Q: I’ve had two credit cards with the same bank for a few years and never missed a payment, using online banking. One payment was missed, and I contacted the issuer immediately and paid on the phone, but they refused to waive the late fee. What can I do?— Carol Dovi O’Dwyer, Denver
A: The days of credit-card leniency are waning quickly — and with that, the courtesy once found for good customers.
Many credit-card issuers — generally banks — are trimming back the perks once offered, even expected, by their best customers. Times are tough, so cost-cutting is the objective.
As a result, what would have been an automatic waiver of that $29 late fee a year ago — whether your payment arrived a day or a week late is irrelevant — is now a recipe for profit.
Late fees are terribly onerous, especially when the customer is a long- standing one with a good history.
Unfortunately, the best method of late is to demand the waiver, but be prepared to pester the issuer — ask for the manager of the person on the phone, which gives you a better chance.
If you threaten to clip the card and move on to another issuer, be prepared to back that up — as well as to pay the entire indebtedness. An idle threat to move on is a bad idea.
Credit scores these days are hardly affected solely by accounts closed by consumers. What is affected is the credit-ratio balance between your limits and what’s available.
Close a card, and the gap narrows, dropping the FICO score somewhat.
Be sure you have the replacement card in hand before closing the other account. Tightness of credit these days means it’s not a sure thing unless you have a high score.
