topic Re: Beginner Payment Question in Credit Cards

Beginner Payment Question

Vegas247 — Tue, 01 Apr 2014 06:31:39 GMT

It's been so long since I went down with my credit back in 2006, I'm not really a beginner (it's just been a long time), but here goes the question. I don't plan to ever be late on my new cards, but If a person pays a day late or 2, is it an automatic 30 days late?

Re: Beginner Payment Question

angelcred10 — Tue, 01 Apr 2014 06:43:14 GMT

no, but I'd reccomend setting up cards to do at least minimum automatic payments regardless!

Re: Beginner Payment Question

Vegas247 — Tue, 01 Apr 2014 06:47:51 GMT

@angelcred10 wrote:
no, but I'd reccomend setting up cards to do at least minimum automatic payments regardless!

Thanks for the quick reply. If I set up auto pay, does it just pay the minimum, or can I set it up to PIF?

Re: Beginner Payment Question

angelcred10 — Tue, 01 Apr 2014 06:56:19 GMT

you can set up to pay the last statement balance at least for most CC

not sure about a full amount.

Re: Beginner Payment Question

NoAnchoviesPlease — Tue, 01 Apr 2014 06:58:23 GMT

@Vegas247 wrote:
@angelcred10 wrote:
no, but I'd reccomend setting up cards to do at least minimum automatic payments regardless!
Thanks for the quick reply. If I set up auto pay, does it just pay the minimum, or can I set it up to PIF?

Depends on whether you set up autopay from your bank or from the credit card company, and whether the CC offers multiple options. But you should be able to do this in most cases.

I took my minimum monthly payment from January, divided it by four, and pay that much every week (I get paid weekly) from my CU's billpay.

I still check monthly to make sure I don't miss something, but in general I pay more than the minimum (8% over January's minimum, 52 1/4s rather than 48), reduce my average daily balance and interest as I go, and don't notice the hit of the monthly minimum. And if I don't change that amount as my minimum and balance go down, I pay it off even faster.

You can adjust that plan if you get paid biweekly or twice a month of course. Also works for cable and electric.

About the only downside I can see (and I'm open to adjustment on this) is if anyone is paying attention to your "last payment" amount on your CR, it might look odd. But lack of 30/60/90 and PAYS AS AGREED should speak more loudly.