Setting up automatic credit card payments is a relatively simple process, one that can save you time and work. By having your payments deducted automatically, you save yourself the trouble of writing checks, save time that would be spent waiting for the postal service to deliver your payment and save the money you would spend on postage. Setting up a payment process can be done in just a few simple steps.
Contact your credit card company by phone or via the web. In some cases, online at least, you can find information on setting up automatic payments under "Product Services." If you cannot find this information, contact the credit card company at the number or e-mail listed under the "Contact Us" section. You can also call the company number on your credit card statement. Ultimately, the financial institution will provide you with a form to fill out with the information they need to begin the process.
Fill out the appropriate form. Some companies may also be able to fill out the forms for you over the phone, although you can also fill out the paperwork online.
Indicate the account you want the payment deducted from. You can deduct from your savings or, more typically, your checking account. Have the routing number and the account number handy. Both numbers are listed on your checks--routing number first, account number second.
Select the amount you want to pay each month. Typically, you will have three options--a fixed amount, the minimum payment or the entire balance. Some institutions will also allow you to pay a percentage of your balance.
Sign your form and submit it via the web, fax or mail. If you wish to cancel automatic payments, most credit card companies will require you to submit a written notice within three business days of the scheduled payment.
- credit card and hand image by Warren Millar from Fotolia.com