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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 is the Difference Between the App Due Dates and Statement Due Dates?
The due dates shown in the app are known as the Possible Due Dates. These are the dates in which we encourage the full balance payments to be made. Keeping your credit card paid off helps keep your utilization rate low, which can have a positive impact on your credit score.
Statement due dates are the date in which the spending throughout the statement period is due. This balance needs to be paid in full by the statement due date or your card will become locked. We lock the card to allow you time to catch up on your payments
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 another payment option that will split your payments into 3-4 installments. See Card Payment Plan for more information.
AutoPay will automatically deduct payments from your payment account on your Possible Due Dates shown in the app. You can change your payment account in the app when needed. Please note that once a payment is in progress, the payment account for that payment cannot be changed.
Manual Pay will not automatically deduct payments on your Possible Due Dates. Payments will need to be initiated by the card member by the Possible Due date to stay on track with payments. When using Manual Pay, members will tap the Make a Payment button in the app to initiate a payment. You can choose between any payment method on the account when using the Manual Pay feature.
To learn more about both payment options, read the articles below.
If you are looking for information on making additional payments when in a POT plan, please see this article.
How Does AutoPay Work?
AutoPay can be setup at any time and canceled at any time. One of the benefits of choosing AutoPay when you setup your card is having instant access to your credit card through a temporary card. You can view the temporary card details in the app. This temporary card will become inactive once you activate your physical card.
With AutoPay, you don’t have to worry about going into the app to make a payment on your due date. We’ll do that for you! All you have to do is choose which checking or savings account to use for your ACH payments. ACH payments can take up to 5 business days to process. You can learn more about processing times in .
We initiate the payment one business day in advance, but do not deduct the payment until the due date. You may see this show as a pending payment on your end, but please know that pending is like Possible waiting in line with your bank to deduct your payment on your due date.
One of the features with card payments is that even if you choose AutoPay, you can still make additional payments on your own at any time. You would use the Manual Pay feature by tapping the Make a Payment button in the app. You can read more about Manual Pay below.
What if I Make a Payment Before My Next AutoPay Date?
When you make an additional payment outside your Possible Due Date, we will still initiate a payment for the full balance on your card one day in advance of your due date. This means, if you pay your full balance on Monday, but continue to use your card before your next due date, we will still initiate a payment for the full balance. Additional payments can be made via ACH or by debit card, as long as the payment method is linked in the app.
If there is no balance on the card, we will not initiate a payment. Any currently pending payments will not be included in your full balance when we initiate the payment.
Switching to AutoPay
If you currently are setup with 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.
How Does Manual Pay Work?
Manual Pay means you will be in control of when your payments on your card are made. You will still see the same Possible Due Dates in the app, but you will need to initiate and confirm the payment. Manual Pay can also be used in conjunction with AutoPay or to make an additional payment while in a POT Plan.
Making Manual Payments:
You can make a payment via ACH or debit card at any time within the app using the Make a Payment 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. The payment date will be automatically selected for the soonest we can begin processing the payment.
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!