topic Re: No minimum payment due? Huh? in Credit Cards

No minimum payment due? Huh?

fixmycred14 — Thu, 07 Nov 2013 20:32:35 GMT

My nrewards cc says $0 due for minimum payment. How can this be?

My last bill was due 10/13. I PIF b4 10/13 and charged the cc again b4 10/16 (statement cut date). NFCU reported a small balance on 10/20 from the previous month. My next due date is 11/13 but it says no min payment due. What should I do? Pay anyway?

Re: No minimum payment due? Huh?

MASTERNC — Thu, 07 Nov 2013 21:14:50 GMT

USAA does the same thing when you pay more than the minimum. I pasted that section from the T&C

Pay-Ahead Program:

The Minimum Payment as calculated above is your Regular Minimum Payment. If your Account is eligible

for our Pay-Ahead Program and is in good standing, when you pay more than the Regular Minimum Payment, we may, at our

option, permit you to skip some or all of your next two Regular Minimum Payments. When this occurs, we continue to calculate

your Regular Minimum Payment, however the amount of the minimum payment due displayed on the first page of your bill, on

usaa.com, and on our phone systems is reduced by the amount you may skip.

Re: No minimum payment due? Huh?

Anonymous — Thu, 07 Nov 2013 21:33:53 GMT

That's useful =)

Re: No minimum payment due? Huh?

chasmith — Thu, 07 Nov 2013 21:42:05 GMT

So this can be a good news / bad news situation.

When I pay more than minimum (many times paying the card to zero), I often see a zero minimum payment.

The good news - I can skip a month making a payment without being "late".

The bad news - now I've rolled the balance to a second statement and interest will be charged.

Re: No minimum payment due? Huh?

Anonymous — Thu, 07 Nov 2013 21:45:38 GMT

My Credit Union will say no min payment if I pay double the min the previous month however I never skip a month without paying

Re: No minimum payment due? Huh?

Anonymous — Fri, 08 Nov 2013 02:46:31 GMT

This freaked me out when I first saw the same on my NFCU card. I purposely wanted a balance to report to my credit report so I left a small amount to carry into the next month. When the account and the statement both said "No Minimum Payment Due", I called in to make sure there wasn't an error in the system.

The rep told me that basically when you pay more than what is due, then basically you can skip the next month if its enough to cover what would be due for that month. I was shocked because that's how I wanted it to be way back when I first started having bills to pay as a young adult. I paid extra because I wanted to skip a few months, but creditors weren't for that. It's just another reason why I love NFCU.

The strange thing is that while this policy is definitely the case on my cashRewards card, my Flagship card will ask for a payment regardless in the form of interest due. Its kind of strange, but I wanted to know what would happen if I carried a balance, but still made a large payment on the account before the statement cut. I haven't called to ask about it and probably will just leave it as is.

Re: No minimum payment due? Huh?

fixmycred14 — Fri, 08 Nov 2013 05:02:17 GMT

Thanks Everyone! I appreciate all the info provided. I'm starting over and have to get used to how things work. I haven't had credit in quite some time.