Hello Neo team,
I am very particular about maintaining a high credit score and prefer to keep my card balance near zero before each statement date. I would appreciate an option to enable autopay before the statement date.
Even scheduling a fixed monthly payment in advance is not effective because the statement date changes monthly with the rolling 30-day cycle.
Hi @Enosh_Praveen. Thanks for reaching out and welcome to the community. Just wanted to clarify a few things:
We currently offer auto-pay, which pays a user’s statement balance automatically on its due date.
To enable it, you can go into your Neo credit card in the app and select Auto-pay, which sets up payments from your Neo Everyday account.
In terms of an option to auto-pay before a statement date, I’ve brought your feedback up to the team and I will be sending you a DM to get your info to add you to our follow-up list and we’ll keep you posted with any updates on this.
Hi Alex,
Yes I already use the Auto-pay feature for due dates.
What I’m particularly interested in is keeping a very low credit balance before each statement date, so if there is a feature to auto-pay the full amount at the end of every payment cycle before the statement is generated, that would be perfect.
If you pay off the balance of the card prior to the monthly statement date, the utilization amount reported to the bureaus is 0, which would indicate you’re not using your credit at all and may be counter-productive to your goals. I suggest you spend as normal, but either pay the statement balance after the statement is generated, but before the due date (or let the auto-pay feature take care of it), which will show the credit bureaus you are regularly using your credit, as well as paying it off by the statement dates, indicating responsible use of credit over time.
Payments are captured instantaneously it doesn’t matter if you pay the same day. The statement will show the payment with the balance after that payment.
@AgentSmith Thanks for this insight, really appreciate it. Yes, I’m still aligning with that too. What I would like is to schedule an auto-pay at least 2-3 days before the statement date in that case rather than having to manually check the 30-day cycle every time.