Question to Navy Fed credit card members......

[glockrunner]

I just received my 1st statement for my Navy cashRewards card. My due date is 11/3. Under the payment section, at the bottom, it has the amount of the statement balance then it says 14-day payoff on 10/19. What is this 14-day payoff date? Meaning?  

[CGeorge]

It means that the amount if the amount of the pay-off, which would be good for the next 14 days (unless, of course, if you charged something else)...

[glockrunner]

Say the statement amount is $500, $20 minimum payment due 11/3. Says $500 14-day payoff 10/19. So if I charge more up till the 19th I will have a larger amount due? Not quite understanding the 14-day thing?

[Anonymous]

I have never seen this on my NFCU cards before. Usually that language is used for installment loans to guarantee a certain period of time to pay in full and not be subject to additional finance charges. Just pay your bill like any other card. 

[glockrunner]

Right. I thought it was odd. That is usually something on a loan of some type.

[Anonymous]

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@glockrunner wrote:
Right. I thought it was odd. That is usually something on a loan of some type.

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Yeah it doesn't make any sense on a credit card so I would just ignore it and pay it like any other credit card where interest compounds daily and paying your statement balance will not cover the trailing interest. 

[glockrunner]

Roger! Will do. I'll pay the statement balance by the due date.

[Anonymous]

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@glockrunner wrote:
Roger! Will do. I'll pay the statement balance by the due date.

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There's never any confusion about what happens when you do that.