My bank (Bank of America) does not offer an automatic "full payment" election for my monthly credit card bills. These bills come electronically and both Mastercard and VISA (although not American Express) include the full amount due, the due date and, of course, the minimum payment amount. In spite of the fact that BoA knows the full amount I can only elect automatic payment of the minimum amount due. If I want to make a full payment, which many customers do, I must type in the full amount manually. It certainly seems feasable that BoA could provide an option for full payment each month. Their indifference (I have requested this service, but been politely denied)certainly must please credit card companies. Does anyone knows of an on-line bill paying service where you can make this "auto-pay in full" election?
I don't share your enthusiasm for this. Although I'm sure that it's not your intention, it almost sounds like you're giving BofA a blank check for your credit card bill, and that may be the source of their reticence. By making you type in the full amount, at least you're verifying that you know what the full amount *is* and can at least be assumed to have given the bill a cursory glance.But that's just MHO. :)
I agree with rah - you should have to "acknowledge" in some way that you know how much the full bill IS. This could be very dangerous. What if you were the victim of CC fraud and someone charged $5000 on your account - paid in full electronically and automatically? Imagin the mess you'd have to straighten out!jrsmith13
Does anyone knows of an on-line bill paying service where you can make this "auto-pay in full" election? US Bank's REI Visa card offers full auto-payment and at one point paid customers $10 to switch to any kind of auto-payment. (I don't use any of the billpaying services - I pay at the card's web site or auto-pay for all of mine.)rad
I've used Citibanks autopay in full for a couple of years now. I check after the closing date what the balance is and subtract it from my checking account on the due date. Never had a problem.
I believe that Discover gives three options for payment through its Web site: pay the minimum, pay the statement balance, or enter another amount. There are radio buttons for the selection, and for the first two, the amounts that would be paid are displayed.On the other hand, if I'm remembering this correctly, the bank where I have a Visa card gives no option except to type in the amount.In both cases, I'm describing payment through a Web site, not a standing authorization for automatic payment.Having to type in the amount to pay is a pretty flimsy reason for choosing or rejecting a particular credit card, in my opinion.
My United Airlines Visa, owned by Bank One, has the option of either paying the minimum, statement balance, current balance (diff between statement and up to date balance) or fill in the blank. You click on the one you want, and each one shows the amount to be paid (so you can see how much is going over, and should at least have enough sense to know if that amount is right or not).
I would just set it up to auto-draft the minimum payment, just to make sure the payment arrives in time, and go in sometime during the month to make the additional payment for the full balance.
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