cc Bill, Citibank, Credit Card Bill, Credit Card Companies, Credit Card Payments, Inquiring Minds, Money, Nickel, Online Payments2 responses to “How come you have to pay at least $1 for online credit card payments? And why only 1 payment every 24 hours?”
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I’m not sure where you got your information from, but it is definitely not a requirement to pay at least $1 for online credit card payments and you are not limited to the number of payments per day.
I know this because my wife frequently orders pictures developed by uploading them to a local store. When she only orders a few pictures at a time, we get charges for less than $1, and she can place a few orders in a row. -
TreLawrence505 June 29th, 2009 at 08:07
Charging money for paying your bill online is usually a characteristic of a sub-prime lender. Usually, this would go hand-in-hand with annual fees and other potential predatory practices.
Years ago, when I had to correct my mistakes, I got a card the charged me a shade under $6.00 every month. They also charged about the same for online payments. Needless to say, they were making a ton off me.
I quit paying them online. Since they charged the monthly fee, there was always a payment due every month, so it didn’t matter if I did not use the card. Immediately the charge hit, my payment was in the mail. Soon as I got better cards, I closed that one. Even though it is closed, I will enjoy the benefits of having the card remain on my reports for a decade.
None of the major banks I deal with charge me to pay online (and I have a decent selection). Electronic billing is cheaper than “traditional” billing.
jonmm June 28th, 2009 at 16:28