Complaint Review: Aspire - Atlanta Georgia

The software that is used only allows 1 payment every 7 days. They dont hold your payment for a week then process it. The payment is processed the day it was set up and posted to the account by midnight.

I spoke with a manager of Aspire and found out exactly what is going on. If you sent them a payment by mail or directly from your bank, they say they do not hold the payment. They say the only time they delay payments from applying is when the payment is made on their web site. They say when a payment is made on their web site, if another payment is made soon after, that payment will not be processed for 7 days. The excuse given to me was that they do this so as to not get returned payments. I have a Capital One card and I never have these issues with them.

Pay off the card...send a letter via Certified Mail + Return Receipt to confirm cancellation... If you can't pay off the card, mail all payments via Certified Mail + Return Receipt....Once your have official confirmation of receipt of payment, it will be rather hard for them to pull their late payment tricks...If they do, you could file fraud changes with your state's postmaster general.

You should read the Consumer Credit Protection Act. It is illegal for them to hold the payment. If they hold the payment for a week they CANNOT legally assess interest or other fees based on the payment NOT being posted when they actually had the funds. Another source of information is the the "Truth in Lending Comptroller's Handbook" which is available on the OCC website as a PDF file.

You should read the Consumer Credit Protection Act. It is illegal for them to hold the payment. If they hold the payment for a week they CANNOT legally assess interest or other fees based on the payment NOT being posted when they actually had the funds. Another source of information is the the "Truth in Lending Comptroller's Handbook" which is available on the OCC website as a PDF file.

You should read the Consumer Credit Protection Act. It is illegal for them to hold the payment. If they hold the payment for a week they CANNOT legally assess interest or other fees based on the payment NOT being posted when they actually had the funds. Another source of information is the the "Truth in Lending Comptroller's Handbook" which is available on the OCC website as a PDF file.

You should read the Consumer Credit Protection Act. It is illegal for them to hold the payment. If they hold the payment for a week they CANNOT legally assess interest or other fees based on the payment NOT being posted when they actually had the funds. Another source of information is the the "Truth in Lending Comptroller's Handbook" which is available on the OCC website as a PDF file.

Many "bad credit" credit card companies are doing this. They hold your money if you make a payment over a certain amount (I have one that holds payments $400 or more) and they hold your second payment if you make 2 in one month. They do post it with the correct date, but they hold the money off your available balance. I'm not saying it's right, but this is how it was explained to me. With the "bad credit" credit cards, anything one does out of the norm is suspect. Picture a scammer making a $1000 payment they intend to bounce, but they need to charge $1000 worth of items tomorrow. So, they make a bogus payment today, to charge the $1000 tomorrow. Then the payment "bounces" and the customer does not come up with the money. Remember, in recent years there have been many shady practices by people trying to scam the system. Or, another scenario is one who knows they are getting $1000 in a few days and are hoping their money comes in B4 the payment clears the bank, but they want to make a charge tomorrow. The credit card companies also found that by making a large payment, then charging again, you are gypping them out of their interest on that money (due to the interest leeway on current purchases) and they want that money. To compensate for loss of interest, they hold your money. With the 2 payments in one month, they feel the 2nd payment is usually so you can charge something (see interest reason above) so they hold the 2nd payment. They figure there's no other reason for a 2nd payment. In essence, they just want to hold onto your money for as long as they can and found this is another way they can do that.

You should DEFINITELY cancel the card. I am entirely familiar with the situation you describe. Basically, in the aggregate, they make an awful lot of money by "sitting" on payments that have been made and cleared. I actually had a similar card, I believe from the same company. I paid my minimum balance on the day due, and made another payment 11 days later, thinking that this would count towards the next month's minimum payment. It turned out that, since the payments were so close together, the second payment would not count towards the next month's minimum payment, and that I actually had to wait to make such a payment. These guys are scum. In fact, they are the scummiest of scummy creditors. First, they send you an offer stating that you are "pre-qualified" for a credit line of up to $1500. If you read the fine print, you find that every account is initially set with $300 of credit, out of which they take $179 in fees. So when you receive the card, it already has a balance of $179, and your available credit is actually $121. So not only do you have diddly-squat for available credit, but you also OWE $179. They will then present you with problem after problem until you are blue in the face. My advice: if possible, pay off the entire balance, cancel the card, and get a card with a more reputable company. Even a crappy secured card is better than this garbage. Best regards!