Card Repayment Information

 

About the Possible Card Payment Schedule

Most credit card companies make their profits when customers get stuck in long-term debt cycles where they are only able to make minimum payments on their card, while the interest slowly increases the outstanding owed balance month after month. We think that is a shameful practice and so we designed the Possible card with healthy financial behavior in mind.

With the Possible card, you have a financial option that links with your existing bank account and analyzes your financial behavior to approve you for a credit limit that you can handle. We make it easy for you to set up automatic payments on your paydays for the full amount you've spent since your last payday. This helps you budget better, stay out of debt, and build healthy long-term habits.

All approved customers will start with a credit limit of either $400 or $800, depending on the results of their application. There are no late payment fees and no returned payment fees. The cost of the Possible Card’s monthly fee will vary based upon the customer’s current membership plan with Possible. All payments go towards unpaid monthly fees first, then to other purchases and debits.

 

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.

About AutoPay:

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:

  1. Navigate to the Card Dashboard within the Possible App.
  2. Locate the Make Payments Automatically box below the Pay Now, Edit AutoPay, and Pay Over Time buttons.
  3. Tap the Learn More About AutoPay -> text within the box
  4. 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:

  1. Tap the Pay Now button on the app home page; this opens the payment screen
  2. 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 Pay Now screen
  3. Review the bank account listed and update if needed
  4. 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

Why Do I Need to Pay the Full Balance Each Month?

Paying off your credit card balance each month is a good habit to get into. The reason for this is most credit card companies make their money off the members who do not pay off their balance each month.

When you carry a balance each month on a card that charges interest, you can end up paying much more in interest than you may have planned. For example, a $1000 purchase can easily turn into $1300 when you make minimum payments with an average interest rate of 16%. It would also take you YEARS to pay the balance off and most of your payments in the first 3 years would only go towards the interest from the balance carried over each month.

Imagine if every credit card holder only paid the minimum balance every month, but used their credit card regularly for purchases. They would frequently be making interest-only payments on their credit cards and be stuck in a never-ending debt cycle.

The Possible card is designed to help break this cycle. While we don’t charge interest on our cards, we are trying to help our members create healthy habits that will lead to better financial health overall.

We know there will be times you may not be able to pay off your full statement balance, and that’s ok! We designed the Pay Over Time (POT) plan for these situations.

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