Card Repayment Information

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What Payment Options Do I Have?

Both Card Programs

With the Possible Card, members have the option to choose autopay or manual pay for their payments. Autopay will automatically deduct payment from your account for the due dates shown in the app. These payments will be initiated one business day before the due date, but will not be deducted from your account until the due date. 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 for the due dates shown in the app. Payments will need to be initiated by the card member by the due dates shown in app 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, continue reading the articles below.

Card Program A Only

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.

If you are looking for information on making additional payments when in a POT plan, please see this article.

Card Program B Only

This card program is setup to pay the minimum payment each statement cycle. This minimum payment due is $75, or the statement balance, whichever is less.

You can choose to pay the statement balance at any time within the app by following the steps below:

1. Tap AutoPay Settings on the dashboard just above the transactions listing
2. Choose the radio button for the payment option you want
3. Tap Save Settings

You can change back to Minimum Due at any time by following the same steps as listed above.

*To learn more about the card programs, see this help center article.

 

How Does AutoPay Work?

AutoPay can be setup at any time within the app and canceled by reaching out to customer service using the Contact Us from. One of the benefits of choosing AutoPay when you setup your card is having instant access to your Possible 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 app due dates. 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 this help center article.

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.

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:

Switching to AutoPay - Card Program A

1. Navigate to the Card Dashboard within the Possible App
2. Tap the Enroll in AutoPay → text located below the Switch to Pay Over Time & Make a Payment buttons
3. Follow the prompts which will:
   • Explain how AutoPay works
   • Link an account (if needed)
   • Review AutoPay agreements

Switching to AutoPay - Card Program B

1. Navigate to the Card Dashboard within the Possible App
2. Tap AutoPay Settings on the dashboard just above the transactions listing
3. Choose the radio button for the payment option you want
4. Follow the prompts which will:
   • Explain how AutoPay works
   • Link an account (if needed)
   • Review AutoPay agreements
5. Tap Save Settings

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.

*To learn more about the card programs, see this help center article.

 

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:

1. Tap the Make a Payment button on the app home page, just below the Upcoming Payments section
   • 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 Make a Payment screen
3. The bank account will default to your primary checking account
   • If making a change, tap SAVE to return to the Make a Payment screen
4. 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.

 

How Do Additional Payments Work?

You can make additional payments towards your card balance at any time in the app using the Make a Payment button. You will have the options to choose the payment amount and the account the payment will be deducted from.

Card Program A

If you activated your card before July 29, 2024, you are in this program.

When you make an additional payment outside the due dates listed in the app, 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.

Card Program B

If you activated your card on, or after, July 30, 2024, you are in this program.

Since the minimum payment due is calculated after the statement cycle ends, any additional payments made during the statement cycle may not reduce the minimum payment due. If an additional payment made before the end of a statement cycle does not decrease your full balance to below $75, you will still owe $75 as the minimum payment due. If an additional payment made before the end of a statement cycle does decrease your full balance to below $75, you will see the full balance as your minimum payment due.

As an example, let’s say Susie’s account and payments looked like:

• Susie’s statement cycle ends on the 14th of the month
• Susie’s balance on their card was $150 on July 12th
• Susie made an additional payment of $50 on July 12th
• When Susie gets the statement on July 15th, it will show Susie’s minimum payment due as $75 because the balance on the card at statement close was $100

As another example, let’s say Tommy’s account and payments looked like:

• Tommy’s statement cycle ends on the 14th of the month
• Tommy’s balance on their card was $150 on July 12th
• Tommy made an additional payment of $100 on July 12th
• When Tommy gets the statement on July 15th, it will show Tommy’s minimum payment due as $50 because the balance on the card at statement close was $50

*To learn more about the card programs, see this help center article.

 

What is the Difference Between the App Due Dates and Statement Due Dates?

Card Program A

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.

Card Program B

The due dates shown in app are scheduled for roughly 10 days before your statement due date. This is to help ensure the payment is made by the statement due date. You have the option to pay the minimum due or the full statement balance and can update your choice at any time within the app. You can learn more about changing your payment amount options in this help center article.

*To learn more about the card programs, see this help center article.

 

Why Do I Need to Pay My Balance in Full on the App Due Dates?

Card Program A Only. To learn more about the card programs, see this help center article.

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, customers who joined before July 29, 2024 will have the Possible Card payment schedule aligned with their payroll. If the linked account detects payroll deposits when applying, then payments will be set 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.

 

How Do I Reschedule My AutoPayment Due Date?

The next uninitiated autopay date can be rescheduled up to one day before the next autopay date.

When walking through the reschedule process, you may see dates highlighted in red. These are dates that are within five business days of your statement due date and are called out as payments can take up to five business days to finish processing.

Card Program A

If you happen to not pay your full statement balance by your statement due date, your card will lock. Once a full balance payment has processed, your card will unlock. As a reminder, you have a 29 day grace period from your statement due date to make your payment before it is reported as late to the credit bureaus.

To reschedule your upcoming autopayment:

1. Tap the Reschedule button just below your Upcoming Payments

2. In the calendar popup, choose your preferred autopayment date

   Note: You cannot choose a weekend or holiday as your new autopayment date

3. Tap Update Payment Date to update the autopayment date and receive the confirmation message

Card Program B

If you happen not to pay the minimum payment due listed on the statement by your statement due date, your card will lock. Once the payment has been made and processed, your card will unlock. As a reminder, you have a 29 day grace period from your statement due date to make your payment before it is reported as late to the credit bureaus.

To reschedule your upcoming autopayment:

1. Tap the AutoPaySettings button below your payment details

2. Within the popup, locate the AutoPay Schedule section and clock the blue Reschedule button next to the upcoming autopayment

3. In the calendar popup, choose your preferred autopayment date

   Note: You cannot choose a weekend or holiday as your new autopayment date and you cannot reschedule to an earlier due date than the original due date

4. Tap Update Payment Date to update the autopayment date and receive the confirmation message

*To learn more about the card programs, see this help center article.

 

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 support@possiblefinance.com explaining your situation and we will be happy to help!