How exactly does PIF work?

[longtimelurker]

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@taxi818 wrote:
Cap. 1 does not have card that charge. 5 af each month. So I'm not
Sure if op knows what he is talking about.

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Cap One has some old cards (from Orchard maybe) that have an annual fee of $59, which may be payable monthly.

[Anonymous]

Hahaha. I wish I didn't have this card. It's a Cap1 platinum with $500 balance and a $60 annual fee, which is charged $5 per month.

Had it since 2008 so it's helping my AAoA and I don't want to close it. I've never had a CLI or asked to waive fee.

For a long time I thought credit cards were bad so I closed several with much higher CLs and kept this one for emergencies.

Last statement I had a balance so I guess it's just residual interest from that before I PIF'd. I'll pay $5 next month even though it's at zero.

[Anonymous]

Shoot, not $500 balance, $500 limit 0 balance. Can't edit on phone.

[jm1991]

i had a similar question...lets say my last stament balance was 250. So i keep using my card throught the billing sycle and before the payment due date my outstanding balance is now 1000. If i make a payment of $800 and have a balance of 200 reporting for the next billing cycle is that considered paying in full? I paid more than what my statement balance was but i did not 0 it out. 

[red259]

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@jm1991 wrote:

i had a similar question...lets say my last stament balance was 250. So i keep using my card throught the billing sycle and before the payment due date my outstanding balance is now 1000. If i make a payment of $800 and have a balance of 200 reporting for the next billing cycle is that considered paying in full? I paid more than what my statement balance was but i did not 0 it out. 

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Yes, in your scenario you would only need to pay $250 by the due date to PIF in that cycle.  PIF means paying the full amount of the balance that is due by the due date.

[jm1991]

thank you for the clarafication.