Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Automatically Pay Credit Card Bill
Old 12-31-2008, 10:13 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 11,197
Automatically Pay Credit Card Bill

I pay almost all my bills automatically through the credit card, but I'd like to have the credit card bill paid automatically every month from my VanguardAdvantage account.

Vanguard's BillPay can get an eBill from the BofA credit card each month, but can only pay the minimum balance automatically.

Anyone found a way to pay the full balance automatically each month?
__________________

__________________
Al
TromboneAl is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-31-2008, 10:46 AM   #2
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Usually that only works when they are from the same institution.
__________________

__________________
saluki9 is offline   Reply With Quote
Old 12-31-2008, 10:48 AM   #3
Thinks s/he gets paid by the post
Bimmerbill's Avatar
 
Join Date: Jan 2006
Posts: 1,631
DW has an LL Bean BoA card and on the rare occasions she uses it, I have a hard time trying to pay the full balance online. They do not make it easy! Everything defaults to the minimum payment.
__________________
Bimmerbill is offline   Reply With Quote
Old 12-31-2008, 10:52 AM   #4
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Have you tried going through BOA, giving them the ABA and Acct# and then having them pull the balance from Vanguard?

That is how Citibank does it.
__________________
saluki9 is offline   Reply With Quote
Old 12-31-2008, 11:30 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,526
Quote:
Originally Posted by saluki9 View Post
Have you tried going through BOA, giving them the ABA and Acct# and then having them pull the balance from Vanguard?

That is how Citibank does it.
Chase does the same. You can set it to pay the min or pay the full statement balance.

The only annoying thing about it is that if I return something after the bill is sent out but before the payment is made (usually 25 days later), then the returned amount (say $20 at walmart) is treated as a credit or payment and then the autopayment is reduced accordingly. I don't get any penalties or interest assessed on my CC, but I have to manually fix the changed payment amount in my checkbook to maintain proper balance.
__________________
FUEGO is offline   Reply With Quote
Old 12-31-2008, 11:34 AM   #6
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
Seems like Saluki9's suggestion may work. Personally, I have a PFCU VISA Card and even tho the auto pay comes from a PFCU account, I had to send them a signed form telling them which account to pull it from. I also had to specify, Payment in full, Minimum Payment or some amount over the Minimum (but not the full payment). I opted for Payment in Full.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 12-31-2008, 11:50 AM   #7
Thinks s/he gets paid by the post
Rustward's Avatar
 
Join Date: Apr 2006
Posts: 1,572
Different card companies do it differently. Some give you the option of automatically paying the full balance each month. Don't think BofA does that. I don't know why they would not add that feature if the competitors have it.

Personally, I have my cards set up to pay the minimum automatically. This means that when I manually make a payment (which is every month that I have a balance greater than the minimum payment) I have to subtract the minimum from my manual payment. Some might consider this a PITA but I watch the cards closely for fraud (only happened once and the merchant caught it and issued a credit before I knew about it -- changed the card number anyway) and once about 15 years ago when the card company decided on their own to switch from using "paper" ACH items to "electronic" items and I was using a credit union that had different routing and transit numbers for paper and electronic. It was an unpleasant mess, but not my fault. So I watch the CC's pretty closely.

I would not just put this on automatic pilot and set it and forget it.
__________________
Rustward is offline   Reply With Quote
Old 12-31-2008, 12:43 PM   #8
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Quote:
Originally Posted by Rustward View Post

I would not just put this on automatic pilot and set it and forget it.
Been doing it for close to 10 years now without a single problem
__________________
saluki9 is offline   Reply With Quote
Old 12-31-2008, 01:11 PM   #9
Thinks s/he gets paid by the post
Rustward's Avatar
 
Join Date: Apr 2006
Posts: 1,572
Quote:
Originally Posted by saluki9 View Post
Been doing it for close to 10 years now without a single problem
I understand. I am not suggesting against using the service altogether, but that it should be monitored.
__________________
Rustward is offline   Reply With Quote
Old 01-01-2009, 06:06 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Posts: 3,862
I couldn't get Fidelity BillPay to pay the full balance either. My Chase cards are paid automatically in full by direct debit using the Chase website. The rest I have to pay manually.
__________________
Animorph is offline   Reply With Quote
Old 01-01-2009, 08:24 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,874
I have LL Bean and REI VISA cards and a Costco AmEx card, all paid in full automatically. The Amex card autopay was easy to set up but the other two cards required more searching on their respective web sites to set it up.

I suspect that the credit card companies make such fat fees off late payers that they discourage an easy way to pay on time, every time.
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 01-01-2009, 09:40 PM   #12
Recycles dryer sheets
thefinancebuff's Avatar
 
Join Date: Dec 2008
Posts: 262
All my credit cards are automatically paid in full from my bank account. Some cards let you enter a routing number and account number on their web site. For some other cards you have to call them and ask for a paper auto-pay enrollment form. Never have to worry about paying a late fee after a one-time setup.
__________________

__________________
thefinancebuff is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Credit Card Balances: Min Payment = How long to pay off? samclem FIRE and Money 10 06-20-2008 08:36 AM
Pre Paid Credit Card/ Gas Card or Credit Card nphx Other topics 4 04-29-2008 02:04 PM
Pay your credit card off monthly? calmloki FIRE and Money 24 11-18-2007 09:48 AM
Best cash rewards credit card for someone with no credit history? summer2007 FIRE and Money 11 10-16-2007 03:23 AM
Best Bonus for Credit Card Expenitures -Frequent Flyer cards or Cash-back card? ScaredtoQuit FIRE and Money 19 04-21-2007 04:29 PM

 

 
All times are GMT -6. The time now is 10:26 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.