How is a credit card payment applied exactly?

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johan
 
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How is a credit card payment applied exactly?

Postby johan » Thu Apr 12, 2012 9:52 am

I have a question about payments on a Chase credit card. Let's say my last statement had a balance of $1,000 and I've paid off $100 before the due date. I want to pay the remaining $900 before the due date, but nowhere on their website is there an option for "paying off remaining statement balance".

My question is: will paying the remaining $900 count towards reducing the balance on my next statement or actually paying off my last statement (and thereby avoiding interest)?


amexguy321
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Postby amexguy321 » Thu Apr 12, 2012 8:21 pm

as far as I know, you can enter the any amount you would like to pay, and once the payment goes through it is reduced from the remaining balance

DavidNY
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Postby DavidNY » Thu Apr 12, 2012 9:53 pm

You have to do a little math to make multiple payments.

If your statement is $1000 making two payments of $100 and $900 on or before the due date* will pay it in full.

Note that Chase limits online payments to once every three days.

*If the due date is on a weekend, you have until the Monday after the payment due date to make a payment.

JCarter
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Postby JCarter » Fri Apr 13, 2012 3:36 am

DavidNY wrote:You have to do a little math to make multiple payments.

If your statement is $1000 making two payments of $100 and $900 on or before the due date* will pay it in full.

Note that Chase limits online payments to once every three days.

*If the due date is on a weekend, you have until the Monday after the payment due date to make a payment.


Pay attention to the bolded portion. You can always call the payment in if you really want it paid within the 3 day period.

Crashem
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Postby Crashem » Fri Apr 13, 2012 9:33 am

You can always call most card issuers and see if there is a no fee pay by phone option. If not, then ask them to walk you through website. If option isn't on website (for whatever reason), you can usually get them to waive the phone fee.
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johan
 
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Location: San Diego, CA

Postby johan » Sun Apr 15, 2012 9:46 am

DavidNY wrote:If your statement is $1000 making two payments of $100 and $900 on or before the due date* will pay it in full.


That's what I suspected, but I wasn't certain.

Thanks for all the answers.



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