@Anonymous
I've had Amex to double dip. Tried to pay the bill early, but not early enough.😆
I learned to either let autopay handle it or pay 3 days or more in advance.
Same happened with Capital One.
Had my fair share of double dipping by being overzealous with payments.
@Anonymous wrote:I have said that I'm not willing to do autopay of the full statement balance. Can people please stop suggesting it? It's not going to happen and the purpose of this thread was to sift out which cards double dip your minimum payment and which ones don't, not to debate which kind of autopay is better.
I am maintaining a list in the OP as data comes in on which ones do and don't do this practice, thanks everyone for contributing.
You said in another post that you don't trust it. We're saying that this premise is faulty. Take it from us who have used it extensively over the years: it's reliable! Humans are not reliable.
Of course, what you do is up to you. If you'd rather mess around with minimum payment autopay, double payments, and never being sure what is happening when and where, knock yourself out! This whole thread is about the problems with what you're trying to do.
It would be an empty thread if we were discussing the problems when autopaying the full statement balance on the due date.
@MrT_521 wrote:
@Anonymous wrote:I have said that I'm not willing to do autopay of the full statement balance. Can people please stop suggesting it? It's not going to happen and the purpose of this thread was to sift out which cards double dip your minimum payment and which ones don't, not to debate which kind of autopay is better.
I am maintaining a list in the OP as data comes in on which ones do and don't do this practice, thanks everyone for contributing.
You said in another post that you don't trust it. We're saying that this premise is faulty. Take it from us who have used it extensively over the years: it's reliable! Humans are not reliable.
Of course, what you do is up to you. If you'd rather mess around with minimum payment autopay, double payments, and never being sure what is happening when and where, knock yourself out! This whole thread is about the problems with what you're trying to do.
It would be an empty thread if we were discussing the problems when autopaying the full statement balance on the due date.
I have seen it reported multiple times on here where autopay failed and cards were closed. I have a set routine when it comes to my payments. As soon as my bank alerts me that my SSDI is pending, I go and schedule all of my payments. I have a budget app where I manually write in every single transaction I do to the penny, I manually check balances on every card to make sure I haven't missed anything, and I double check that by looking at the credit reporting data to make sure I catch all of my balances. Seriously, the autopay minimum is literally just for the off chance that something prevents me from making a payment. I am not a set it and forget it type of person, I'm a micromanager. My due dates are mostly between the 17th-23rd so I would have to wait most of the month to see my budget balance out to where I previously had it on the 6th and it would just prompt me to pay my cards early. Doing so would likely get me double dipped for a much larger amount. No thank you.
@MrT_521 wrote:
@Anonymous wrote:I have said that I'm not willing to do autopay of the full statement balance. Can people please stop suggesting it? It's not going to happen and the purpose of this thread was to sift out which cards double dip your minimum payment and which ones don't, not to debate which kind of autopay is better.
I am maintaining a list in the OP as data comes in on which ones do and don't do this practice, thanks everyone for contributing.
You said in another post that you don't trust it. We're saying that this premise is faulty. Take it from us who have used it extensively over the years: it's reliable! Humans are not reliable.
Of course, what you do is up to you. If you'd rather mess around with minimum payment autopay, double payments, and never being sure what is happening when and where, knock yourself out! This whole thread is about the problems with what you're trying to do.
It would be an empty thread if we were discussing the problems when autopaying the full statement balance on the due date.
There are a few valid reason i can think of...
- multiple users of the card pay at different times. DW is AU on two cards, target and our daily driver. She submits payment on those separately at various times through the month. But just in case, we use autopay as the backup.
- OCCASIONALLY revolving a balance - lets face it, this happens, and you can say "oh just budget" all you want but this _DOES_ happen such that balances revolve. Paying the statement bal isn't an option there. --- and the most important reason for me..
- KEEPING your FIs separate and keeping your bank info somewhat compartmentalized.
Here's the thing - I don't want my credit card companies having my "main" bank info on file. The "balance" account where my payroll deposits does NOT have cards or loans or auto payments linked to it except for cards issued by that bank. In my case, that's USocks (not the SMARTEST, probably, because USocks charges a fee for outbound transfers, which I still don't understand but anyway, that's who I use). Why? Because the credit card companies - Amex, Cap1, Disco, etc - have _all_ been compromised. Therefore, to reduce surface area, I have all those auto paying from an account I _DON'T_ use as my primary holder of funds. I'll *PUSH* payments to an FI using USocks bill pay... but that reduces the surface area and possibility for my *main* bank account getting compromised. I keep enough money for auto-payments in that account, with some margin so if something *happened* to me, and I didn't check on things they'd get handled and paid.
"But dogbert, you won't be responsible for the money if your account is compromised... the bank will give it back!"
Perhaps, but what will bounce in the few days it takes to get that resolved? What if it happens when my mortgage happens to be drafted? (Don't have one yet, but about to)... What kind of hassle will I have to endure? I'd rather not. This keeps my accounts isolated. It does mean I have to make sure I pay things, and push payments around, but I'd be doing that anyway to keep cards at AZEO.
Granted, this is making an assumption that a bank like USocks will be less vulnerable to attack. Perhaps they aren't... but to get my USocks account you have to hack USocks... instead of EITHER USocks or cap1 or target, etc, etc, etc. So... they get minimum payments just in case, and I push the rest from my man "balance" account when I can.....
Maybe I'm nuts, but this is why.