@Anonymous-own-fico wrote:
One credit card's statement says the following: Your next automatic minimum payment of $nn.nn will be on mm/dd/yy. Any payments made prior to this date will be applied towards your minimum payment due.
Another credit card receives prior to the due date a payment for the outstanding balance in full of both prior and present billing cycle, which is not applied towards the automatic payment deducted on the due date. The outstanding balance becomes negative because of it.
Is the latter lawful, or a matter of discretion?
Are you describing the following scenario?
You have an October 31 statement balance of $1000 with a due date of November 25, and then charge an additional $1000 from November 1 to November 24, and then pay $2000 on Novmber 24 (before the minimum payment was going to be deducted). Are asking whether the minimum payment will still be deducted on November 25?
In my experience with automatic payments, whenever I PIF in manner described above, no payment gets deducted on the due date of the earlier statement, because there is a zero balance on the account. I've done this on several CCs in the past.
Also, even if I have automatic payments set up for the full statement balance on the due date, and choose to pay in full a couple weeks in advance, no additional payment is deducted on the due date, even if there is still a balance on the account (from the current billing cycle). I just tested this out last month when I wasn't certain that my automatic payments were going to be deducted properly. So even though my Chase statement said, "You next AutoPayment for $xxx.xx will be deducted from you account and credited on your due date...", since I had paid the statement amount before this date, the AutoPayment never took place.
