PayPal Credit account

[Real1shepperd]

Just as an FYI....and maybe this has been discussed before.....most credit card companies don't issue a late fee if say, your payment is due on a Sunday (or a national banking holiday)....you can pay the following Monday or the next day after a banking holiday. PayPal undeniably ignores this practice. They don't care about banking days and non-banking days. If your payment was due on Sunday and you pay Monday, you are assessed a late fee. You can get ONE late fee removed per twelve months. I'd say that's pretty hardcore. My payment was due this Sunday and I planned on paying Monday instead (Labor Day, banking holiday). Called Customer Service...yep, late fee.  Further...so I used up my ONE free pass, but to use it, I have to wait until my late fee shows up, call customer service back and ask for the ONE free pass.  Hmmmm.....let's see someone defend this practice.

[Quandary · Accepted solution]

As you may figured out by now - PayPal is not like most credit card companies - their primary business is credit card transaction processing which is quite a bit different from a credit card issuer.

[DPCreations]

I never heard of a credit card bank NOT assessing a late fee for one day late.  One day late is LATE.  You need to pay your bills on time.

Banks may, as a courtesy refund certain late fees to good customers.  That's pretty much standard, I think.

[Real1shepperd]

Well, then you haven't heard of much. Sure it's a courtesy to waive a late fee. But the sound argument is that if your payment is due on a non-banking day or holidsay, you shouldn't have to pay a late fee. The banks aren't moving money on those days, so it's reasonable to assume you shouldn't be required to pay a late fee. Most of my credit card companies feel the same these days, it's only logical. And thanks, yes I do pay mostly on time otherwise I wouldn't have the ONE free pass in twelve months.

[DPCreations]

I don't follow the reasoning that credit card banks don't require on-time payments.  If one day late is ok, then why not 2 days late, or even three days?  Due dates are for a reason:  so you pay on time and so banks and such can charge fees for late payments.

[Real1shepperd]

That's because you're thinking like company, not a consumer. Credit card companies rake in billions in late fees....even for people paying a few hrs late. Banks thrive on the revenue from late fees....it's their assumed staple, their golden goose.  I'm talking about NON-banking days, not just days in general. If money is not moving on a Sunday or a banking holiday, you shouldn't have to pay late fees. Even pawn ships will cut you a break if your ticket is due on a Sunday or holiday when their shop is closed....you pay the next day.  Just like if you live in the Pacific time zone and you go to make your payment at 3PM online. You're already too late for an eastern bank, late fee. No moratorium on time zones, but I suppose you don't get that either.

[Invest]

Then they should pay me for being late on their transactions

[Kelanne115]

You've never heard of a "grace period?"

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@DPCreations wrote:

I never heard of a credit card bank NOT assessing a late fee for one day late.  One day late is LATE.  You need to pay your bills on time.

Banks may, as a courtesy refund certain late fees to good customers.  That's pretty much standard, I think.

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@DPCreations wrote:

I never heard of a credit card bank NOT assessing a late fee for one day late.  One day late is LATE.  You need to pay your bills on time.

Banks may, as a courtesy refund certain late fees to good customers.  That's pretty much standard, I think.

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