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Strange NFCU Minimum Payment Amount


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14 replies to this topic

#1 yossi

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Posted 25 February 2012 - 01:09 PM

 Last month, my minimum payment on my $14k balance was around $250. I paid $500 towards it. I am on a 0% balance transfer offer still in effect for the entire balance. My new statement just cut, and it shows my minimum amount due is $20.... Did they apply the amount paid over my minimum payment from last months payment towards what the minimum payment would have been this month? I have never heard of that before. 

Edited by yossi, 25 February 2012 - 01:10 PM.




#2 mike82fl

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Posted 25 February 2012 - 01:15 PM

i had a $30 min payment due on a $1400 bt balance if that helps.

#3 scrubs

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Posted 25 February 2012 - 01:22 PM

IF YOU PAY EXTRA ONE MONTH THAT CARRY OVER TO THE NEXT MONTH.

#4 lynson

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Posted 25 February 2012 - 01:28 PM

 Last month, my minimum payment on my $14k balance was around $250. I paid $500 towards it. I am on a 0% balance transfer offer still in effect for the entire balance. My new statement just cut, and it shows my minimum amount due is $20.... Did they apply the amount paid over my minimum payment from last months payment towards what the minimum payment would have been this month? I have never heard of that before. 

I've had this happen several times. If I make a large payment, the next month's minimum is reduced, or sometimes nothing is due at all. I don't know if it has anything to do with the Balance Transfers or if it would be true of any balance being carried.

I always double check the PDF of the paper statement to make sure the payment due showing on the online account is accurate.

#5 Andrew W

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Posted 25 February 2012 - 02:00 PM

Funny you bring this up. I have an auto loan with Chase at 0%. The regular payment is $299. On my very first payment I paid $380. Every subsequent payment has now showed a minimum payment of $219 instead of $299.

I guess this is a universal thing?

#6 littlepintobean

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Posted 25 February 2012 - 04:49 PM


 Last month, my minimum payment on my $14k balance was around $250. I paid $500 towards it. I am on a 0% balance transfer offer still in effect for the entire balance. My new statement just cut, and it shows my minimum amount due is $20.... Did they apply the amount paid over my minimum payment from last months payment towards what the minimum payment would have been this month? I have never heard of that before. 

I've had this happen several times. If I make a large payment, the next month's minimum is reduced, or sometimes nothing is due at all. I don't know if it has anything to do with the Balance Transfers or if it would be true of any balance being carried.

I always double check the PDF of the paper statement to make sure the payment due showing on the online account is accurate.


+1

#7 Baddies4Breakfast

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Posted 26 February 2012 - 05:27 PM

Definitely strange. I made a large payment $1000+ last statement cycle and my minimum payment for this cycle is still at 2%. I called when I got the card (Cash Reward) what their minimum payment was and it's 2%.

#8 yossi

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Posted 26 February 2012 - 06:16 PM

Thats very odd that a single extra payment of $80 would reduce every monthly payment by $80?

Funny you bring this up. I have an auto loan with Chase at 0%. The regular payment is $299. On my very first payment I paid $380. Every subsequent payment has now showed a minimum payment of $219 instead of $299.

I guess this is a universal thing?



#9 road2freedom

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Posted 26 February 2012 - 06:54 PM

I've seen this before on NFCU. The online payment amount has shown a low amount or zero before and a distant next payment date (like 2025 or something). Check the paper/pdf statement to be sure.

#10 yossi

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Posted 27 February 2012 - 11:42 AM

Here is the formal response from NFCU - this is the first CC company I have ever heard to do this. I will still pay my 2% minimum, but very odd!







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Navy Federal Response 02/27/2012 : Please first note that the minimum monthly payment for your Platinum account is determined by a calculation of $20.00 or 2% of the outstanding balance, whichever is greater. However, when you remit more than the minimum payment due, the excess amount is applied to the following month's minimum payment. This can put your account in a completely paid ahead status or a partially paid ahead status. If the amount forwarded is sufficient to cover both months' minimum payments, your statement will reflect "NONE" and "$0.00" in the blocks designated "Minimum Payment Due". The paid ahead feature applies for one month at a time; therefore, if you choose not to make a payment during the paid ahead cycle, a payment toward any existing balance will be required the following month. To avoid interest charges, you must still pay your entire balance in full by the payment due date. While a payment is not required by Navy Federal if your account is in a paid ahead status, you can improve your credit score by not skipping a payment, regardless of the size of the payment, and by paying more than the minimum payment due.



#11 luckydriver

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Posted 27 February 2012 - 03:12 PM

this is super rare..PSECU specifically states you need a regular monthly pymt no matter what you over pay so it's impossible to 'get ahead' and i never had any other CC company do this carry forward

unless crunched i'd still make my regular 'min' payment at your CU though

#12 Roland99

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Posted 27 February 2012 - 03:38 PM

I believe State Dept does the same thing.

#13 Conflictxnj

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Posted 27 February 2012 - 04:15 PM

I was about to post something similar. Now that there is no minimum payment for me this month, do all payments apply to the purchase/interest charges?

I had mixed a few purchases with a balance transfer.

The minimum payment is applied to the lowest interest rate first followed by the purchases, finance charges, etc.

#14 Menta33

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Posted 27 February 2012 - 05:45 PM

Partners does the same thing on their auto loans. I paid ahead one full year to get my utilization ratio of installment loans down to a lower ratio to boost my FICO score. They do however send a nasty gram once a month saying please make payments so that your next payment due does not end up being less than the pending interest on your loan. I think I have shut this notice up by auto paying $1 each month to the account to give it activity while the year elapses.

#15 xistent

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Posted 27 February 2012 - 07:14 PM

You are $80 ahead on your auto loan. If you were to pay $219 one month your payment due would go back to $299. I have had this with chase auto finance.

Auto payment often apply as advanced payments instead of directly to principal unless you request it to be applied as principal only.

Thats very odd that a single extra payment of $80 would reduce every monthly payment by $80?


Funny you bring this up. I have an auto loan with Chase at 0%. The regular payment is $299. On my very first payment I paid $380. Every subsequent payment has now showed a minimum payment of $219 instead of $299.

I guess this is a universal thing?






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