topic Re: NFCU Automated Payments and Transfers in Credit Cards

NFCU Automated Payments and Transfers

tebtengri — Mon, 26 Dec 2022 19:07:22 GMT

My new job may have me in locations with no cell service for a day or two at a time and I'm trying to automate as many payments as possible. I'd like to use my nrewards card to gain points as much as possible.

If I have a balance of $500, which would leave me $1000 available, and have an automatic transfer/payment from my NFCU checking account scheduled on the same day as a payment to a third party for $940, does the transfer still go through if it is processed before the third party payment?

Basically can you transfer more into the total available credit limit and just have that amount stored as additional credit until it's used or does the automatic transfer cancel?

I'm not sure if I'm being clear, if anyone requires further explanation let me know below

Re: NFCU Automated Payments and Transfers

ghgirll40 — Mon, 26 Dec 2022 20:38:01 GMT

I'm not sure I understand completely. So what your saying is that you'll have 1k available and a payment for 940 going through? If so that should be fine.I would have the payment for the cc go through a couple days later because rewards don't accrue until it's posted.

Re: NFCU Automated Payments and Transfers

tebtengri — Mon, 26 Dec 2022 21:33:08 GMT

What I'm asking is if the bank processes a transfer into my nrewards card for more than the balance does it just store the extra balance as available?

Can you pay/transfer $1000 onto an nrewards card that has $100 balance out of $1500 total credit(thus $1400 available credit) and end up with $2400 available credit. Obviously once the extra amount you deposit is spent the limit will return to $1500.

If you try and pay more than you owe on your credit card is the payment declined or the extra amount just available?

Re: NFCU Automated Payments and Transfers

ZackAttack — Mon, 26 Dec 2022 21:59:18 GMT

@tebtengri wrote:
What I'm asking is if the bank processes a transfer into my nrewards card for more than the balance does it just store the extra balance as available?

Can you pay/transfer $1000 onto an nrewards card that has $100 balance out of $1500 total credit(thus $1400 available credit) and end up with $2400 available credit. Obviously once the extra amount you deposit is spent the limit will return to $1500.

If you try and pay more than you owe on your credit card is the payment declined or the extra amount just available?

Hi there,

The NFCU internal system would recognize that if the credit balance is only $500 and you are making a payment of something like $900 ... the system would probably give notice and most likely would abort with a message about it (assuming the rest of the credit limit hasn't been used yet).

If you are planning on paying extra to the credit card, I would recommend doing something like Bill Pay from another FI. When you do pay extra this to the credit card, the current balance will go below $0 and turn into CR$XX ... meaning you will have the available balance (the credit limit allowed on the card) + the CR balance.

I would take caution on secured cards. If you are planning on this, they could very well put the extra money and add it onto your credit limit as secured payment.

Re: NFCU Automated Payments and Transfers

OmarGB9 — Mon, 26 Dec 2022 22:19:13 GMT

@ZackAttack wrote:
@tebtengri wrote:
What I'm asking is if the bank processes a transfer into my nrewards card for more than the balance does it just store the extra balance as available?

Can you pay/transfer $1000 onto an nrewards card that has $100 balance out of $1500 total credit(thus $1400 available credit) and end up with $2400 available credit. Obviously once the extra amount you deposit is spent the limit will return to $1500.

If you try and pay more than you owe on your credit card is the payment declined or the extra amount just available?
Hi there,

The NFCU internal system would recognize that if the credit balance is only $500 and you are making a payment of something like $900 ... the system would probably give notice and most likely would abort with a message about it (assuming the rest of the credit limit hasn't been used yet).

If you are planning on paying extra to the credit card, I would recommend doing something like Bill Pay from another FI. When you do pay extra this to the credit card, the current balance will go below $0 and turn into CR$XX ... meaning you will have the available balance (the credit limit allowed on the card) + the CR balance.

I would take caution on secured cards. If you are planning on this, they could very well put the extra money and add it onto your credit limit as secured payment.

I believe this is correct. I've never done it, but I believe they won't let you make a payment larger than your current balance. So pushing a payment from an external checking account would be a good alternative.

Re: NFCU Automated Payments and Transfers

tebtengri — Mon, 26 Dec 2022 23:26:25 GMT

I'll make a test and see. Worst case I just schedule any payments from the card to a third party on a day before I use the card. Any charge large enough to come near the credit limit I'll just use debit and my checking account which i can obviously move as much as needed into

Re: NFCU Automated Payments and Transfers

USMC_Winger — Tue, 27 Dec 2022 05:10:27 GMT

@tebtengri wrote:
What I'm asking is if the bank processes a transfer into my nrewards card for more than the balance does it just store the extra balance as available?

Can you pay/transfer $1000 onto an nrewards card that has $100 balance out of $1500 total credit(thus $1400 available credit) and end up with $2400 available credit. Obviously once the extra amount you deposit is spent the limit will return to $1500.

If you try and pay more than you owe on your credit card is the payment declined or the extra amount just available?

@tebtengri: Your payment to your nRewards CC from your Navy Fed checking account won't be declined, but it won't increase your available credit beyond your current CL.

For example, when I had my Navy Fed nRewards CC last year, I paid nearly every charge within 24 hours, so I was never in any danger of forgetting to pay my CC bill on time if my monthly autopay didn't work. I usually had $0 balance on a $1,000 CL and made my online payment from my Navy Fed checking account on the same day of the purchase, say for $50. Navy Fed does batch processing on Monday through Thursday nights, except on holidays, so the next business day, I would expect to see my payment and the transaction charge cancel each other out, so I'd still have my available credit at $1,000.

However, if my purchase transaction didn't get submitted to Navy Fed right away, I'd just see my own payment transaction from the previous day, and my available credit would be $950, not $1,050. That's not a typo. It's a visual reminder that I can't increase my secured CL and charge a single item for $1,050, unless I go through the proper procedures for increasing my secured CL. In reality, that $50 I just paid is still available credit to pay for any purchase transactions that hit my account.