Comment on My credit union no longer allows me to payoff pending purchases made on my credit card

SpaceNoodle@lemmy.world ⁨1⁩ ⁨day⁩ ago

• mushroommunk@lemmy.today ⁨1⁩ ⁨day⁩ ago

  A lot of people either forget or don’t carefully track the money as spent when it’s still in their back account so they spend it again. It’s just generally a hassle and more work vs just having a habit of paying off as you go and being able to see exactly what’s still in your bank account.

  source

  • starlinguk@lemmy.world ⁨22⁩ ⁨hours⁩ ago

    Pay it automatically with a direct debit. I can’t remember the last time I paid a bill manually.

    source

    • LordCrom@lemmy.world ⁨17⁩ ⁨hours⁩ ago

      Nope, I never let anything automatically withdraw money. Mistakes are made. And sure, you’ll get your money back from the accidental 10k that was pulled from your account…in 5 to 10 business days, until then you are broke and shit is bouncing.

      source
  • SpaceNoodle@lemmy.world ⁨1⁩ ⁨day⁩ ago

    Sounds like these people want to use debit cards then.

    source

    • BertramDitore@lemmy.zip ⁨1⁩ ⁨day⁩ ago

      Debit cards usually don’t offer cashback, perks, or robust fraud protections, and do nothing for your credit score. That last one is the important bit. I used to use my debit card exclusively, and could never get approved for any kind of loan. Once I started using credit cards the way I described in my other comment, my credit score jumped waaaaaay up and I started getting approved for everything.

      source

      • SpaceNoodle@lemmy.world ⁨1⁩ ⁨day⁩ ago

        So it sounds like the solution to increasing the score tracking how good you are at paying bills when they are due is to pay bills when they are due?

        source

        • -> View More Comments
      • ryathal@sh.itjust.works ⁨1⁩ ⁨day⁩ ago

        My debit card gives me a better interest rate on checking and savings which is way better than points or cash back. The only difference in fraud protection is the money may not be immediately available that was fraudulent, which can be a problem. Credit can be a problem until you get a mortgage though without credit cards.

        source

        • -> View More Comments
    • mushroommunk@lemmy.today ⁨1⁩ ⁨day⁩ ago

      Many don’t have a choice, especially in the US. Without playing the credit game you end up paying significantly more in loan interest for things like a house or car or can’t even get a loan. One of the easiest ways to keep a good credit score is to have a credit card you’ve had forever and that you consistently use and pay off.

      It’s a goodbye screwed up system

      source
    • ccunning@lemmy.world ⁨1⁩ ⁨day⁩ ago

      I would love to just use my debit card instead but I don’t get the same level of protection nor cash back on spending from my debit card.

      source

      • SpaceNoodle@lemmy.world ⁨1⁩ ⁨day⁩ ago

        Sounds like the solution is to put in the effort to track your money, and/or find another card that’s more amenable to your habits.

        source

        • -> View More Comments
    • frezik@lemmy.blahaj.zone ⁨1⁩ ⁨day⁩ ago

      The bank knows people will make mistakes that they didn’t before. They stand to make more money off those people. It is not a neutral policy that they’ve arrived to in a mutually beneficial manner.

      Their favorite customer is one who slips up sometimes. Bank still gets the debt paid as expected, but now with more fees.

      They also want people to say “thems the rules, deal with it”. That lets it appear to be a neutral policy while making more money than before.

      source

      • SpaceNoodle@lemmy.world ⁨1⁩ ⁨day⁩ ago

        Sure, so these people could be edit from using a debit card instead.

        source

        • -> View More Comments
    • morphballganon@mtgzone.com ⁨17⁩ ⁨hours⁩ ago

      Debit cards offer less security, are less convenient at most places, and might cause an overdraft in the event of a bank error.

      Bank error and debit charge putting you in overdraft? You now have two problems to solve.

      Bank error and credit charge with a future pay off date? You have one problem and more time to solve it.

      source

      • SpaceNoodle@lemmy.world ⁨17⁩ ⁨hours⁩ ago

        Guess they’d better learn how to add numbers, then.

        source

        • -> View More Comments
• paraphrand@lemmy.world ⁨1⁩ ⁨day⁩ ago

  Some people get really judgemental about credit cards. Either about not using them, or about using them wrong.

  This poster clearly explained how they were maintaining a healthy relationship with one, and you came in to argue with people about how they are “doing it wrong” and shouldn’t be part of the people using credit cards.

  Did you know that credit card rewards disproportionately punish the poor? The rewards come out of the credit card terminal fees. And stores increase their prices appropriately to cover credit card fees. If you insist on someone not using credit cards when they are managing it fine, you may be suggesting that they be forced to pay more for their purchases.

  source

  • ChimpChamp22@reddthat.com ⁨1⁩ ⁨day⁩ ago

    Nobody said anything about OP doing it wrong, cool your jets. The bank changed their policy. At that point your options are either take the advice of the parent comment, complain to the bank (which will likely get you nowhere), or find a new bank. Don’t get bitchy at people offering advice.

    source
  • MangoPenguin@lemmy.blahaj.zone ⁨1⁩ ⁨day⁩ ago

    Am I missing something? There’s no mention of doing it wrong or insisting they not use credit cards. Just a suggestion that would solve the issue from the bank changes…

    source
  • SpaceNoodle@lemmy.world ⁨1⁩ ⁨day⁩ ago

    What I’m seeing in the comments of this post is that people expect a good credit score, which is supposed to track how reliable you are at paying bills, without simply paying bills on time.

    source
• dohpaz42@lemmy.world ⁨1⁩ ⁨day⁩ ago

  It really depends on your bank or credit card issuer. Some places will accrue interest from the day of purchase until the day of repayment. It might be pennies for me and you, but I’m sure they make bank on their collective customer base. And deliberately making it difficult to pay off debt that causes additional charges should be illegal.

  source

  • SpaceNoodle@lemmy.world ⁨1⁩ ⁨day⁩ ago

    I’ve never encountered a bank or card issuer like that in the US. Can you provide any examples?

    source

    • whambawhomp@lemmy.world ⁨1⁩ ⁨hour⁩ ago

      All cards calculate interest per day. That’s the standard formula. They only charge you the sum interest at the end of the month when your billing cycle ends.

      nerdwallet.com/…/how-is-credit-card-interest-calc…

      This becomes apparent if you’ve ever paid a card off really early, and then still been charged interest even though you’ve had a zero balance one or two weeks before the billing cycle ended.

      source

      • SpaceNoodle@lemmy.world ⁨1⁩ ⁨hour⁩ ago

        No, not on balances immediately after the time of purchase, but on balances that remains unpaid after a starement’s due date.

        source
• Suck_on_my_Presence@lemmy.world ⁨1⁩ ⁨day⁩ ago

  The way I use my credit card is that I purchase everything in a month on it and then when all of my bills come in at the end of the month, I pay it off. However, my credit card payment isn’t actually due until the 15th or something.

  If I waited, I would 100% end up missing a payment because it’s not part of my routine.

  source

  • SpaceNoodle@lemmy.world ⁨1⁩ ⁨day⁩ ago

    I’ve never met a credit card which wouldn’t allow you to move the due date. Even if it can be accomplished online, you should try calling customer support.

    source

    • Suck_on_my_Presence@lemmy.world ⁨1⁩ ⁨day⁩ ago

      Ohhhhh. I didn’t know this. I’ll give it a shot, thanks!

      source

      • SpaceNoodle@lemmy.world ⁨1⁩ ⁨day⁩ ago

        I did this with one of my cards just the other month because of this exact reason - it was due in the middle of the month instead of at the end/beginning like the rest of my accounts, and it slipped past my radar once. Now it’s due on the 28th with half my bills.

        source
  • Onomatopoeia@lemmy.cafe ⁨1⁩ ⁨day⁩ ago

    So… Pay it on the 15th?

    Or, get a different card that permits this?

    source

    • mushroommunk@lemmy.today ⁨1⁩ ⁨day⁩ ago

      Getting a new credit card can heavily impact your credit score and impact financial decisions for years. It isn’t something that should be done if you can help it.

      source
    • Suck_on_my_Presence@lemmy.world ⁨1⁩ ⁨day⁩ ago

      Unfortunately my forgetful and ADHD and idiot nature won’t let me. I have to stick to my end of month routine or else it won’t get paid

      source