Settlement date caught me off guard, 3 days late on my own payment

I hit my card's payment button on the due date last month, thinking that was it. Turns out my bank posts payments at midnight, but the issuer counts them as received the next business day. I was 3 days late by their clock and got hit with a $39 fee, even though I paid on the 15th. I called and they reversed it, but only because I had a clean record. Has anyone else gotten burned by the settlement date vs posted date thing, or is it just me?

1 comments

1 Comment

jake_owens17d agoTop Commenter

Honestly I kinda see it the other way. The payment date on your card statement is what matters, not when you hit the button. If you paid on the 15th but the bank didn't process it until the 18th, that's on them, but the credit card company has no way of knowing when you actually clicked that button. They only see what their system gets. Sucks you got the fee but that's just how the timing works.