Question
Because everyone seems to rave about the Merrill Lynch Platinum Plus Visa card, I signed up for one. I got the card today and called to set up monthly auto-debit of my checking account so I don't have to worry about paying late every month. Well, it turns out that it is not possible to set up auto-debit...you have to either write a check or pay online each time, even though every other Visa and MC card account I have allows this. (Auto-debit is possible, actually, but only for a set amount--you can't tell it to pay the entire balance.)
I thought I'd post this note so that other FTers don't get a rude surprise after they apply. Considering this card is aimed at high spenders who travel a lot, I'm surprised they don't offer this service. This is almost a deal-breaker for me....it certainly will reduce the amount I charge to this card.
Answer
I don't really mind, since nearly all hotels I know of have complimentary internet access, so I can just pay my bills before I check in. Plus, I like reviewing my statements before sending them money so I can look for any fraud that may occur.
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Because everyone seems to rave about the Merrill Lynch Platinum Plus Visa card, I signed up for one. I got the card today and called to set up monthly auto-debit of my checking account so I don't have to worry about paying late every month. Well, it turns out that it is not possible to set up auto-debit...you have to either write a check or pay online each time, even though every other Visa and MC card account I have allows this. (Auto-debit is possible, actually, but only for a set amount--you can't tell it to pay the entire balance.)
Of course, why allow auto-debit? That would eliminate late fees. By forcing you to pay each month, that increases the probability of some customers forgetting to do it.
S
Answer
I prefer being able to review my bill before I pay, so auto-debit doesn't come in.
The MBNA/M+ feature I hate most is when you want to pay your bill online, you can't choose the day itself as the date for payment. The earliest date you can select is 3-5 days in the future, so better watch out if you're trying to play the lag game.
Other than that, pretty good card.
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I prefer being able to review my bill before I pay, so auto-debit doesn't come in.
I don't think auto-debit interferes with your ability to review your bill, does it? You still get your statement in the mail, and you can still dispute any charges. If you have auto-debit and dispute a charge, you can always modify that month's payment. What it does do is prevent you from accidentally missing a payment and then getting stuck with finance charges, etc. Amex is the same way, and though they are good about reversing finance charges when I call, I don't get the cash back reward that month from my Amex Costco card. I haven't checked yet whether Merrill also penalizes your ability to earn rewards when you forget to make a payment.
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I prefer being able to review my bill before I pay, so auto-debit doesn't come in.
The MBNA/M+ feature I hate most is when you want to pay your bill online, you can't choose the day itself as the date for payment. The earliest date you can select is 3-5 days in the future, so better watch out if you're trying to play the lag game.
Many auto-debit debits your checking account on the due date.. so you get the maximum "grace" possible. As the previous reply stated, you can still review your bill.
The reason why many credit card issuers have a 3-5 day lag is to get extra revenue for those who forget to pay. Paying $15 for expediated payment is better than a $30 late fee.
The game is to maximize fee income.
S
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Many auto-debit debits your checking account on the due date.. so you get the maximum "grace" possible.
Plus, you can always dispute a charge after paying the bill, if it comes to that. I think you get 30-60 days to dispute a charge....
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Technically, if you pay the full balance, you cannot dispute any charges that were part of that payoff. Its in the small print; however CC issuers dont seem to enforce this and didnt when I had a problem once or twice.
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A word of caution if you're checking your accounts on the road -- public-access internet terminals are notorious for having keystroke loggers to record account numbers and passwords. Using your own laptop is safer, even if it's through the hotel's internet connection because the connection to the bank is encrypted.
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Sounds as if all MNBA accts are not created equal:
I'd suspected them of playing with due-dates :mad: & adopted a strategy of using AutoPay to make token bi-weekly payments -- then manual entries as needed for the serious dollars. No more 'accidental' late charges...
Frankly, their best asset is "Shop-Safe" for internet purchases... ^
/.
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Well, it turns out that it is not possible to set up auto-debit...you have to either write a check or pay online each time, even though every other Visa and MC card account I have allows this. (Auto-debit is possible, actually, but only for a set amount--you can't tell it to pay the entire balance.)
Just stumbled upon this post as I just recently stumbled upon FT's credit card forums.
I'm in a similar situation looking for a card with the automatic debit to a checking account. Just went through a big hassle with MBNA on a new Fidelity-linked card. They assured in me advance I would be able to set up the auto debit, but turns out it has the same limitation you note. (They use the cumbersome 3rd party bill payment service provided by CheckFree.)
Can you advise what other cards you have (and the issuing bank) where you have true auto debit of the balance? The only one I know for sure is Citi. (I have Amex cards as well, but they use the same limited CheckFree bill payment service.)
Thanks in advance.
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I know my Chase (e.g., United Mileage Plus cards) and Bank of America cards allow it.
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I know my Chase (e.g., United Mileage Plus cards) and Bank of America cards allow it.
Does Chase have it? I thought it didn't. Anyone else can confirm this? I know US Bank allows it, but am unsure if that is only with a US Bank checking account.