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Auto-Pay Question

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Jansroom726
Regular Contributor

Auto-Pay Question

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! 

25 years old. Scores around 740. Income = 45K. Chase Car Loan @ 2.4%, AAOA = 2 years. Total Personal CL = 120k.
Message 1 of 5
4 REPLIES 4
Skye12329
Valued Contributor

Re: Auto-Pay Question

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.

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Message 2 of 5
aspen12777
Established Member

Re: Auto-Pay Question

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.

Message 3 of 5
Rackham94
Established Contributor

Re: Auto-Pay Question

AFAIK I assume it will whenever I make a payment it will do the auto pay to that's why if I have to I will make the min plus whatever I want to payoff to reduce balance. I know Discover will do auto pay and previous payments in same cycle.
Message 4 of 5
Odiseous
Frequent Contributor

Re: Auto-Pay Question


@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.

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Message 5 of 5
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