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Maintain grace period?

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Regular Contributor

Re: Maintain grace period?


@Throckmorton wrote:

 

 

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?


I  don't believe that you need  to make any payments. In the case everybody is refering due, the OP had a negative balance somewhere  in the middle of  the statement period. But then the OP  made extra charges and an ended up with a  positive  balance on the statement.   As long as you don't have a positive balance on the next statement, you  should be ok.

 

In  fact, in April my  CF statement closed with a  $430 balance and $35 minimim payment due. In May I received a $410 refund and had an auto payment of  $20 (and had   no new charges).  So my payment was below the minimum payment due. This did not cause any problems at all.

 

Message 11 of 43
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Regular Contributor

Re: Maintain grace period?


@Yankee2 wrote:

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.


Exactly.   I'm using AutoPay  for all my three Chase cards. I had refunds lots of time.  Refunds  to indeed reduce the autopay and I never  lost the grace period (even when I ended up with  a positive balance)

Message 12 of 43
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Valued Contributor

Re: Maintain grace period?

I had this exact situation on a Chase card recently.  Despite the large credit balance, I went ahead and paid the minimum payment due.  Then I used the card for a bunch of purchases to wipe out the large credit balance.  My rationale:  the statement, not the online display, is the legal document.

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Message 13 of 43
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Regular Contributor

Re: Maintain grace period?

Thanks to all. We're not brave enough to be the guinea pigs. We're just going to pay the statement balance and transfer the entire resulting credit to another card.

Message 14 of 43
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Regular Contributor

Re: Maintain grace period?


@Throckmorton wrote:

Thanks to all. We're not brave enough to be the guinea pigs. We're just going to pay the statement balance and transfer the entire resulting credit to another card.


I never knew how brave I am.   I have had chase cards for 15 years, and according to my records  paid 21 times less than the statement balance (and never lossed the grace period).

Message 15 of 43
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Senior Contributor

Re: Maintain grace period?

While I'm late to the party on this one, i would probably pay the statement balance as well just to be safe. However, if there is a credit made to the account by the due date that is large enough to cover both the minimum and statement balance. It should technically be satisfied as there is indeed nothing left to pay.  

 

Not knowing exactly how they treat credits versus a payment in terms of accruing interest, that's why I would opt to pay and you most likely will use a credit balance on a CC for something. I mean it's not exactly like it's lost Money. 






Message 16 of 43
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Regular Contributor

Re: Maintain grace period?

Chase's online system will not allow us to make a payment. I sent Chase a secure message explaining the situation and asking whether we need to make a payment. I'll have the response in writting. We could push a payment from our bank, but if Chase tells us in writting that we don't need to do so, that's good enough for us.

Message 17 of 43
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Contributor

Re: Maintain grace period?


@Throckmorton wrote:

Chase's online system will not allow us to make a payment. I sent Chase a secure message explaining the situation and asking whether we need to make a payment. I'll have the response in writting. We could push a payment from our bank, but if Chase tells us in writting that we don't need to do so, that's good enough for us.


Why go through the hassle of potentially having to fight to get a late payment removed and battling with misinformed CSRs who can't or won't help you down the line and potentially trigger accounts being closed (even if only temporarily). Just push the payment and be done with it. Don't let you credit health depend on anybody but yourself. Why leave your credit score up to Chase when you can be the one to control this situation.

 

Push the payment, and request a check for the credit balance.

 

Message 18 of 43
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Regular Contributor

Re: Maintain grace period?


@Credit12Fico wrote:

@Throckmorton wrote:

Chase's online system will not allow us to make a payment. I sent Chase a secure message explaining the situation and asking whether we need to make a payment. I'll have the response in writting. We could push a payment from our bank, but if Chase tells us in writting that we don't need to do so, that's good enough for us.


Why go through the hassle of potentially having to fight to get a late payment removed and battling with misinformed CSRs who can't or won't help you down the line and potentially trigger accounts being closed (even if only temporarily). Just push the payment and be done with it. Don't let you credit health depend on anybody but yourself. Why leave your credit score up to Chase when you can be the one to control this situation.

 

Push the payment, and request a check for the credit balance.

 


You're right, that's a better plan. Done.

 

I am curious about Chase's response to the original inquiry.

Message 19 of 43
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Contributor

Re: Maintain grace period?


@Throckmorton wrote:

@Credit12Fico wrote:

@Throckmorton wrote:

Chase's online system will not allow us to make a payment. I sent Chase a secure message explaining the situation and asking whether we need to make a payment. I'll have the response in writting. We could push a payment from our bank, but if Chase tells us in writting that we don't need to do so, that's good enough for us.


Why go through the hassle of potentially having to fight to get a late payment removed and battling with misinformed CSRs who can't or won't help you down the line and potentially trigger accounts being closed (even if only temporarily). Just push the payment and be done with it. Don't let you credit health depend on anybody but yourself. Why leave your credit score up to Chase when you can be the one to control this situation.

 

Push the payment, and request a check for the credit balance.

 


You're right, that's a better plan. Done.

 

I am curious about Chase's response to the original inquiry.


Cheers! I had some alarm bells going off because I have seen in another forum this month your same exact issue of a credit balance posting during the billing cycle that was larger than the statement balance of the previous billing cycle. In the end, this account holder's card was closed due to non-payment even though there was a credit balance like your situation. See the notice that Chase sent them:

 

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Message 20 of 43
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