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Maintain grace period?

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Regular Contributor

Maintain grace period?

This is in reference to my wife's Chase Freedom Unlimited.

 

The statement cut 9/9 with a balance of $831.10. A credit of $3,212.89 posted 9/11. The account now shows a balance of -$2,381.79. The online interface shows "You don't have a payment due right now."

 

I know we need to make at least the minimum payment regardless of the negative balance. Do we need to pay the entire statement balance of $831.10 to maintain the grace period?

 

chase.jpg

 

 

Message 1 of 43
42 REPLIES 42
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Established Contributor

Re: Maintain grace period?

The statement is already paid off by the refund, so I think not?


Smiley Embarassed
Message 2 of 43
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Valued Contributor

Re: Maintain grace period?

 

I do not have a Chase card. 

However many CC issuers require a payment of the statements minimum or grater to set the flag that a payment was made. 

Should not have to pay the full 831.10, only minimum.

 

 

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Message 3 of 43
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Community Leader
Super Contributor

Re: Maintain grace period?


@Dumbee wrote:

The statement is already paid off by the refund, so I think not?


I don't know the answer in this specific case but OP's question is valid.  A rational person would by default conclude you're right but some issuers don't always properly account for this senario in their terms and conditions.

 



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Message 4 of 43
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Moderator

Re: Maintain grace period?

There was a thread about this exact situation a few months back, I'm not going to look for it because it wasn't pretty (trainwreck-ish) but the lesson from it ...make a minimum payment.

Message 5 of 43
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Established Contributor

Re: Maintain grace period?


@Remedios wrote:

There was a thread about this exact situation a few months back, I'm not going to look for it because it wasn't pretty (trainwreck-ish) but the lesson from it ...make a minimum payment.


That older thread was what I thought of when reading this post.

That thread was interesting to say the least.

Make the minimum payment to avoid unnecessary hassle.

Message 6 of 43
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Super Contributor

Re: Maintain grace period?

The best way to approach credit cards is that the statement is what you should be looking at. If there is a minimum payment on the statement, pay at least the minimum. If you want to keep your grace period, pay the statement balance. There are no nasty surprises if you just go by the statement. 




Message 7 of 43
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Contributor

Re: Maintain grace period?

Call the number on the back of your card. Our conjecture serves you no purpose.


Message 8 of 43
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Moderator

Re: Maintain grace period?


@Credit12Fico wrote:

Call the number on the back of your card. Our conjecture serves you no purpose.



 

A decent chunk of our members are by far more intimately familiar with "how it works" than most frontline CSRs. 

As far as *conjecture*, it's hardly one if drawn from personal and collective experiences. 

Minimum payment is due,  even though it will end up being another credit to the account. 

Message 9 of 43
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Valued Member

Re: Maintain grace period?

this is from my last Chase statement. It's my opinion that Chase uses statement credit toward your minumums...

 

Your AutoPay amount will be reduced by any payments or merchant credits that post to your account before we process your AutoPay
payment. If the total of these payments and merchant credits is more than your set AutoPay amount, your AutoPay payment for that
month will be zero.

Message 10 of 43
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