What if I've paid the minimum payment and then autopay has insufficient funds for paying the full balance?
I was looking for an answer to this question I had but didn't see anything. Sorry in advanced if it has been answered. I'm trying to see if this strategy would work.
Question/hypothetical:
What if
I have auto pay set to pay the full balance.
I manually pay my minimum payment early.
At the end of the pay period, auto pay tries to pay the rest of the balance but there are insufficient funds.
Do I get penalized because auto pay couldn't pay in full? Or does the minimum payment protect against any penalties?
I guess my question presumes something that I'm unsure of: are there penalties if auto pay in full is turned on but you can only pay the minimum amount? Would that be an overdraft?
Maybe it would be safest to just have auto pay on minimum and make a habit of paying the full balance manually.
Best.