Early Retirement & Financial Independence Community

Early Retirement & Financial Independence Community (https://www.early-retirement.org/forums/)
-   FIRE and Money (https://www.early-retirement.org/forums/f28/)
-   -   Do you auto-pay your CC accounts? (https://www.early-retirement.org/forums/f28/do-you-auto-pay-your-cc-accounts-95910.html)

steelyman 01-25-2019 04:00 PM

Do you auto-pay your CC accounts?
I auto pay everything I can on the due date in full, have done so for years. Ive had only one instance that didnt work and in that case it was the payee whod been authorized to pull the monthly payment from my credit union checking account mistakenly taking it from my savings account. That generated a NSF charge but a call to the credit union got that removed.

Credit card auto pays have worked perfectly.

Apart from that, the more things I can have on autopilot, the happier I am.

AnneG 01-25-2019 04:06 PM

I have everything set up on auto-pay. If a bill will take a CC then I set that up. Otherwise, it comes directly out of checking on the due date. I've never had an issue. I did have one CC that wouldn't let me autopay the statement balance and after forgetting one payment and incurring a late fee, I set it up to autopay $100 should I forget to go in and set the correct amount. Otherwise, it's worked flawlessly. I hate paying bills! It's probably my least favorite chore, so autopay makes it a lot less painful.

REWahoo 01-25-2019 04:11 PM

No, I do not auto-pay CC accounts.

I do auto-pay all my recurring expenses (electric, ISP, garbage, etc.) via a charge to a CC, and take the opportunity to review all charges when I get my monthly CC e-statement. When I am satisfied all charges are legit, I use my bank's bill pay software to set up payment in full a day or two before the due date.

FireFool 01-25-2019 04:14 PM


Originally Posted by razztazz (Post 2179016)
Mine are set for auto-pay only in case I am in the hospital someday with some outstanding charges. I always login to my account 2 or 3 days after the charge and pay directly.

My reaction to this was "but why", but when it comes to finances everyone has their own way of doing things so if this is what makes you comfortable that's great. Someone else in this thread talked about not having any credit cards until recently getting a Chase Amazon, because they abhorred debt and only recently "fell into the dark side". I've never really consider my monthly credit card(s) balance as debt because it gets paid in full every month and never incurs any interest charges. I have multiple rebate credit cards to maximize my rebates. I also can't comprehend having only one and thus traveling with only one credit card, worrying about if one were ever to be frozen/locked. When traveling overseas I also carry two different banks ATM cards, again worrying about not having access to cash when needed. Those admittedly are my oddities/financial insecurities.

I think being an early retirement forum we might bias towards people that may live their lives overly conservatively - but again if that's what's allowed people to retire all the more power. For me I try to auto pay everything and all of them are set up to pay the prior monthly balance in full exactly on the due date. Since it's auto pay through the respective institutions if they were ever to be late it would have been a function of that institutions systems problems and they'd have to waive the late fees. That being said in doing this for decades I've never had a problem ever.

razztazz 01-25-2019 04:45 PM


Originally Posted by FireFool (Post 2179191)
My reaction to this was "but why".......

..... Since it's auto pay through the respective institutions if they were ever to be late it would have been a function of that institutions systems problems and they'd have to waive the late fees. That being said in doing this for decades I've never had a problem ever.

Why do I do it this way? Because what I really want is the bill cleared immediately. That's why I only have the auto-pay in case of incapacitation. I see no reason to let bills linger and linger knowing they'll be paid.

Yes, I have been doing this forever and have never had anything approaching even a tiny non-problem-problem. I really do not understand other people's problems with it. As well as the hang-ups some have about debit cards. But I would not lecture them about it because, as you say, this kind of forum tends to pull in belt-and-suspenders types. If there's something you can make safer, you'll probably do it.

DeborahB 01-25-2019 05:00 PM

I have nay CC and all other bills paid in full monthly through Ally. I set up an automatic transfer from Ally savings to checking to cover it.

harllee 01-25-2019 05:02 PM

I autopay everything except my credit cards. There are a couple of reasons I like don't autopay the credit cards--First, I like to closely review all the charges on the credit card before I authorize payment. I have found a few errors over the years--some fraudulent charges and a few double payments. The other reason I don't autopay my credit cards is that sometimes my credit card bills are very large, like this month I owe about $10,000 on one credit card (put part of my car purchase on my credit card to get the cash back). I don't keep that much in my checking and I have to transfer some funds into my checking account from a money market account and I don't want an autopay to hit before I get the transfers complete.

big-papa 01-25-2019 06:05 PM

I autopay only a few things via pull. Mainly utilities. I autopay via auto push for those items that never change like my mortgage. For the rest, I do a manual push from my checking account, including the credit card.

Cobra9777 01-25-2019 06:59 PM


Originally Posted by cathy63 (Post 2178976)
Your routing/acct# info is not exactly a secret, so I don't get the worry over having it compromised. You give it away every time you write a check or pay a bill from your bank account...

cathy, can you perhaps elaborate on the bolded part? A check, I understand; it's printed at the bottom. But on an electronic bill-pay??... Are you suggesting that I provide my bank's routing#/account# to the vendor every time I pay them using electronic bill-pay?

Golden sunsets 01-25-2019 07:06 PM

Do you auto-pay your CC accounts?
Ditto on autopay pulls for our credit cards -full payment of course. Weve arranged that all 4 of the cards that we use cut off on the 28th of the month, to match month end periods as closely as possible. Pulls on all autopays occur on the 25th of the following month. I review charges long before the payment date to ensure that charges are legit.

Any bill that I can arrange autopay to a cc rather than checking, I charge to cc rather than a pull. Some utilities charge a fee for cc charge, so those are a pull from checking.

I recently removed one bill from autopay out of pure irritation. AT&T wireless recently changed their autopay billing from, date of bill due, to 3 days after bill invoice date, causing two bills the first month of the change. I was so irritated with this change that I took the our account off autopay. But I now have to arrange for the push, which Id prefer to automate, so I may relent soon.

Dtail 01-25-2019 07:08 PM

I only have 4 CC all at BOA. I pay them off each month end through the online transfer process.

athena53 01-25-2019 07:22 PM

I prefer not to autopay- I do it only for the mortgage (because it's important) and for other business that insist on "pulling" from my account, such as Planet Fitness. Don't like it but I have no choice. I don't get paper cc bills- I review them on line and all 3 (soon to be two) are set up with the same billing date so I do them all at once. For smaller bills (sewer, water, some other utilities) I set them up to be paid as soon as I get the statement.

I prefer the flexibility of paying my own bills- it also means that if I change checking accounts it's less hassle to stop all the auto-pays on the old account.

Octogirl 01-25-2019 07:25 PM

I pay many bills on auto pay, as many as possible on CC, then have my CC bill scheduled on autopay... the CC provider pulls the full payment from my ck account on the scheduled date... been doing this for many years and have never had a problem.

easysurfer 01-25-2019 07:33 PM


imnontrad 01-25-2019 07:46 PM

I get all my bills online, not paper. And I do not have a "pull" for any payment from my account. For the bills that are the same each month, I set up automatic payment and then I just schedule the rest of the payments (online check pay) after I get the bill. I usually have all my payments arrive several days before the due date just to be on the safe side.

Cerys 01-25-2019 07:48 PM

Ive done autopay on everything I could for about 40 years. Credit cards were the first ones I signed up for. We are heavy users and pay off in full monthly. Once, many years ago, my ATT card changed the due date, but not the pull date and I got hit with a finance charge. One phone call, finance charge was reversed, and account fixed. I wasnt the only customer it happened to.

The other time it was my mortgage. Bank error. Someone pulled the wrong magtape, and posted the 15ths transactions again on the 21st. Lots of apologies, and fee reversals.

2 mistakes in over 40 years? Ill take it.

akck 01-25-2019 07:59 PM

I believe I have every CC on autopay, either the full balance or minimum amount due, but I usually pay them off before they are due. Autopay is just there to ensure that we don't accidentally miss a payment or can't make an online payment.

cathy63 01-25-2019 08:58 PM


Originally Posted by Cobra9777 (Post 2179276)
cathy, can you perhaps elaborate on the bolded part? A check, I understand; it's printed at the bottom. But on an electronic bill-pay??... Are you suggesting that I provide my bank's routing#/account# to the vendor every time I pay them using electronic bill-pay?

I meant that you provide that info if you pay at the vendor's website and let them pull an ACH debit from your account. If you pay by using your bank's bill pay feature, and the money is transferred electronically, then your bank account number should not be sent.

Souschef 01-25-2019 09:16 PM

I have autopay for my CC. It is easy to handle. My closing date is the 28 th, my due date is the 25th of the next month. All I do is to make sure there is nought $ in the account to cover the payment.

Kwirk 01-25-2019 10:37 PM


Originally Posted by grasshopper (Post 2178948)
I quit having Ms.G call when she is on the way back home, I just tell to put gas in the truck.


I know when my wife is about to leave her hairdresser because I get a credit card alert and a family calendar notification.

I frequently get an alert in restaurants before the server gets back to my table with my card. This can be helpful when the lights are too dim to read the charge slip (cataracts).

But it IS annoying to get an alert when autopay charges are processed in the middle of the night.

Back on topic: I have everything that I possibly can on autopay. Under the right circumstances I could be dead (and much richer) for years before anybody noticed.

All times are GMT -6. The time now is 02:50 AM.

Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.