Contents of this Page
1. Why Do I Need to Pay My Balance in Full on the App Due Dates?
2. What Payment Options Do I Have?
3. What Happens if My Card Payment Fails?
Why Do I Need to Pay My Balance in Full on the App Due Dates?
The Possible Card is designed to help you in avoiding long-term debt, establishing credit history, and achieving long-term financial stability. To accomplish these goals, we encourage users to adopt responsible spending habits by using their credit card for purchases that can paid off relatively quickly. This can help users stay on track and avoid long-term debt.
To make this easier, the Possible Card payment schedule is aligned with your payroll. If your linked account detects payroll deposits when you set up your card, payments will be due according to your payroll schedule. If no payroll is detected, payments will be due every two weeks.
This payment schedule also aids in building your credit history by keeping your credit utilization rate low. Credit utilization is the amount of credit you've used compared to how much credit you have available. High credit utilization can have a negative impact on your credit history.
In the event you are not able to pay your balance in full, you can enroll in a Pay Over Time plan to give yourself some additional breathing room while you catch up. For more information about Pay Over Time, please refer to this support article.
What Payment Options Do I Have?
With the Possible credit card, you can select either AutoPay or Manual Pay when you set up your payment schedule. If at any time you are not able to pay the full balance, we do have a payment plan option as well which will split your payments into installments. See Card Payment Plan for more information.
For those who select AutoPay, your payment schedule will align with your employer’s payday schedule for your convenience, which is usually bi-weekly or monthly. Please note you will need to have the account your payroll is deposited into linked to your card for us to determine your payroll schedule. For now, we can only accept ACH payments for AutoPay. We plan to open this up to debit card payments in the near future.
If you chose manual payments and wish to switch to AutoPay, you can do so at any time by following the steps below:
- Navigate to the Card Dashboard within the Possible App.
- Tap the Enroll in AutoPay → text located below the Switch to Pay Over Time & Make a Payment buttons.
- Follow the prompts which will:
- Explain how AutoPay works
- Link an account (if needed)
- Review autoPay agreements
If you need assistance with this process, you can reach out to us through the Contact Us form in the app and we can help enable Autopay.
About Manual Pay:
For those who select Manual Pay, you will be responsible for making a payment before (or on) your payment due date which is notated on each statement. If you are not in a Pay Over Time plan, you can make a payment via ACH or debit card at any time within the app using the Pay Now button. Just follow these easy steps to update your payment:
- Tap the Make a Payment button on the app home page, just below the Upcoming Payments section; this opens the payment screen
- The payment amount will autofill with the current balance and can be changed as needed
- If making a change, tap SAVE to return to the Make a Payment screen
- Review the bank account listed and update if needed
- Tap Pay Now at the bottom of the screen to submit your payment
Your payment will begin processing after tapping Pay Now. As of now, the payment date will be automatically selected for the soonest we can begin processing the payment. We cannot change the payment date at this time but are looking to make this an option in the future. If you pay your full balance earlier than your due date and Possible receives the payment before the statement balance is due:
- The balance will be reduced by the payment amount and you can spend up to your available credit limit until the end of your next payroll cycle
- If on AutoPay, Possible will pull the payment on the upcoming payroll date for the balance on the card at that time
What Happens if My Card Payment Fails?
There are many reasons a payment could fail, from not having enough money in the account to a payment processing error. You can read more about resolving failed payments here.
If there is a failed payment on your card, you will see a notification of overdue payment in the app dashboard. You may also see your card change to a locked status if a payment fails due to not having sufficient funds in the payment account. Our goal is help break the never-ending debt cycle, so we lock the card to help make sure you have time to catch up on any missed payments. Once you are caught up on the failed payment, your card will automatically unlock.
If you have any questions on a failed payment, or how to get your card out of a locked status, please reach out to us at email@example.com explaining your situation and we will be happy to help!