Credit Cards: To 'Auto-Pay'...or not to 'Auto-Pay' ?
Been stuck on this for several months.
I have balances on some credit cards.
I have ONE CC that I set up for auto-pay (minimum balance due only) years ago.
What I didn't know was that they wait until the very last day pymt is due to "auto-pay" - thus maximizing on finance charges.
I realized this fact first statement after auto-pay took effect.
I still get statements, and I still make additional pymts on those statements, even tho I have auto-pay for min due.
NOW - with all the changes in terms, etc., I've been contemplating putting some other CC's on auto pay for minimum due. (But still making additional pymts every month towards each)
Reasoning being I'm afraid of that ONE TIME I may forget or make late payment - fear of ALL my LOW APR's to jump sky high!
Easy to sign up for - just call them!
BUT - upon further research, found you cannot "just call" to cancel auto-pay. Must be done in writing.
TWO issues I have:
1) Not sure I want to "connect" these CC companies to my bank account.
2) If I were to die, they can still keep collecting minimum pymt due till paid in full ???? (OR, is it frozen at that time?)
or, what if I just end up incapacitated one way or another to the point I cannot "write to cancel" ??? (coma, stroke, etc.)
I'd certainly hate to be dead, and CC's still taking money for 30 years! LOL!
I DO love the idea of auto-pay. I do NOT like the idea of them "digging into my acc't" if something terrible happens and I'm not able to stop the auto-pay.
Any thoughts on this?
Anyone have experience with this?
Interested in the pros & cons.