Chase Will Not Give Payoff Amount

[codefreak13]

I have a Freedom card with a balance I've been carrying. I'll be able to pay it off the day the statment cuts on 3/14, but unfortunately not before. I sent a secure message asking to calculate what the tailed interested charge will be on 3/14 so I can pay my statement balance + any residual charges all in one swoop. They didn't actually directly address the question, and instead just said I'd get another statement the following month with those residuals. It's not a huge deal assuming Chase still reports any time a card balance drops to $0, but I've had no other lender fail to give me the payoff amount.

Has anyone else had this experience?

[Anonymous]

If it's not a big deal, why bother? Just pay whatever balance it shows now and worry about the rest after the statement closes.

What's your balance and APR? You accumulate interest on the balance every day, so you can calculate it if you want.

To find out how much interest you’re paying on your balance each day, you can convert your APR to a daily percentage rate. To do so, divide your APR by 365 days. At the end of each day, the card issuer will multiply your current balance by the daily rate to come up with the daily interest charge. That charge is then added to your balance the next day, a process called compounding.

For example: If your credit card has an APR of 15%, it will have a daily rate of .041096%. Let’s say a cardholder has a balance of $1,000 at the 15% APR standard interest rate. The next day, interest is added and the balance becomes $1,000.41, plus any additional purchases and minus any new credits or payments. This process occurs each day until the end of the cardholder’s monthly statement cycle. So at the end of the month, the beginning $1,000 balance becomes $1013 when interest charges are applied at 15% APR.

[codefreak13]

No urgent reason; I am paying 5 of my 9 cards cards down to 0 over the next 5 weeks and was going to provide DPs for FICO effects here to the boards. I'm just impatient and I don't want another month of statements to do it.

I know I can calculate it myself too, but then, so can they. Not sure why they won't for a client, and in fact tell me twice in SMs that there is no way to know what it will be.

[jl4]

It's also worth noting that if you have any new charges that'll be paid off quickly, they might not charge you interest for them at all. Some banks have 20-25 day periods after statement cuts where new transactions are paid within that window, they won't add the interest for them onto the next statement. 

It varies and they might not do it at all, but it's worth mentioning 🤷🏼‍♂️

[Anonymous]

If the system lets you pay a little extra, do it, make it go to negative balance. AMEXs system lets you do that.

[SouthJamaica]

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@codefreak13wrote:

I have a Freedom card with a balance I've been carrying. I'll be able to pay it off the day the statment cuts on 3/14, but unfortunately not before. I sent a secure message asking to calculate what the tailed interested charge will be on 3/14 so I can pay my statement balance + any residual charges all in one swoop. They didn't actually directly address the question, and instead just said I'd get another statement the following month with those residuals. It's not a huge deal assuming Chase still reports any time a card balance drops to $0, but I've had no other lender fail to give me the payoff amount.

Has anyone else had this experience?

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Just pay a little extra, so when the interest comes in you'll still be at or below zero.

[Anonymous]

What's the status OP?

[DaveInAZ]

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@Anonymouswrote:
If the system lets you pay a little extra, do it, make it go to negative balance. AMEXs system lets you do that.

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Yes, I did that with Discover this month, calculated the accrued interest and then paid a bit extra to make sure. But most CCs won't let you pull a payment larger than the current balance, but when you push the payment from your bank's bill pay, I've yet to encounter a CC that won't accept it.

[codefreak13]

Thanks everyone, Chase somewhat clarified that they cannot give out that figure because they "do not know the date that my payment will actually post" (e.g I make it tomorrow, it may not post until Friday, and that interest will also get charged). I just find it odd that they would credit the payment on the day it's made, but still charge interest until it posts for the next statement.

I've calculated the average daily interest and added a buffer of a few days after I think the payment will post and will be paying that off tomorrow (assuming they let me pay a bit over).

[codefreak13]

Yes, I did that with Discover this month, calculated the accrued interest and then paid a bit extra to make sure. But most CCs won't let you pull a payment larger than the current balance, but when you push the payment from your bank's bill pay, I've yet to encounter a CC that won't accept it.

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Side question, what is the typical speed of ACH pushes first time from a bank account? I've only used ACH pulls from CC websites (all cards usually post next day or at most 2 biz days out this way). Thanks.