Personal Finance

How to automatically pay CC balance end of month?

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  • Jun 18th, 2016 11:52 pm
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[OP]
Deal Addict
Jan 26, 2016
1789 posts
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Toronto, ON

How to automatically pay CC balance end of month?

I always have to put more money into my credit cards to make the balance negative, to ensure I don't miss a payment at the end of the month... is there a way to automatically withdraw the exact balance at the end of the month?
17 replies
Deal Addict
May 11, 2005
1851 posts
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Ajax, ON, Canada
Depending on your credit card institution, most offer "pre-authorized payments". I'm not sure which credit card company offers it, but it's best to contact your credit card issuer for advice if they offer that service.
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Aug 8, 2012
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WinterSleep wrote: I always have to put more money into my credit cards to make the balance negative, to ensure I don't miss a payment at the end of the month... is there a way to automatically withdraw the exact balance at the end of the month?
Your question doesn't make sense. You have to make the balance negative to ensure you don't "miss a payment" ?? What do you mean?

Just make ONE payment a day or two before the due date, for the total billed balance on that statement. You do not need to wipe the current balance to zero or negative to avoid interest as long as you've always paid the billed balance in full every statement.
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Deal Fanatic
Nov 22, 2015
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WinterSleep wrote: I always have to put more money into my credit cards to make the balance negative, to ensure I don't miss a payment at the end of the month... is there a way to automatically withdraw the exact balance at the end of the month?
Why don't you just wait to get the bill and pay it all at once?
Sr. Member
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Apr 28, 2012
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QC
When you receive a new bill put a reminder in your phone/email/calendar for 5 days before the due date to pay it.

Another alternative is to pay the bill right when you receive it or when you receive the next pay (if you're paid every 2 weeks)
Deal Addict
Feb 4, 2008
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I have 5 credit cards and they are all set up to automatically pay the statement balance in full from my chequing account.

It is physically impossible for me to miss a payment. I have been doing this for years and I have ever had any issues.

For most I have to phone and have this arranged but when Costco changed to Capital One Mastercard it took 3 minutes to set this up on the online portal.
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Jr. Member
Mar 2, 2015
101 posts
27 upvotes
Toronto, ON
WinterSleep wrote: I always have to put more money into my credit cards to make the balance negative, to ensure I don't miss a payment at the end of the month... is there a way to automatically withdraw the exact balance at the end of the month?
Most credit cards offer a pre-authorized payment (The only one I have that does NOT is Amazon Visa) It automatically pays the balance from your checking account. Example for Walmart Mastercard:

http://i.walmartimages.ca/financial-ser ... orm-EN.pdf
Deal Addict
Aug 28, 2010
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Scotiabank Visa Infinite card auto pays 100% from my TD Chequing account
Sr. Member
May 29, 2006
632 posts
136 upvotes
I will not get a credit card that does not allow it to automatically set up to pay 100% of the balance every month...I don't want to fool with having to do it manually and only use the cards for the points...if it wasn't for the rewards I would just use my debit card 100% of the time. I will never carry a credit card balance so why bother doing it manually? It is as easy as requesting a form filling it in and mailing....next month everything happens automatically for ever and ever :)
Some stupid cards like the Rogers master card don't permit this so even though I would have applied for that card I refuse to do so.
Member
Jun 17, 2009
491 posts
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Vancouver
All it takes is a little effort each month or just set up automatic pre-authorized payment. Just make sure you have enough $ in your chequing account to fund your payment.
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Sr. Member
Nov 29, 2014
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Pitt Meadows, BC
investing200aweek wrote: Most credit cards offer a pre-authorized payment (The only one I have that does NOT is Amazon Visa) It automatically pays the balance from your checking account. Example for Walmart Mastercard:

http://i.walmartimages.ca/financial-ser ... orm-EN.pdf
I heard Rodgers MasterCard does not either.
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Sr. Member
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Apr 28, 2012
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nelly29 wrote: I will not get a credit card that does not allow it to automatically set up to pay 100% of the balance every month...I don't want to fool with having to do it manually and only use the cards for the points...if it wasn't for the rewards I would just use my debit card 100% of the time. I will never carry a credit card balance so why bother doing it manually? It is as easy as requesting a form filling it in and mailing....next month everything happens automatically for ever and ever :)
Some stupid cards like the Rogers master card don't permit this so even though I would have applied for that card I refuse to do so.
Why not monitor your expenses by paying statements manually and see better where your money goes?

So if someone was using your card fraudulently for online purchases, you just keep letting it be paid from your chequing account ?
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Oct 19, 2007
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Flitox wrote: Why not monitor your expenses by paying statements manually and see better where your money goes?

So if someone was using your card fraudulently for online purchases, you just keep letting it be paid from your chequing account ?
+1...
It would also make it more difficult in case you ever need to dispute a charge since paying the balance essentially acknowledges all charges on your statement were legit
Sr. Member
May 29, 2006
632 posts
136 upvotes
Flitox wrote: Why not monitor your expenses by paying statements manually and see better where your money goes?

So if someone was using your card fraudulently for online purchases, you just keep letting it be paid from your chequing account ?
With Td anytime my credit card or debit card has a transaction I get a notification within seconds so fraud is not an issue for me....I don't need to waste my time paying bills manually to track my expenses....the my spend app tracks it all for me.
Kinda pathetic not all credit cards and banks offer these services...makes my finances an automatic breeze as every single bill I have is set up for automatic payment (except my yearly property tax bill because my municipality is still in the 80s lol)
Sr. Member
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Feb 25, 2004
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Longueuil
wally_walrus wrote: +1...
It would also make it more difficult in case you ever need to dispute a charge since paying the balance essentially acknowledges all charges on your statement were legit
No, it doesn't mean you acknowledge all charges. In fact, they will often recommend you pay the full amount while they investigate and they will credit it back.
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Banned
Nov 29, 2015
1424 posts
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Brossard, QC
Try Mint.com and it will notify you before the due date.
Sr. Member
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Apr 28, 2012
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QC
nelly29 wrote: With Td anytime my credit card or debit card has a transaction I get a notification within seconds so fraud is not an issue for me....I don't need to waste my time paying bills manually to track my expenses....the my spend app tracks it all for me.
Kinda pathetic not all credit cards and banks offer these services...makes my finances an automatic breeze as every single bill I have is set up for automatic payment (except my yearly property tax bill because my municipality is still in the 80s lol)
I only keep a low balance in my chequing account, so setting up automatic pre-authorized debits to pay the cards is risky. Could perhaps work for me if I set it up to draw funds from a line of credit
[OP]
Deal Addict
Jan 26, 2016
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Toronto, ON
Thanks for the responses. I had no idea the CC companies offer this already - Too bad Amazon does not (they don't even have paperless billing) but I will do it for the others. It's also too bad they don't offer this option online.

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