Forum Thread

Costco Citi Late Fee and Accrued Interest-PSA

Tomothy9 102 25 July 21, 2016 at 06:50 PM in Credit Cards (4)

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Hi everyone,

Jut got my first statement today from my Costco Citi Card. For the first time in my whole life there were Late Fee and Accrued Interest in my statement. However the late fee was refunded on same statement. I called Citi to learn more about this and it turn out their payment is due on the 10th of each month and since the account from the Amex Costco card was transferred to this card, but didn't got automatically pay like I set it up, I was charged with the fee and interest. Even though the late fee was automaticly refunded I have to call them to get the interest fee refund. Please be aware of this.
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Your last Amex bill made this very clear that automatic bill payment wouldn't occur.

Shame on you for not reading that.
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It was pretty clear that no automatic payments would be made. Paid the bill the day I got it. Hope you didn't have any auto payments for other bills made to the Amex card, they won't get paid either.
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Reading is fundamental
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Original Poster
Quote from ionizer View Post :
Your last Amex bill made this very clear that automatic bill payment wouldn't occur.

Shame on you for not reading that.
Yeah y'all were all right it was my in last Amex bill. I probably missed it because I am so used to the automatic payment that is why posting this PSA for other who might miss it too.
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BullSh!t. I called Citi asking where I can get my statement info for my first payment back around the transition, and they said not to worry about it, they expect a lot of confusion and late payments due to the balance transfer from Amex to Citi. They assured me that there would not be any interest or fees for late payments on that first cycle if people were a week or 2 late.

Checked my statement today (thank you Slickdeals for the reminder), and there was a $25 interest charge. Jerks. Called and they immediately reversed it and stated that it should not be there.

Spread the word.
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Lesson for all of you:

Do not setup automatic payments.


Well, besides this case, which is more of a "one-off" situation, it leads to the eventual "slowly eating away at your money."


Easily, the less you pay attention to what your paying, the more automated it becomes, the easier it is for companies to jack rates every so slightly over time. Enough to help them, not enough for you to notice on a per submission basis, but long term it makes it easier for them to raise costs and not have you complain about one big hike down the road.

How does that relate to my credit card?

Well, the credit card is less subject to the above because in theory your paying only what you knowingly charged. The above is more applicable to auto-payments for utilities and other reoccurring charges. However, auto paying your credit card still means your less likely to look over your statement, validate the charges are correct and leads to a "dont know where all my money went" mentality, which contributes to people going into debt.

This is the PSA you need Stick Out Tongue
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Thanks, OP! I called Citi and they also refunded the service interest charges (the late fee was automatically refunded).
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