Tag

Autopay

All articles tagged with #autopay

economy9 days ago•1 min saved

Education Department Extends Autopay Interest Discount Deadline to December 31

The U.S. Department of Education has extended the deadline for federal student loan borrowers to enroll in autopay and secure a temporary 1% interest rate reduction. The new deadline is December 31, 2026, replacing the previous September 30 cutoff. This benefit, which lasts until June 30, 2028, is part of the new Repayment Assistance Plan (RAP). Nearly 2 million borrowers have already enrolled since the program's launch in June.

via Business Insider|

#autopay #department-of-education #economy

personal-finance10 days ago•39 min saved

Education Department Extends Autopay Interest Discount Deadline to December 31

The U.S. Department of Education has extended the deadline for federal student loan borrowers to enroll in autopay and receive a temporary 1-percentage-point interest rate discount. The new deadline is December 31, 2026, replacing the previous September 30 cutoff. This move follows the launch of the discount in June and aims to boost repayment rates amid high delinquency figures.

via The Washington Post|

#autopay #debt-relief #federal-policy

finance3 months ago•3 min saved

Auto-pay perk expands: 1% interest cut for qualifying Direct Loans

The Education Department is offering a 1 percentage-point interest-rate discount for federal Direct Loans when borrowers enroll in autopay, a benefit that lasts through June 30, 2028. Eligible loans include Direct Subsidized, Direct Unsubsidized, Direct PLUS, and Direct Consolidation (including Parent PLUS if the loan is Direct); FFEL and private loans are not eligible. Loans must be disbursed on or after July 1, 2012 and be in good standing. Borrowers already in autopay receive the discount automatically; new enrollees must sign up by Sept. 30, 2026 and remain enrolled to keep it. As always, verify payments with your loan servicer to avoid autopay errors.

via CNBC|

#autopay #direct-loan #finance

technology11 months ago•1 min saved

T-Mobile Closes AutoPay Loophole, Ending Customer Discounts

T-Mobile is ending a workaround that allowed customers to get an AutoPay discount while paying with credit cards or Apple Pay by pre-paying their bills early. Starting October 24, using credit cards or Apple Pay for early payments will disqualify customers from the AutoPay discount, which was around $5 per month per line, due to higher processing fees. This change aligns T-Mobile with other carriers that restrict AutoPay discounts to bank or debit payments, removing a competitive advantage for some users.

via 9to5Mac|

#apple-pay #autopay #credit-card

technology11 months ago•2 min saved

T-Mobile Closes Credit Card Autopay Loophole

T-Mobile is ending a loophole that allowed customers to use credit cards for early payments to retain their AutoPay discount, requiring customers to use only debit or bank accounts for AutoPay to qualify for the $5 monthly discount, effective October 24th.

via The Mobile Report|

#autopay #credit-card #discount

personal-finance3 years ago•2 min saved

The Impact of Autopay on Consumer Credit-Card Management

The use of autopay for bills, including subscriptions and streaming services, has nearly doubled between 2015 and 2020, with over 75% of consumers utilizing it. While autopay can help avoid late fees, federal data shows that total fees and interest paid by cardholders have increased by 19% to around $240 billion during the same period. A study also reveals that consumers who use autopay often underpay their credit card balances compared to those who make manual payments. This rise in autopay comes as a third of consumers struggle to make payments on time, with high-debt consumers having twice as many missed payments on average.

via PYMNTS.com|

#autopay #consumer-debt #credit-cards

personal-finance3 years ago•4 min saved

The Downside of Autopay: How It's Affecting Credit-Card Bill Management

The use of autopay for credit card bills has doubled in recent years, but it is costing consumers more money. While autopay can help avoid late fees, a study found that borrowers who use autopay pay off between 8% and 17% less of their monthly credit card balances compared to those who make manual payments. This leads to higher interest payments, offsetting the benefit of avoiding late fees. Additionally, autopay can pose risks if customers have insufficient funds or unenroll before their balance is paid in full. Financial advisers suggest actively managing credit card accounts and paying bills manually to stay on top of spending and avoid potential overdraft fees.

via Mint|

#autopay #credit-cards #fees