I just received my NFCU credit card statement which has a $900.00 balance, I made a payment April 28th after the statement closed on the 27th and another that posted on May 25th just before the April statement closing on the 27th both exceeded the minimum payment for that statement. The April 27th statement stated the minimum payment due by May 24th was $0.00. I logged to chat with CS to see if it was a mistake and if I still needed to make a payment before May 24th this is a portion of the chat session concerning how NFCU processes multiple monthly payments.
Me: My statement closed on March 27th I made a payment on March 28th and another payment was made on April 25th but my statement which cut on April 27th shows no payment due for is that correct.
CSR: Allow me just a few moments to few more moments to view how the payments posted to your account. I the account does show current.
CSR: Tim, do you remember making other payments during the cycle? I show a payments of $34.34, $39.30 $123.62 and $40.58
Me: Yes I did.
CSR: The $500.01 payment posted in this statement cycle, (satisfying the minimum payment for this cycle). Since you may several payments during this last cycle, it placed you account in a fully paid status for May.
Me: Ok I understand now but how many payments or how much must be made for that situation to occur?
CSR: If you pay enough to to satisfy the current statements minimum payment and the minimum payment for the next cycle, then it will place your account in a "Fully paid ahead status". It will only do this for one statement cycle at a time. So the statement will show a minimum payment amount due for June.
I checked with a couple of my other cards issuers they said all payments made after the statement closing are credit to that statement cycle not credited to the next. Just thought I share this as I wondered if anyone has experienced this NFCU or any other lender.
