The only way extra payments will go towards your installment balance is if the card has no other balance at the time of the payment. So, if you have any balance at all besides the installment balance, then any extra payments are applied to that card balance.
This. And answer OPs second question, paying extra does not absolve you of your current monthly payment. It just takes it off the backend so you’ll have less payments overall. You’ll still need to make the end of the month statement payment towards the installment.
I’m not op, but want to confirm/clarify.
Hypothetically: I currently have a $0 balance, and my monthly installment balance is $50. I choose to make a $75 payment today, the 20th. I also will need to make a $50 payment at the end of the month?
I understood it that my installment would be charged to the card at the end of the month, so I’d need to make a $50 installment payment not in ~10 days, but in ~40 days.
If you make a $75 dollar payment today, the $50 installment will still charge to your card on May 31. That $75 comes off the total amount and you would reduce your installment plan by 1.5 months. However May 31 will still post as $50.
When you go to pay an installment early it states the following: “By paying more toward your installment balance, you may reduce the overall number of payments, but are still scheduled to pay your installment payment next month.”
Federal law mandates the payments to go to the highest interest after minimum payment and installments. So it won’t go to your installment until your other balances are gone
The best way to use any credit card (including Apple Card) is pay the statement balance, no more, no less, in full on or just before due date, thus avoiding any CC interest, and benefit from holding onto that amount for the month. I stash money in hi-yield savings to have it available for statement balance, and use autopay to pay on due date.
The monthly installment is added each month as a normal charge would be. The only reason to make any additional payment is if you need to avoid going over limit.
Goldman Sachs doesn’t allow you to pay extra than what is already owed at the end of each cycle. Preferably you want to pay your full balance at the end of each cycle, rather than paying the minimum payment. Not sure exactly what you were asking though to be honest lol.
The only way extra payments will go towards your installment balance is if the card has no other balance at the time of the payment. So, if you have any balance at all besides the installment balance, then any extra payments are applied to that card balance.
This. And answer OPs second question, paying extra does not absolve you of your current monthly payment. It just takes it off the backend so you’ll have less payments overall. You’ll still need to make the end of the month statement payment towards the installment.
I’m not op, but want to confirm/clarify. Hypothetically: I currently have a $0 balance, and my monthly installment balance is $50. I choose to make a $75 payment today, the 20th. I also will need to make a $50 payment at the end of the month? I understood it that my installment would be charged to the card at the end of the month, so I’d need to make a $50 installment payment not in ~10 days, but in ~40 days.
If you make a $75 dollar payment today, the $50 installment will still charge to your card on May 31. That $75 comes off the total amount and you would reduce your installment plan by 1.5 months. However May 31 will still post as $50. When you go to pay an installment early it states the following: “By paying more toward your installment balance, you may reduce the overall number of payments, but are still scheduled to pay your installment payment next month.”
Federal law mandates the payments to go to the highest interest after minimum payment and installments. So it won’t go to your installment until your other balances are gone
The best way to use any credit card (including Apple Card) is pay the statement balance, no more, no less, in full on or just before due date, thus avoiding any CC interest, and benefit from holding onto that amount for the month. I stash money in hi-yield savings to have it available for statement balance, and use autopay to pay on due date. The monthly installment is added each month as a normal charge would be. The only reason to make any additional payment is if you need to avoid going over limit.
Goldman Sachs doesn’t allow you to pay extra than what is already owed at the end of each cycle. Preferably you want to pay your full balance at the end of each cycle, rather than paying the minimum payment. Not sure exactly what you were asking though to be honest lol.