Chase Auto Pay Heads Up
Jan 15, 2014, 4:44 pm
#1
Original Poster
Join Date: Dec 2010
Location: Indianapolis
Programs: Hilton-Diamond Lifetime Platinum AA UA, WN-CP, SPG Gold.
Posts: 7,377
Chase Auto Pay Heads Up
On my new SW CC I noticed the bank set up the minimum payment, to be fair on the Other SW CC they took and were paid the full amount.
It could have happened on any CC, not a slap against Chase...
It could have happened on any CC, not a slap against Chase...
Jan 15, 2014, 5:21 pm
#2
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Join Date: Dec 2003
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How does a bank set up anything that you haven't agreed to? Are you saying that "minimum payment" was the default option, and you did not override it?
How does a bank set up anything that you haven't agreed to? Are you saying that "minimum payment" was the default option, and you did not override it?
Jan 15, 2014, 10:24 pm
#5
Join Date: Aug 2011
Location: Chicago
Posts: 231
I noticed that recently. Chase's default autopay option is minimum payment. The OP must have not looked carefully. Nevertheless, Chase is somewhat sneaky by setting minimum payment as the default option.
Jan 16, 2014, 5:09 pm
#6
Join Date: Oct 2005
Location: SF
Programs: UA, VX, QF, EY, VA
Posts: 756
That's not a bad default option for 99% of people, since it avoids late fees and penalty APRs, but doesn't put you out of pocket too much if you didn't intend to pay the full statement balance.
Jan 20, 2014, 1:16 am
#7
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it's a bad option for 100% of people....interest should never be paid on cc's
Jan 20, 2014, 7:23 am
#8
Join Date: Sep 2011
Location: IAH
Posts: 362
Yes, paying interest on credit cards is a bad option for 100% of people. Setting up the minimum payment as the default is not, though. While it doesn't make sense financially, some people don't pay off their entire balance every month. By using the minimum as default, those people aren't out more money than they expected, but they still avoid late fees.