Conference 7.286::dcu

>    Say, instead of $100 a month, I transfer $25 a week, would DCU
>    consider this as being my monthly payment or would they just think
>    it was "extra" money?

I guess I don't understand. If your monthly payment is $100, and over the 
course of a month you make payments totalling $100, where does the "extra
money" come in? Isn't that satisfaction of payment?

The VISA card is an average daily balance card.  That means you can pay as much
and as often as you like, and there is no such thing as "extra" money.

You will not be considered delinquent as long as the total amount of payments
received during a statement cycle is at least the minimum payment due.

You will not be charged interest if the total amount of payments during the
cycle is at least the new balance at the beginning of the cycle.

If you are paying interest, interest stops accruing on the amount paid on the
day you pay it.

This is all explained in detail on the back of your statement.

Sam

Paul,

A good question, but this notes file, while it may be called DCU, is not owned, operated, or monitored by DCU.  If
you want an answer to your question from DCU, you must call the Info Center, 800-DCU-8797 or DTN 223-6375.

Elaine

I'm a director, not a DCU associate

I have started doing this, as a part of a test program I believe.  The 
sticking point is how to stop payments when the balance is payed off.  
Can't remember who I talked to when setting this up.

Jilly

There is a problem with this ... the PAYMENT DUE date is 25 days after the
statement date ... leaving a window of 3-6 days in which you may complete
your monthly obligation, but still be considered late.

e.g.


Billing date: 1-Jan 
Statement date: 25-Jan

Payments 1,8,15,22,29 Jan

This works OK ... but remember that the 29 Jan payment won't be included in
the Feb payments.

Billing date: 1-Feb
Statement date: 25-Feb

carrying on ...
Payments: 5,12,19,26 Feb

Only 3 payments credited before the due date ... you're late!  The 26 Feb
payment isn't included for March minimums either!


So, your weekly payment must be the minimum divided by 3

Stuart

Yep I did see this.  For those months that this happens I just do an extra 
EasyTouch transfer to satisfy the payment.

    I'm curious about the reason for wanting to pay a VISA bill weekly
    through the statement period instead of all at once at the end of
    the statement period.  For me, paying at the end is by far the best
    method -- it means only one extra entry in my checkbook per month,
    and it earns me a trifle more interest.
    
    	Thanks,
    	Larry

Personally, I do it so that I have fixed amount coming out of my paycheck 
each week and my VISA bill will be paid off quicker which means more money 
to me than if the $$$ stayed in a savings account until the bill was due.  
I don't mind the extra weekly entries since my checkbook is in Parson's 
Money Counts and I already have multiple entries to do each payday.

Jilly

    I would think it annoying to have to change the weekly deduction every
    month, unless you always charge the same amount every month.
    
    As for "more money to me" - I suppose that if you keep a revolving
    balance so that you pay finance charges, that this is true as the
    sooner you pay down the balance, the less the "average daily balance"
    is.  I pay in full each month so that isn't an issue for me.
    
    				Steve