Stop being so lazy. If you can bother to manually pay beforehard, you can certainly afford to manually pay everytime. Just turn off auto and always manually pay. It builds a good habit of forcing you to check your finances.
Starting Score: Ex08-732,Eq08-713,Tu08-717
@Anonymous wrote:Are you a citi emplyoee ?
who are you referring to?
@Anonymous wrote:Citi’s Autopay Policy change:
Think of it this way. I am a senior vice president at Citi. I have millions of credit card customers. How can I make more money off them ?
Lets change the Autopay policy. We can double charge people who have it set up to minimum and also make manual payments.
After the customer deletes the minimum autopay we know some of them are not always good about making payments on time so we get revenue from late fees also.
This new policy in no way shape or form benefits the customer only Citi
.
It is just wrong. If you make a payment during the month before the due date you should not then be charged the minimum autopay amount if you have it set up.
Huh?
The Minimum Payment is not a fee Citi charges you. You don't "lose" the money when they transact your minimum payment. Citi does not keep this money as a fee.
It is money that goes from your checking account cash to pay for charges that you have incurred on the card, charges on the card you have to pay off with cash at some time or other. The minimum payment goes toward paying the balance you owe.
If during the month you pay your balance to zero, and Citi takes another $30 for the scheduled minimum payment, that puts your credit card account in a negative balance in your favor. The next time you charge a $30 restaurant meal or a tank of gas, that new charge of $30 offsets the negative balance, bringing the credit card account to net zero.
If you pay the card to zero and Citi takes the $30 minimum payment, and you do nothing else, the card sits there with a negative balance (money Citi owes you) of -$30. If you do nothing else, that -$30 will sit there to the end of time. The next statement that cuts will show a -$30 amount and no minimum payment is due, so no minimum autopayment will be taken.
@Anonymous wrote:
@NRB525 wrote:
@Anonymous wrote:Citi’s Autopay Policy change:
Think of it this way. I am a senior vice president at Citi. I have millions of credit card customers. How can I make more money off them ?
Lets change the Autopay policy. We can double charge people who have it set up to minimum and also make manual payments.
After the customer deletes the minimum autopay we know some of them are not always good about making payments on time so we get revenue from late fees also.
This new policy in no way shape or form benefits the customer only Citi
.
It is just wrong. If you make a payment during the month before the due date you should not then be charged the minimum autopay amount if you have it set up.
Huh?
The Minimum Payment is not a fee Citi charges you. You don't "lose" the money when they transact your minimum payment. Citi does not keep this money as a fee.
It is money that goes from your checking account cash to pay for charges that you have incurred on the card, charges on the card you have to pay off with cash at some time or other. The minimum payment goes toward paying the balance you owe.
If during the month you pay your balance to zero, and Citi takes another $30 for the scheduled minimum payment, that puts your credit card account in a negative balance in your favor. The next time you charge a $30 restaurant meal or a tank of gas, that new charge of $30 offsets the negative balance, bringing the credit card account to net zero.
If you pay the card to zero and Citi takes the $30 minimum payment, and you do nothing else, the card sits there with a negative balance (money Citi owes you) of -$30. If you do nothing else, that -$30 will sit there to the end of time. The next statement that cuts will show a -$30 amount and no minimum payment is due, so no minimum autopayment will be taken.
I think the main issue is why would Citi take that 30 when you have paid in full. There is no reason for them to take that 30 from your checking account and to apply it to your card.
Because they decided to change their policy after getting so many questions from one set of people who saw a Minimum Payment amount on their monthly statement, the actual Autopayment was something less, and the cardholders called customer service in utter confusion. Having the Autopay follow what the cardholder says, Pay the Minimum Payment, makes it clear to these folks that the Minimum Payment will be coming out of their bank account on a date certain.
Like all changes to policy, now there is a new consituency that can't comprehend the possibility to adjust their Pay Before Statement Cut methodology to hold up a little short or to change their Autopay amount from Minimum to some other choice.