not paying balance with no minimum due

[villemiami]

On my Bofa Air France credit card, I have a balance of $1,500, the payment due date is tomorrow, but the Total minimum payment due is $0.

What happens if I my balance in 1 week instead of tomorrow? Will my credit score lower or no?

[dfwxjer]

Was the previous statement balance $0? 

Assuming you made the $1500 purchase after the previous statement closed, you are correct, and you can pay the balance on your next statement. 

Or did you already meet the minimum payment due which left a $1500 balance? 

[villemiami]

My last  statement balance is $3,199.74

I paid $2000 5 days ago.

[ptatohed]

You probably have $0 due because you already met your minimum payment due when you paid $2000.  But it sounds like youl'll pay interest if you don't pay off the rest of the $3200.  

[dfwxjer]

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@ptatohed wrote:

You probably have $0 due because you already met your minimum payment due when you paid $2000.  But it sounds like youl'll pay interest if you don't pay off the rest of the $3200.  

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Exactly this. 

[FicoMike0]

Back to your original question, 

Will my credit score lower or no?

Shouldn't affect your scores. In another five days or so, your account should post again. With no further charges, you'll report $1500, less than the $3200 last time. Depending on a lot of other factors, there is the possibility of a score increase, due to lower utilization.

[Kforce]

As @FicoMike0  pointed out the issue is not score drop.

The moment it was not paid in full you start paying interest and lose your grace period.

When you pay it off in 7-10 days you will owe more than the $1,500 because of 7-10 days of extra interest.

The 1500 + interest needs to be paid so the grace period can be re-established.  Don't have BofA some issuers let you pay a little extra above balance some don't, so you would need to pay at a branch or push from billpay service the carry over balance + 7-10 days of interest. 

Example 30% interest , 10 days, $1500 balance, 360 day calendar. 

(Don't know real rate or banks calendar)

(1500*(0.30/360)) * 10 =  $12.50 interest.

A few dollars extra and they just credit or pay you back.

I would push $1,520 from bill pay.   

[Gregory1776]

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@Kforce wrote:

As @FicoMike0  pointed out the issue is not score drop.

The moment it was not paid in full you start paying interest and lose your grace period.

When you pay it off in 7-10 days you will owe more than the $1,500 because of 7-10 days of extra interest.

The 1500 + interest needs to be paid so the grace period can be re-established.  Don't have BofA some issuers let you pay a little extra above balance some don't, so you would need to pay at a branch or push from billpay service the carry over balance + 7-10 days of interest. 

Example 30% interest , 10 days, $1500 balance, 360 day calendar. 

(Don't know real rate or banks calendar)

(1500*(0.30/360)) * 10 =  $12.50 interest.

A few dollars extra and they just credit or pay you back.

I would push $1,520 from bill pay.   

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I have never heard of this nor experienced it.... 

partial payment of the statement balance + then paying the remaining statement balance by the due date shouldn't result in you paying any interest.

The moment you have a portion of the statement balance remaining after the due date is when you begin getting charged interest.

[Remedios]

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@Gregory1776 wrote:

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@Kforce wrote:

As @FicoMike0  pointed out the issue is not score drop.

The moment it was not paid in full you start paying interest and lose your grace period.

When you pay it off in 7-10 days you will owe more than the $1,500 because of 7-10 days of extra interest.

The 1500 + interest needs to be paid so the grace period can be re-established.  Don't have BofA some issuers let you pay a little extra above balance some don't, so you would need to pay at a branch or push from billpay service the carry over balance + 7-10 days of interest. 

Example 30% interest , 10 days, $1500 balance, 360 day calendar. 

(Don't know real rate or banks calendar)

(1500*(0.30/360)) * 10 =  $12.50 interest.

A few dollars extra and they just credit or pay you back.

I would push $1,520 from bill pay.   

---

I have never heard of this nor experienced it.... 

partial payment of the statement balance + then paying the remaining statement balance by the due date shouldn't result in you paying any interest.

The moment you have a portion of the statement balance remaining after the due date is when you begin getting charged interest.

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They did not pay in full, they made partial payment that satisfied minimum requirement and reduced amount on which interest will accumulate 

[villemiami]

After seeing your messages saying that I would pay interest, I decided to pay the remaining balance using my Bank of America checking account. Does using a Bofa account make the payment post faster on a Bofa credit card or is there no difference if I use a bank account from another bank?

Now, the problem is that I have less than $1500 in my Bofa checking account so I'm exposed to a $12 fee. I tranferred money from my Capital One bank account to my Bofa checking account but it said that it would take 1 to 3 days for the transfer to post.

I don't know if Bofa checks that there is a minimum of $1500 every day at midnight.

Anyway, I'm sure paying $12 fee is better than paying interest on $1500.