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Maintain grace period?

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Regular Contributor

Re: Maintain grace period?


@SecretAzure wrote:

I'm just going to ask for personal data. And I'm sorry if it was already answered in this thread but I tend to skip over the items that appear to be bickering. 

 

In this scenario, if the OP has autopay setup, wouldn't that payment go through (if it is required at all)?

 

I assume if one has autopay setup and no payment is made but is expected, the lender cannot blame the cardholder for their own system failing to process the payment timely. 


No.  If the  balance is negative on the due date, then at that moment no payment is due and Chase will not execute the autopay.

 

But if extra charges after the due date  lead to a positive balance on the statement, then Chase wants  you to make  a manual payment to cover the minimum payment.  

 

 

Message 31 of 43
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Regular Contributor

Re: Maintain grace period?

I posted an example above of an experience from a different forum where Chase complained about Case 1. Which is what the OP is experiencing. Is that clear?


@Credit12Fico wrote:

@Llewelyn wrote:

Maybe it is not clear which statement balance I'm talking about. So let me do two example:

 

Case 1:     Statement cuts on April 4 with a balance of  $1000 and  Min Pay $35. Due date May 1.   $1500 Return on April 20. No other  transaction.  May 5 statement shows a credit of $500. 

 

Case 2:    Statement cuts on April 4 with a balance of  $1000 and  Min Pay $35. Due date May 1.   $1500 Return on April 20.  Purchase of $800 on May 2.   May 5 statement shows a balance of  $300.

 

In Case 2  Chase will write you nasty letter that you missed your   minimum payment. In Case 1 no minimum payment  was due and Chase will not complain.

 

 


I posted an example above of an experience from a different forum where Chase complained and closed an account because of Case 1....  Is that clear?


Can you give me link to that post?

Message 32 of 43
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Regular Contributor

Re: Maintain grace period?


@Llewelyn wrote:

I posted an example above of an experience from a different forum where Chase complained about Case 1. Which is what the OP is experiencing. Is that clear?


@Credit12Fico wrote:

@Llewelyn wrote:

Maybe it is not clear which statement balance I'm talking about. So let me do two example:

 

Case 1:     Statement cuts on April 4 with a balance of  $1000 and  Min Pay $35. Due date May 1.   $1500 Return on April 20. No other  transaction.  May 5 statement shows a credit of $500. 

 

Case 2:    Statement cuts on April 4 with a balance of  $1000 and  Min Pay $35. Due date May 1.   $1500 Return on April 20.  Purchase of $800 on May 2.   May 5 statement shows a balance of  $300.

 

In Case 2  Chase will write you nasty letter that you missed your   minimum payment. In Case 1 no minimum payment  was due and Chase will not complain.

 

 


I posted an example above of an experience from a different forum where Chase complained and closed an account because of Case 1....  Is that clear?


Can you give me link to that post?


The Thread:https://www.flyertalk.com/forum/chase-ultimate-rewards/2024929-chase-closed-my-csr-why.html

 

Specifics which are links to specific post in that thread:

First Person/OP:https://www.flyertalk.com/forum/32670216-post11.html

Second person: https://www.flyertalk.com/forum/32670539-post19.html

 

 

Chase closed accounts which developed negative credit balances in the billing cycle after a positive statement balance posted. Balance remained negative until the account was closed and autopay did not submit any payments due to negative credit balance for both people in that forum.

 

 

Message 33 of 43
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Regular Contributor

Re: Maintain grace period?

@Credit12Fico   It always take me a long time to write my posts and some of our post have been overlapping.  For example I did not see your "FlyerTalk" post until just now.

Message 34 of 43
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Regular Contributor

Re: Maintain grace period?


@Llewelyn wrote:

@Credit12Fico   It always take me a long time to write my posts and some of our post have been overlapping.  For example I did not see your "FlyerTalk" post until just now.


It's ok I do the same! I apologize, I am constantly editing and trying to rephrase to be more clear Smiley Very Happy

Message 35 of 43
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Regular Contributor

Re: Maintain grace period?


@Credit12Fico wrote:

Can you give me link to that post?


The Thread:https://www.flyertalk.com/forum/chase-ultimate-rewards/2024929-chase-closed-my-csr-why.html

 

Specifics which are links to specific post in that thread:

First Person/OP:https://www.flyertalk.com/forum/32670216-post11.html

Second person: https://www.flyertalk.com/forum/32670539-post19.html

 

 

Chase closed accounts which developed negative credit balances in the billing cycle after a positive statement balance posted. Balance remained negative until the account was closed and autopay did not submit any payments due to negative credit balance for both people in that forum.

 

 


Sorry, but I not sure that either of those are Case 1 (negative balance on the statement after the missed minimum payment)

 

Person 1 was asked "Did the statement(s) show a required payment?" and responded with "I have auto pay set up. If there is credit, no payment is required"

 

The responce  seems to say that there there was a credit at the time of the auto pay, but not necessarily on the following statement.     Person 1 does say  later that they still have a credit now.  But it is not clear whether it was positive in between.

 

Person 2 never says anything  about their statement balance, but does say "Note: it wasn't true that only merchant credits were posted to this account (still had daily spend)".  

 

So I don't see how you conclude  that Person 1 and Person 2 fulfill Case 1

 

Also in Post 24,  Person 3 states that they had a positive balance in March, followed by negative statement balances in April to July, and never made a payment. They received a full refund of their credit balance  in August with no complaint from Chase. So this does seem to confirm my oppinion that Case 1 is fine with Chase.

 

Message 36 of 43
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Valued Contributor

Re: Maintain grace period?

Thanks @longtimelurker @Llewelyn !

 

This sounds like stupid old banking systems being stupid. It's good to know though!

"Show your thanks with action! Hit the "Kudos" button (the stripe with the star) for every post you find helpful to show your appreciation to the community of great individuals who help you on these forums" -Me

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Message 37 of 43
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Regular Contributor

Re: Maintain grace period?


@Llewelyn wrote:

@Credit12Fico wrote:

Can you give me link to that post?


The Thread:https://www.flyertalk.com/forum/chase-ultimate-rewards/2024929-chase-closed-my-csr-why.html

 

Specifics which are links to specific post in that thread:

First Person/OP:https://www.flyertalk.com/forum/32670216-post11.html

Second person: https://www.flyertalk.com/forum/32670539-post19.html

 

 

Chase closed accounts which developed negative credit balances in the billing cycle after a positive statement balance posted. Balance remained negative until the account was closed and autopay did not submit any payments due to negative credit balance for both people in that forum.

 

 


Sorry, but I not sure that either of those are Case 1 (negative balance on the statement after the missed minimum payment)

 

 


What I'm trying to point out is that in both cases (like myFico OP), a positive statement balance was generated initially. A merchant credit posted in the next billing cycle.  Then on the due date for the first positive statement balance, there was a negative balance, and no payment was made (via Auto-pay or via manual payment).

 

Chase wrote a letter saying this action is non-payment of bills (even though the autopay did not work).

 

Ultimately, Chase AA is selective. So two users can and will get different treatment for the same offense. YMMV always applies. But don't give Chase a reason.

Message 38 of 43
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Re: Maintain grace period?


@Credit12Fico wrote:


We don't even need to consider whether the next statement closed with a positive or negative balance. 


Yes, we do. That is why some people run in trouble with Chase and others do not.

 

I agree with you,  only the balance at the due date should matter. But that is not what Chase thinks (or at least their computer system doesn't).   Instead,  Chase does  (indirectly) consider the balance when the next statement closes:       You need to consider   when and how  returns are applied.  At the end of the statement period,  Chase will first apply  the returns towards  the new  purchases,  then towards the part of the last statement balance above the minimum payment, and finally towards the minimum payments. (Payments, on the other hand, are first applied to the minimum payment, then the statement balance and finally  towards the new purchase).   If you did not make any payments, and the balance at  the end statement period is negative,   this means that the minimum payment has not been met and Chase will demand extra payments.   But if the balance is negative,  the returns will have been applied to the minimum payment, and  no payment is due.

 

Maybe, I'm wrong about this. But I have not seen any clear cases where  chase wanted someone to make  payments even if the balance at the end of stament period was negative.

 

 

 

 

 

 

Message 39 of 43
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Regular Contributor

Re: Maintain grace period?


@Credit12Fico wrote:

 

Ultimately, Chase AA is selective. So two users can and will get different treatment for the same offense. YMMV always applies. But don't give Chase a reason.


I'm not defending Chase. I think their  policy is wrong and borderline criminal. I only trying to point out what their policy is.

Message 40 of 43
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