topic Re: Autopay question in Credit Cards

Autopay question

Andypanda — Tue, 17 Dec 2019 03:18:06 GMT

If i set up auto pay for min. amount due just in case of an emergency, but I PIF before the date autopay is supposed to be proccesed, will the CC just ignore the auto pay, or will the still make the payment?

I have cards with the following creditors:

Cap1

Citi

Amex

Disco

Usbank

Wells FArgo

Target red card.

Thanks for the help.

Re: Autopay question

Kforce — Tue, 17 Dec 2019 03:43:55 GMT

@Andypanda wrote:
If i set up auto pay for min. amount due just in case of an emergency, but I PIF before the date autopay is supposed to be proccesed, will the CC just ignore the auto pay, or will the still make the payment?

I have cards with the following creditors:
Cap1
Citi
Amex
Disco
Usbank
Wells FArgo
Target red card.

Thanks for the help.

Different institutions implement auto pay differently. (Pain in the ***)

Some yes some no. (Pain in the ***)

I decided to use my banks billpay service and push a fixed amount to each CC issuer the 1st of every month.

Enough to cove minimum+ for many months pushed automatically every month, same day.

Log on late in month 19th or 20th and pay balance for each manually.

All statements dates at end of month +/- few days.

Others use and love auto pay from each bank/cu, I found it a poor way to pay (IMHO)

Re: Autopay question

RSX — Tue, 17 Dec 2019 23:29:10 GMT

^^. I like this plan

i did setup autopay on all my accounts about 5 months ago. Read a post about a hospital stay costing someone a number of late payments.

I agree they all operate differently. Some take out the autopay even though you already met your minimum

i use autopay as a stopgap in case something happens. But I login and make payments manually every week

i do like the plan above and other than the original pain of setting up those Payees, I think it will work for me as well.

Re: Autopay question

M_Smart007 — Tue, 17 Dec 2019 04:28:06 GMT

Auto pay with certain lenders is a PITA! .. but 30,60 & 90 Lates are 7 years bad luck ..

Re: Autopay question

NRB525 — Tue, 17 Dec 2019 05:40:45 GMT

With autopay, in my experience it is best to set up the autopay, and monitor it for a few months until you are comfortable it is working. All but your last two banks, I have autopay set up and it works well.

Almost all of mine are just “pay full statement balance by the due date”. I do not try to pay any cards before statement cuts.

Re: Autopay question

Andypanda — Tue, 17 Dec 2019 05:51:00 GMT

I do not like tge auto pay, tgat us why I haven't done it yet. But i also do the post about somebeing in the hospital and screwing up things on their credit reports. My father landeup in the hospital a few times which lead to late payments, but never 30 days late, so nothing hit his reports, abd due to long histories with creditories, nothing negative happened.

Re: Autopay question

AverageJoesCredit — Tue, 17 Dec 2019 13:38:10 GMT

Ive never really used Autopay but with my Amex personal loan i had it set up for 10th of each month. Due date 20th, always paid it more or less when statement generated , ie before autopayment, and they never pulled since it was paid by then. Just my Amex experience

Re: Autopay question

Anonymous — Tue, 17 Dec 2019 15:05:03 GMT

@NRB525 wrote:
With autopay, in my experience it is best to set up the autopay, and monitor it for a few months until you are comfortable it is working. All but your last two banks, I have autopay set up and it works well.

Almost all of mine are just “pay full statement balance by the due date”. I do not try to pay any cards before statement cuts.

IMO this is the ideal goal state, when scores etc are secure enough you don't need to worry about AZEO or other utilization issues. Then just using autopay with full statement balance on due date, with no other payments, works very well, maximizing the float period for each card as well as saving time on paying manually.

Re: Autopay question

Loquat — Wed, 18 Dec 2019 00:05:58 GMT

I don't think Citi will stop the auto pay even if you have paid in full..you'll have to manually go in and pay.

I'm a huge advocate for Auto Pay. I've been that person who was in an accident and the whole "not dying" thing kinda trumped most thing and moved right to the top of the priority list. My wife knows the passwords to all of our accounts but she was in no position to worry about that stuff at the time.

Thanks goodness for auto pay as that was one less thing I needed to "recover" from after the accident. Things just kept rolling on like clockwork.

I've also linked our checking account with back up funding just in case something happens or gets crossed...at least the bills will still get paid.