Pre-authorized payments on my credit card
I have a PCF credit card, and they (along with many other card providers) offer a pre-authorized payment option.
By mailing the provider a PDF from their site, you can give them your banking information and tell them whether you want them to pay just the minimum amount or the whole statement amount. However, I noticed afterward that the payment will be made on the due date, not a few days before. (I'd rather pay on the statement date.) As a result, I'm worried that my payments might end up late.
I tracked down other providers' forms, and they all say the same thing about timing. None give an earlier option. Walmart's credit card was the only exception when it came to explaining things; they pointed out that if your statement date falls on a weekend or holiday (so the money won't be removed from the bank account that day) they will take the money out the next available day and not charge you a penalty for being late.
I see the occasional comment that you should set up this sort of system so you never get hit with interest charges, but I wonder if anyone ever got into trouble due to payments being "late".
By mailing the provider a PDF from their site, you can give them your banking information and tell them whether you want them to pay just the minimum amount or the whole statement amount. However, I noticed afterward that the payment will be made on the due date, not a few days before. (I'd rather pay on the statement date.) As a result, I'm worried that my payments might end up late.
I tracked down other providers' forms, and they all say the same thing about timing. None give an earlier option. Walmart's credit card was the only exception when it came to explaining things; they pointed out that if your statement date falls on a weekend or holiday (so the money won't be removed from the bank account that day) they will take the money out the next available day and not charge you a penalty for being late.
I see the occasional comment that you should set up this sort of system so you never get hit with interest charges, but I wonder if anyone ever got into trouble due to payments being "late".
