Why can’t credit card apps simply show “Statement paid in full ✓”?

RainbowRoad

Am I the only one who finds credit card apps/websites confusing about whether you've actually paid the statement in full?

If you make several payments during the month, rather than one single payment to clear it all, the statement balance can be fully paid, but new spending can leave the account showing a balance again before the payment due date.

Pending transactions a day or so before the payment date make this even worse.

Why isn't there simply a “✓ Statement paid in full” indicator, separate from the current balance? That would make it immediately clear whether any further payment is actually required for that statement / next payment date.

That way anything like the "60 day 0% interest on payments" terms that are tied to clearing the balance is made clear it wouldn't be forfeited.

Grumpy_chap

Good idea, but at least one of my CCs has "no payment required at this time". Is that achieving the same thing?

It might or might not. It could just be triggered by 'minimum payment made'

mta999

I think that is when the minimum is paid

RainbowRoad

https://forums.moneysavingexpert.com/discussion/comment/82146722#Comment_82146722

Not sure, only one or two of my cards has ever done that, many haven't.

I'd like this mechanism on all cards to make it unambiguous.

Isthisforreal99

It's hardly rocket science to work out if you have paid the previous balance in full though. You know the previous months statement balance is £x because you check your statement yeah? Then add up what you have paid, if you are in the minority who make several payments insteaf of having a direct debit to clear in full.

Lenders aren't going to spend money on an app for an issue that, if it does exist, is for a minority.

sausage_time

I cleared my Amex balance using a 0% offer in advance of the payment date and it now shows exactly what @RainbowRoad is asking for…

Exodi

https://forums.moneysavingexpert.com/discussion/comment/82146752#Comment_82146752

I don't think it's that providers aren't willing to invest in features which might only be useful for a minority (that happens all the time, e.g. accessibility options), I think it's more that the features suggested are against their own interests.

I don't expect CC issuers prefer that people use the 'lenders' money as an interest free loan/overdraft by clearing it in full each month. Investing in features to further accomodate the practice would seem like an own goal. It's in their interests that it is as unclear as possible (obviously within reason).

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6684324/why-can-t-credit-card-apps-simply-show-statement-paid-in-full

Generally because its intended that you make one payment a month and so its fairly easy to know if you are paying the statement value or not. Similarly its not too hard to see what the statement value was and what the sum of credits are unless you are the type that frequently are returning items bought on cards for a refund.

There are always going to be edge requests… given some cards require that you only pay off the non-promotional balances then people doing that probably dont want a "statement cleared" flag because they have no intention of clearing the 0% balance early but they want a flag that shows they have cleared the non-promotional balance instead.

The reality of business is that people have many more ideas of what could be done than they have budget to implement. As such there is an allocation process of who gets what budgets for doing IT changes and typically this comes down to cost benefit analysis… so how much additional profit do you think this feature would generate to justify them spending the IT costs to develop it?

RainbowRoad

https://forums.moneysavingexpert.com/discussion/comment/82146752#Comment_82146752

It's not, so why not get the computer do it.

J63320

https://forums.moneysavingexpert.com/discussion/comment/82147048#Comment_82147048

Because for you or me it’s a minute with a pencil and paper (or a calculator) but for “the computer” its a statement of requirements, and a business case, and budget approval and prioritisation, and then a spec for the changes, and coding, and testing (not just for that change, but, if they’re doing things properly, the rest of the system too, to make sure there have been no unwanted side-effects) before we get to implementation.

RainbowRoad

Oh ok, the usual SDLC.