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Autopay

All articles tagged with #autopay

technology2 months ago•1 min saved

T-Mobile Closes AutoPay Loophole, Ending Customer Discounts

T-Mobile is ending a workaround that allowed customers to get an AutoPay discount while paying with credit cards or Apple Pay by pre-paying their bills early. Starting October 24, using credit cards or Apple Pay for early payments will disqualify customers from the AutoPay discount, which was around $5 per month per line, due to higher processing fees. This change aligns T-Mobile with other carriers that restrict AutoPay discounts to bank or debit payments, removing a competitive advantage for some users.

via 9to5Mac|

#apple-pay #autopay #credit-card

technology2 months ago•2 min saved

T-Mobile Closes Credit Card Autopay Loophole

T-Mobile is ending a loophole that allowed customers to use credit cards for early payments to retain their AutoPay discount, requiring customers to use only debit or bank accounts for AutoPay to qualify for the $5 monthly discount, effective October 24th.

via The Mobile Report|

#autopay #credit-card #discount

personal-finance2 years ago•2 min saved

The Impact of Autopay on Consumer Credit-Card Management

The use of autopay for bills, including subscriptions and streaming services, has nearly doubled between 2015 and 2020, with over 75% of consumers utilizing it. While autopay can help avoid late fees, federal data shows that total fees and interest paid by cardholders have increased by 19% to around $240 billion during the same period. A study also reveals that consumers who use autopay often underpay their credit card balances compared to those who make manual payments. This rise in autopay comes as a third of consumers struggle to make payments on time, with high-debt consumers having twice as many missed payments on average.

via PYMNTS.com|

#autopay #consumer-debt #credit-cards

personal-finance2 years ago•4 min saved

The Downside of Autopay: How It's Affecting Credit-Card Bill Management

The use of autopay for credit card bills has doubled in recent years, but it is costing consumers more money. While autopay can help avoid late fees, a study found that borrowers who use autopay pay off between 8% and 17% less of their monthly credit card balances compared to those who make manual payments. This leads to higher interest payments, offsetting the benefit of avoiding late fees. Additionally, autopay can pose risks if customers have insufficient funds or unenroll before their balance is paid in full. Financial advisers suggest actively managing credit card accounts and paying bills manually to stay on top of spending and avoid potential overdraft fees.

via Mint|

#autopay #credit-cards #fees