Auto pay on a credit card

[fordracing19]

On auto pay with BofA if I set it to pay weekly for an amount more than is on the card it will just deduct whatever my balance is?

[SS Junk]

Is it a credit or debit card?

[mstng86]

On a credit card, it will go over your balance the first time, but then your next statement will be the minimum plus whatever you are over on your balance.

[fordracing19]

Credit card. I will be putting around $5k a week on it and need it to pay every week so it doesn't max out and I don't have to remember to pay it.

[mstng86]

oh, I think it is going to take the whole payment and give you more credit on the card.

[David]

Debt slave!

[fordracing19]

Debt slave!

2% cash back

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[Big A]

This will depend completely on the card company's policies, and how their website is set up. Every card/site is different, you need to ask them directly.

[LANTIRN]

Debt slave!

This^^

[Captain Crawfish]

just pay it off whenever you get the money. weekly is fine monthly is fine. I usually keep 1-2 percent balance on mine. one thing to remember is you can only pay on what has posted. if you have a pending transaction you cannot go ahead and pay it off till it has posted. spending 5k of someone elses money really isn't very forgettable.

[fordracing19]

I have the money. Instead of writing a check I can put it on my rewards card and get 2% cash back. Thing is I purchase around 4k-5k a week from this distributor and would like to be able to just pay the balance weekly automatically.

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[Baron Von Crowder]

My buddy does this, just monthly and not weekly. His vendors give a 3% discount for COD rather than net 10, so he puts it on an AMEX to get the discount and the points. Some months he has to make a payment mid month if they have to buy lots of materials.

[slow99]

Enjoy your debt lifestyle, plastic slave!!

[fordracing19]

Called BofA. If I overpay they will issue a check. My best option is to set auto pay to pay a lower dollar amount so I don't over pay and every month make a separate payment to take care of the rest.

Living the plastic slave debt lifestyle. Looking at last years purchases putting it on a cash rewards should net $3800 in reward points.

[mstng86]

Why not set the funds aside in a different account and then set a payment up every month? I guess I am not understanding why you want to make a payment every week.