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Hey guys, I have a question about Auto-pay.
I keep pretty good track/records of what is due & when on my cards....
However, just to be "safe", i'd like to set-up autopay on my cards for say...$30/month (for example), so that they are never "late"..just as a precaution.
My question however is this....
Let's say I pay my bill early (in-full), will my checking account still be deducted my auto-pay amount?
Or.... let's say I have a $100 balance. I pay $80 early. Will the remaining $20 be charged via auto-pay?
Any help/advice is greatly appreciated. Do you use auto-pay? How do you use it?
Thanks all!
My guess would be that it would just take the remaining amount out of your checking if its $30 or less, but be careful with Auto-pay i read some stories and had customers complain about their cards on how Auto-pay didnt take the money and they were charged late fees. So i dont know how often that happens.
I have found it depends.
Citi if you make payments above the auto pay will not take the payment out. I think Chase and Barclays is the same way.
Capital one will take it out as long as you still have a balence.
Everyone that I have signed up for disclose it to you. Some I have set to PIF, some I have set to the min payment. It just depends on how I use the card, but they all have auto pay.
@aspen12777 wrote:I have found it depends.
Citi if you make payments above the auto pay will not take the payment out. I think Chase and Barclays is the same way.
Capital one will take it out as long as you still have a balence.
Everyone that I have signed up for disclose it to you. Some I have set to PIF, some I have set to the min payment. It just depends on how I use the card, but they all have auto pay.
+1
It depends on how you set it up (and what options the card issuer offers).
For example:
I pay all of my monthly utilities with my BofA card. Because my alarm service charges in 3 month increments, my CC charges are higher every 3rd month.
I have 2 auto payments set up with BofA. The first Auto-pay is a recurring monthly payment for a set amount. That amount gets paid every month a couple of days before the statement cuts, no matter how much I actually owe on the card. This results in me almost always over-paying my CC bill.
The second Auto-pay is set to pay the minimum payment of due on the statement (usually there is no balance due). This Auto-pay only gets taken out, if I actually owe money when the statement cuts.