I’ll round some numbers here for simplicity. I have a $1100 statement balance and a $300 equal payment plan over 6 months that I set up during this statement cycle. The payment plan is deferred interest until it’s paid off. So, I have $800 as the “regular” balance and a minimum payment of $60.
I’ve already made a $600 payment toward the statement balance, but I’m trying to figure out how much more I need to pay to cover both the payment plan and the remaining balance.
Am I overthinking this? Is the statement balance automatically factoring in the monthly payment for the plan?
I think I’m getting confused because the payment plan shows up as a separate balance, and I want to make sure that paying the full statement balance includes the plan’s monthly payment. There’s no “interest saving payment” listed anywhere either.
Sorry if this is more complicated than it should be. I just want to make sure I’m doing everything right.
If you’ve already paid $600 toward the $1100 balance, then you should only owe $500. I’m a little confused about what exactly you’re asking, but as long as you keep making your regular payments, you should be fine.
@Kenan
The $1100 includes the $300 from the 6-month payment plan, which I did so I could pay monthly. That plan is listed as a separate balance with deferred interest for 6 months. So, technically I have an $800 “regular” balance and the $300 payment plan.
I guess my question is whether paying just the $800 this month covers the monthly payment for the $300 plan too? This is my first time doing one of these plans, and I’m a bit confused.
@Conley
It sounds like everything is combined into one payment, so paying off the $800 should also cover the monthly portion of the $300 plan. Since you’re on top of things, I wouldn’t stress too much!
@Kenan
That makes sense! I’d just rather use the $300 for something else. I’m mainly trying to avoid any interest, since I’ve gone a year with this card and haven’t paid any yet. I’ve struggled with credit card debt before, so I’m trying to stay on top of it.
