Monday, September 21, 2009

Waive Late Credit Card Payment Fees and Charges

Do you aware that we can actually waive the credit card late payment charges? I wasn't aware of this until one day the bank officer called me to remind me that my credit card payment was due. So, I just simply tried my luck and asked him:

Me: I have no idea the payment was due because I have not received any credit card statement in my letter box. Is there a way I can waive my penalty fees?

Bank Officer: Yes, you can waive the credit card late payment fees. Once you receive the statement, you can just give us a call to waive it.

Wow! What a surprise? I think I have been all the while paying these fees due to the following careless reasons:
  1. Forgot to make payment on time.
  2. Never received the credit card statement.
  3. Pay the wrong amount – less than the actual amount that I should pay.

Steps to Waive Your Credit Card Late Payment Charges
  1. Once you receive the statement, give them a call. The phone number is usually at the back of your credit card if you're not aware of it.
  2. Tell them that you want to waive your late payment charges. If they don't allow, tell them that you're going to use other credit cards and would like to cancel this credit card.

I think they will only do this only if you have good track record and I'm using the HSBC credit card. I believe other banks should the same as well or else you can just tell them you would like to cancel the card. Hope this helps. :)

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p/s: I wonder if I should call them to waive those charges and fees that I have paid in few months back. Maybe I should?


Yow Chuan said...

I've got a friend who got blacklisted by all the banks because he forgot to pay one of his card that was owing RM200.00.

He canceled the card before finish paying of the remaining RM200.00 and after that, he forgot all about it.

The next thing he knew, when trying to secure a new car loan, he realized that he was blacklisted by all the banks- for the RM200.00 he forgot he owed the canceled credit card facility with AmBank.

And the worst part is, after canceling the card, the Card Issuing Bank didn't bother to update him on the remaining unpaid credit balance. So much for 'after-sales' service.

My friend screwed the AmBank staff good and proper.

As for myself, I have had the same experience with AmBank too. They expect you to pay the amount owing them on time, which I totally understand, since it's our obligations to do so. But what I didn't like was how 'fast' they return the money owing to cardholders.

When I canceled my card with them, they actually took 6 freaking months to return my RM100++ which I overpaid.

All these cases just reinforces one thing, they will beg you for your business, but when they got it, they will squeeze everything out of you, and when you are no longer their customer, they treat you like dirt.

That's Malaysian banks!

ChampDog said...

I thought when you cancel your card, you should pay all the outstanding payment? or usually the bank will make sure you do that? Can we just simply cancel like this?

To be honest, I've never had a chance to cancel any cards until today. :D I will pay attention to this one day if I'm going to cancel my card.

So far I'm using 2 banks which are Public Bank and HSBC Bank which I believe the best services in Malaysia? True? :)

min dfin said...

Normally, if you good track record with the bank, that is you pay the amount due on time, usually they are more than willing to waive the late payment charges. I also have the same experience that you could call to waive the late payment charges.

ChampDog said...

Yes, this is something that I'm not aware of until recently. :) This is cool!

Jessica Guerro said...

Great advice, it really does help if you try to explain things to your bank. Its better than not trying at all. You might even be surprised by the response that you get. Very useful info, I really appreciate it.

Yow Chuan said...

Yeah... no matter the case, it's a always a good idea to refrain from using too much 'future money' (read: very high interest debts!).

ChampDog said...

Life is everything about negotiation. Sometimes we just too lazy to negotiate and we lost the opportunity. :)

@Yow Chuan
100% agree! Spending future money for investment is probably still fine. :)

Azwad said...

Good info! Never thought to try such approach. But then again, I never made late payment.

Great blog!

ChampDog said...

But sometimes we do forgot to make the payment unless we do the auto-debit stuff.

I used to heard from others feedback that auto-debit is not reliable and always deduct more than it supposes to. Perhaps, now it is no longer an issue.

Kris said...

HSBC is quite good.. They gave me a call to me when i goofed up typing my expiry date when i booked ticket online. At least they take the effort to do some pre-fraud detection.

As for waivers, i just got hit by one. Calling them to waive it for me, it did it before on HSBC. Not sure this other bank will be "good" enough to waive it for me :P

ChampDog said...

Yes, love HSBC bank and I also love Public Bank as well. :) Public Bank did call me as well when I booked an air ticket from AerLingus.

esther said...

i have cancel my ambank gold card in year 2008. the bank still owe me rm125.60.but now 2011 ready but i m still waiting for the check. the officer told me they need to process the what n what..ambank shit!

ChampDog said...

Still owe you? Why? You overpaid? I don't have any account with Ambank. :D

Membership card printing said...

Formal credit card is a card that allows the holder to purchase goods or services on credit. So its just an unsecured loan.

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