Some creditors will not charge a finance charge if you pay your account within a certain period of time, often called a grace period. In this case, it is especially important that you get your bills, and get credit for paying them, promptly. Check your statements to ensure your creditor follows these rules:
Prompt Billing. Look at the date on the postmark. If your account is one on which no finance or other charge is added before a certain due date, then creditors must mail their statements at least 14 days before payment is due.
Prompt Crediting. Look at the payment date entered on the statement. Creditors must credit payments on the day they arrive, as long as you pay according to payment instructions, for example, sending your payment to the address listed on the bill.
Credit Balances. If a credit balance results on your account (for example, because you pay more than the amount you owe or you return a purchase and the purchase price is credited to your account), the creditor must make a refund to you. The refund must be made within seven business days after your written request or automatically if the credit balance still exists after six months.
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Some creditors will not charge a finance charge if you pay your account within a certain period of time, often called a grace period. In this case, it is especially important that you get your bills, and get credit for paying them, promptly. Check your statements to ensure your creditor follows these rules:
Prompt Billing. Look at the date on the postmark. If your account is one on which no finance or other charge is added before a certain due date, then creditors must mail their statements at least 14 days before payment is due.
Prompt Crediting. Look at the payment date entered on the statement. Creditors must credit payments on the day they arrive, as long as you pay according to payment instructions, for example, sending your payment to the address listed on the bill.
Credit Balances. If a credit balance results on your account (for example, because you pay more than the amount you owe or you return a purchase and the purchase price is credited to your account), the creditor must make a refund to you. The refund must be made within seven business days after your written request or automatically if the credit balance still exists after six months.