When you set up recurring payments with AutoPay, you can choose the amount you’d like to have withdrawn from your payment account each month. To help you make your decision on which amount to select, we’ve provided some details on your options below:
- Current Balance: By setting your AutoPay for your Current Balance, you’ll automatically pay off everything you owe on your Petal card each month, so you won’t be charged interest and you’ll keep your utilization at its lowest. Your Current Balance includes your previous statement balance, any interest, past due amounts, fees (if applicable), and new posted charges. Keep in mind that your Current Balance does not include any pending purchases at the time your AutoPay payment is withdrawn.
- Statement Balance: Also called the New Balance on your statement, your Statement Balance includes all of the charges from the previous billing cycle. It doesn’t include any purchases made in the current billing cycle. Setting your AutoPay to your Statement Balance is a good way to make sure you won’t be charged interest.
- Minimum Payment: This is the lowest payment you can make to keep your account in good standing. This amount is calculated using your statement balance, so it may vary each month. Setting your AutoPay amount to your minimum payment is a good way to help make sure you keep your account in good shape and you won’t be charged late fees (if applicable).
- Custom Amount: When you choose to set your AutoPay to a "Custom Amount", the amount you’ve specified will automatically be debited each month. We won’t ever deduct more than your Current Balance (minus pending purchase). But if your custom AutoPay amount is ever lower than your minimum payment, you’ll need to make additional payments to keep your account in good standing — that’s why we recommend enabling the “pay at least the minimum amount” option (see below).
- Custom with “Pay at least the minimum amount:” If you’ve selected a Custom Amount as your AutoPayment, we suggest enabling the “Pay at least the minimum amount” button. This setting will automatically pay at least the Minimum Payment Due from your monthly statements, whenever your scheduled AutoPay Custom Amount is not enough to cover your Minimum Payment Due. This setting was designed to help you protect your account from any possible late fees (if applicable to your account type) and to make sure your account stays in good standing.