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My nrewards cc says $0 due for minimum payment. How can this be?
My last bill was due 10/13. I PIF b4 10/13 and charged the cc again b4 10/16 (statement cut date). NFCU reported a small balance on 10/20 from the previous month. My next due date is 11/13 but it says no min payment due. What should I do? Pay anyway?
USAA does the same thing when you pay more than the minimum. I pasted that section from the T&C
That's useful =)
Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013) Starting total revolving credit: $0 | Current total revolving credit: $1600.00 Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013 | Mechanically Sound Car | Fifth Third $300 U.S. Bank Harley Davidson $300 Capital One Platinum $500 2nd Capital One Platinum $500 |
So this can be a good news / bad news situation.
When I pay more than minimum (many times paying the card to zero), I often see a zero minimum payment.
The good news - I can skip a month making a payment without being "late".
The bad news - now I've rolled the balance to a second statement and interest will be charged.
My Credit Union will say no min payment if I pay double the min the previous month however I never skip a month without paying
This freaked me out when I first saw the same on my NFCU card. I purposely wanted a balance to report to my credit report so I left a small amount to carry into the next month. When the account and the statement both said "No Minimum Payment Due", I called in to make sure there wasn't an error in the system.
The rep told me that basically when you pay more than what is due, then basically you can skip the next month if its enough to cover what would be due for that month. I was shocked because that's how I wanted it to be way back when I first started having bills to pay as a young adult. I paid extra because I wanted to skip a few months, but creditors weren't for that. It's just another reason why I love NFCU.
The strange thing is that while this policy is definitely the case on my cashRewards card, my Flagship card will ask for a payment regardless in the form of interest due. Its kind of strange, but I wanted to know what would happen if I carried a balance, but still made a large payment on the account before the statement cut. I haven't called to ask about it and probably will just leave it as is.