I don't have it with me here at work, but I was reading through the account agreement and there are some really cool provisions that I've never seen in any other card agreement before. The first had to do with a periodic payment holiday they may offer. I've had this with auto loans before but never credit card accounts. The second said that if you overpay your minimum monthly payment, they will apply the overpayment towards the minimum due on up to the next three statments. Pretty sweet.
That is a sweet deal! My husband's Cap1 Platinum (15K CL, 12%UR) never has a minimum amount due. But then again he always pays @ least $500-$1000 towards the balance.
That's a sweet deal for the bank. Anything that makes it easier to carry a balance means more interest revenue. MBNA gives that option in the April billing cycle. The alsways have some insert about tax season and a payment holiday.
Discover used to do this as a regular practice. Any time you overpaid your minimum payment, your following statements would show "$0 minimum payment" until you "used up" your overpayment. They recently sent a mailer saying they have discontinued this practice. In any case, it is only a good deal for the bank. When you don't make a payment, your balance goes up from unpaid interest. -ingenue
More DISCOVERCARD...if you should owe $100.00 minimum and returned $200.00 (for credit) just after the bill printed...it should be OK to pay $0.00...but there will be a LATE PAYMENT FEE (NEW RULES).
Why should you pay a late charge on no balance do? Also there is no payment due because there is no balance to pay any payment on.
Cap1 Platinum cards do the same thing. The first time I saw that I called and called and called. I didn't believe it because I'd never seen it before. My mc went no hassle and I thought it was due to that. But my visa went Plat but not no hassle and it has the same payment feature, so I think it's a Platinum deal with Cap1.
I still don't how see how you can be charged a late charge on a payment that isn't due when you have a 0 Bal. How in the world can you be late on a payment that you don't owe?
If you had a $100 TOTAL BILL and returned $200 you MIGHT be able to pay nothing...they may still "TRY" to get you for a LATE FEE... A total bill of $100 would have a minimum payment of about $20.00-30.00...
