How to Reverse Finance Charges on Credit Cards

Practically everyone carries a credit card, and most Americans pay their minimal balance off each month. Occasionally, however, life is distracting and you may miss or make a payment late, resulting in finance charges and a late payment fee of approximately $40. If you consistently pay off your credit card, with the exception of this one event, there is a very simple way to reverse those unruly finance charges.

1. Gather information regarding payments made on the credit card over the past year, including all previous credit card statements and bank statements reflecting cleared payments.

2. Call your credit card company. Get the representatives full name and extension number and take notes on the conversation for future reference.

3. Explain to the representative that you consistently pay your credit card bill on time and in full each month, using the documentation you have as proof. Indicate that you don’t allow finance charges to incur, as your previous bills show.

4. Request that, since you are a good customer and your late payment was a one-time occurrence, the representative reverse the finance charges (and late fees). Most companies that value their customers are happy to comply.

5. Make your credit card payments on time, or even early, to avoid finance charges and late fees in the future.

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This entry was posted on Tuesday, December 30th, 2008 at 1:00 am and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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