topic Paying current balance at future date for Chase. in Credit Cards

Paying current balance at future date for Chase.

kremonis — Mon, 20 Mar 2023 14:59:00 GMT

This questions speciffically for Chase credit cards. However, if your response generally applicable to most credit cards ... then let everyone know.

I normally pull the PMT manually. Chase has the option to pay the "current balance" and set the the PMT date to be pulled in the future.

Let's say, today, your "current balance" on a Chase CC is $100. The statement closes on the 29th of March. You log into Chase.com CC account and set up a PMT to be pulled from a external checking account on the 28th of March, one day before the statement closes. On the 25th of March you spend another $25. Now your "current balance" is $125 as of the 25th of March.

What amount gets paid when the PMT you set up on the 28th of March activates? Is it the $100 "current balance" PMT when you set up the payment today. Or is it the $125 "current balance" PMT when the payment actually activates on the 28th of March?

Re: Paying current balance at future date for Chase.

Remedios — Mon, 20 Mar 2023 16:33:30 GMT

You're paying amount you scheduled, it is not a dynamic process.

In your example, you'd be scheduling $100.00 payment, Chase will pull $100.00

"Current balance" is snapshot in time, only relevant when scheduling.

Re: Paying current balance at future date for Chase.

kremonis — Mon, 20 Mar 2023 16:48:07 GMT

@Remedios wrote:
You're paying amount you scheduled, it is not a dynamic process.
In your example, you'd be scheduling $100.00 payment, Chase will pull $100.00
"Current balance" is snapshot in time, only relevant when scheduling.

@Remedios

Thank you. I wish there was a way to make a dynamic payment though. The only way I can think of is to guestimate and prepay.

Re: Paying current balance at future date for Chase.

Remedios — Mon, 20 Mar 2023 16:57:11 GMT

Chase allows for payments on pending charges, including a little bit over.

In any case, if you are trying to have $0.00 report, you will most likely need to either stop using card after paying "current balance" or log in again and make a second payment (on current charges) that will bring it to $0.00.

Chase reports every time balance is brought down to $0.00, so you can do this at any point in time.

Re: Paying current balance at future date for Chase.

fury1995 — Tue, 21 Mar 2023 00:44:24 GMT

@Remedios wrote:
Chase allows for payments on pending charges, including a little bit over.

In any case, if you are trying to have $0.00 report, you will most likely need to either stop using card after paying "current balance" or log in again and make a second payment (on current charges) that will bring it to $0.00.
Chase reports every time balance is brought down to $0.00, so you can do this at any point in time.

Really? I hadn't tracked that with Chase.

So just to clarify, if I pay my Chase card to zero 2 weeks prior to the statement date, that automatically generates an update to the bureaus (obviously, when there was a prior balance reported)?

Re: Paying current balance at future date for Chase.

EAJuggalo — Tue, 21 Mar 2023 01:48:30 GMT

@fury1995 wrote:
@Remedios wrote:
Chase allows for payments on pending charges, including a little bit over.

In any case, if you are trying to have $0.00 report, you will most likely need to either stop using card after paying "current balance" or log in again and make a second payment (on current charges) that will bring it to $0.00.
Chase reports every time balance is brought down to $0.00, so you can do this at any point in time.
Really? I hadn't tracked that with Chase.

So just to clarify, if I pay my Chase card to zero 2 weeks prior to the statement date, that automatically generates an update to the bureaus (obviously, when there was a prior balance reported)?

Correct, anytime your balance is brought to 0 after a balance had been reported Chase will update off cycle. This is why there is the recommendation to not use a Chase card to report if you're trying to do AZEO.