Tuesday, January 15, 2008

Credit card tricks: Auto pay in full

Here's some information more people need to know about:

You CAN set up automatic credit card payments that pay your ENTIRE credit card balance.

The HOW TO is below....

Backstory:
I was ready to drop my credit card company because their website's only automatic monthly payment option was for the minimum payment. I wanted to pay the full balance automatically. I had called my credit company numerous times, asking if an automatic "pay in full" website option was available. Their response was, "No, but that is a frequent request."

I did some web research and found out that my credit card company DID have an automatic "pay in full" service all along but they simply didn't offer it online. Not once did the credit card company offer this service over the phone when I called to ask about the online payments, but that's another story.

How do you do set up automatic payments in full?
Some credit cards offer this option on their payment pages. If yours doesn't, call your credit card company and ask for them to send you an automatic "pay in full" form in the snail mail. The form (I haven't received it yet) according to other folks on the web, requires you to attach a voided check.

Research before you sign
I have learned that the "automatic payment in full" option may cost money. Fortunately, my credit card offers this free, as a "courtesy service."

Why do the credit card companies make this information so difficult to find out?
Credit card companies make money off of missed payments and partial payments. They don't want to make it easy for you to automatically pay off your credit card each month. Then, more people would do this and they'd lose revenue.

Where did you find out about this?
First, I found this blog post where someone discusses the same situation. Then, I found this discussion on FatWallet.com.

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2 Comments:

Anonymous Magic Tricks said...

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4:02 AM, June 25, 2009  
Anonymous hotel key card said...

A credit card is beneficial not only to improve your business, but grows better financial control and cash flow steady.

3:48 AM, April 16, 2011  

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