Articles

Don’t Stray From Auto Pay

Say goodbye to late fees and stay in control with automatic payments.

By

Chris Crider

July 2, 2021

Man Jumping In the Street, by Andre Hunter from Unsplash

Bills, bills, and - you guessed it - more bills. As they start to stack up, it’s easy to forget which payments need to be made when.

Setting up auto pay for your Mission Lane credit card bill means you have one less thing to worry about. Plus, with auto pay, you can stay in control of your credit-building journey without missing due dates.

To help you decide if enrolling in auto pay is a good move, we’re covering what it is, how it’s useful, and how to set it up on your Mission Lane account.

What is auto pay?

We know the idea of auto pay can seem like the control is being taken out of your hands. That’s why we built a process that gives you options and keeps you informed before and after your payment is made each month. You can cancel any time.

Auto pay, short for automatic payments, lets you set up how much and how often you’d like to pay toward your Mission Lane account balance. It helps ensure that you don’t fall behind on your credit card bills by letting you schedule them ahead of time, so you can keep moving toward your financial goals without slowing down.

How it works: when signing up for auto pay you decide which funding account(s) you want to use so that, when your Mission Lane credit card payment is due, we can automatically withdraw your chosen amount from that account. Don’t forget, it’s important to make sure the account you choose has enough money in it to avoid overdraft fees from your bank.

And don’t worry, every month we’ll email you ahead of your scheduled payment date just in case you want to update or cancel your auto pay before we withdraw any money. We’ll never withdraw funds from your account without your permission.

With auto pay, you’ve got options.

Want to get ahead by paying off your statement balance each cycle? Auto pay has you covered. Just need to take care of your minimum payment? Also covered! You can set auto pay to any fixed amount - minimum, statement balance, or anywhere in between.

These three payment options are designed to meet your needs. Paying your statement balance in full every cycle will avoid interest adding up, while making your minimum payment will keep your Mission Lane account in good standing.

If you like to know exactly what you’re going to be paying each month, paying a fixed amount may be a good option for you. A fixed amount that’s greater than your minimum payment not only helps to pay a little extra each cycle, but also lowers the interest you’ll have to pay on your outstanding balance.

Heads-up: if you choose to set up auto pay with a fixed amount that’s less than your monthly minimum payment, then we’ll charge your minimum payment to avoid fees.

Goodbye late fees, hello good credit!

Missing a credit card payment can trigger an unfavorable late fee. But unlike your busy day-to-day, auto pay has one job to focus on: making sure you make your payments on time.

As long as you’re paying your minimum payment every month, you can say goodbye to late fees for good with Mission Lane.

Not only that, but did you know that on-time payments are one of the biggest factors in determining your credit score? Enrolling in auto pay helps you maintain positive payment history without the hassle.

Traveling? Auto pay has your back.

It’s easy to let an important due date slip by when you’re traveling or busier than usual. Auto pay gives you peace of mind when you need it most by taking care of your payments no matter where you are.

So while you’re soaking up the sun at your favorite beach, you can swipe your card for that refreshing drink without worrying about getting on your phone to pay your credit card bill.

The key takeaway? Auto pay does the work for you, so you can skip the panic without skipping a bill.

How to enroll and what to expect.

If you think auto pay is right for you, enroll your Mission Lane account right away!

Follow this link for directions on how to set it up. You may have to sign in to get started. As soon as you enroll, we’ll send you a confirmation email.

Still unsure about auto pay? We get it. Just know, it can’t hurt to try. In case you want to cancel, we’ll always send you an email several days before any payment is scheduled to be withdrawn.

And remember, auto pay keeps you in control, not out of it, so there’s no need to stray from auto pay. 😉