CU wants me to skip a payment?!

[kroberts67]

Here's one I haven't heard...  on my statement tonight I noticed the following:

"CONGRATULATIONS! BECAUSE OF YOUR EXCELLENT PAYMENT RECORD, YOU HAVE QUALIFIED TO
SKIP THIS MONTH'S PAYMENT. AS A REMINDER, INTEREST WILL CONTINUE TO ACCRUE.
THANK YOU FOR USING YOUR SCHOOLSFIRST FCU VISA."

Wooohoo!  Winna winna chicken dinna!  But no thank you, my plan to pay this card off next month doesnt include skipping a payment, lol.  How's aboutcha lower my rate instead?? 

Or since they just raised my CL by 6700, is this a test??  ha.

[score_building]

Don't have experience with Schools CU but nice vote of confidence between the CLI and offer. Agree PIF is the way to go to avoid interest payments in any case. Have had a few such 'skip a payment' offers from various issuers over the years but continued to pay >10% of outstanding bal if zero/low promo, otherwise- PIF to minimize/eliminate any ineterest payments. One good thing about CU, as a member-not much incentive to play games, would consider it an attempt to reward good credit behavior and perhaps earn some additional interest but nothing sneaky like an AA trap one may find from big banks from time to time depending on card holder profile, economic climate, etc.

[Plasticard]

I've seen this too at my credit Union for my auto loan, however the difference is that the fine print says the skipped payment will need to be made up later in the year. So in my csse, I don't see anything good out of skipping the payment. At least with yours you won't need to make up the skipped payment. 

[indiolatino61]

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@kroberts67 wrote:

Here's one I haven't heard...  on my statement tonight I noticed the following:

"CONGRATULATIONS! BECAUSE OF YOUR EXCELLENT PAYMENT RECORD, YOU HAVE QUALIFIED TO
SKIP THIS MONTH'S PAYMENT. AS A REMINDER, INTEREST WILL CONTINUE TO ACCRUE.
THANK YOU FOR USING YOUR SCHOOLSFIRST FCU VISA."

Wooohoo!  Winna winna chicken dinna!  But no thank you, my plan to pay this card off next month doesnt include skipping a payment, lol.  How's aboutcha lower my rate instead?? 

Or since they just raised my CL by 6700, is this a test??  ha.

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Why would anyone skip a payment if interest will accrue? Plus, I think it kind of shows money may be "tight" because what other reason would you "need" to skip a monthly payment? The best of luck to you.

[H4LO]

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@indiolatino61 wrote:

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@kroberts67 wrote:

Here's one I haven't heard...  on my statement tonight I noticed the following:

"CONGRATULATIONS! BECAUSE OF YOUR EXCELLENT PAYMENT RECORD, YOU HAVE QUALIFIED TO
SKIP THIS MONTH'S PAYMENT. AS A REMINDER, INTEREST WILL CONTINUE TO ACCRUE.
THANK YOU FOR USING YOUR SCHOOLSFIRST FCU VISA."

Wooohoo!  Winna winna chicken dinna!  But no thank you, my plan to pay this card off next month doesnt include skipping a payment, lol.  How's aboutcha lower my rate instead?? 

Or since they just raised my CL by 6700, is this a test??  ha.

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Why would anyone skip a payment if interest will accrue? Plus, I think it kind of shows money may be "tight" because what other reason would you "need" to skip a monthly payment? The best of luck to you.

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This.

While I was looking at doing a auto refinance at my local CU. They said no payment for 3 months.

Well that's cool...... BUT it still accures interest. 

Not the smartest option.

[kroberts67]

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@indiolatino61 wrote:

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@kroberts67 wrote:

Here's one I haven't heard...  on my statement tonight I noticed the following:

"CONGRATULATIONS! BECAUSE OF YOUR EXCELLENT PAYMENT RECORD, YOU HAVE QUALIFIED TO
SKIP THIS MONTH'S PAYMENT. AS A REMINDER, INTEREST WILL CONTINUE TO ACCRUE.
THANK YOU FOR USING YOUR SCHOOLSFIRST FCU VISA."

Wooohoo!  Winna winna chicken dinna!  But no thank you, my plan to pay this card off next month doesnt include skipping a payment, lol.  How's aboutcha lower my rate instead?? 

Or since they just raised my CL by 6700, is this a test??  ha.

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Why would anyone skip a payment if interest will accrue? Plus, I think it kind of shows money may be "tight" because what other reason would you "need" to skip a monthly payment? The best of luck to you.

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My thoughts exactly.  I do love the gestures they've been making to me lately.  It would come in handy if things were tight, and I can see where the CU makes out. I guess its a frame of mind.  Before credit rebuilding I would have been estatic.   

[efranklin23]

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@kroberts67 wrote:

Here's one I haven't heard...  on my statement tonight I noticed the following:

"CONGRATULATIONS! BECAUSE OF YOUR EXCELLENT PAYMENT RECORD, YOU HAVE QUALIFIED TO
SKIP THIS MONTH'S PAYMENT. AS A REMINDER, INTEREST WILL CONTINUE TO ACCRUE.
THANK YOU FOR USING YOUR SCHOOLSFIRST FCU VISA."

Wooohoo!  Winna winna chicken dinna!  But no thank you, my plan to pay this card off next month doesnt include skipping a payment, lol.  How's aboutcha lower my rate instead?? 

Or since they just raised my CL by 6700, is this a test??  ha.

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When something sounds too goo to be true, it usually is

[takeshi74]

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@indiolatino61 wrote:

Why would anyone skip a payment if interest will accrue? 

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"I wouldn't" isn't the same thing as "no one would".

Plenty of consumers would and that's part of the reason why so many of them are in debt.

[clocktick]

I had a similar offer from my CU when I had my car loan through them. It was more geared toward the end of the year so one had money for holiday shopping (or anything else for that matter).  That's what they told me anyway.  I didn't do it but they told me a lot of their customers "take advantage" of it "without penalty."  I've only ever heard of CUs doing this.  Not sure if regular credit cards do?

[titanofold]

Wings Financial does this as well.

I always assumed the interest would continue to accrue. Logically, it just makes sense. So, I have a hard time getting uppity that they wouldn't also defer the interest accrual.