With a traditional credit card, you spend all month and then the card company sends you a bill. You typically have about three weeks to pay at least the minimum payment stated on that bill. If you don’t make at least that minimum payment before three weeks is up, the card company will report a missed payment - which, again, really damages your credit.
With a traditional credit card, it’s easy to miss payments. The system is confusing, dates get jumbled up, and it can be hard to know when things are due. Plus, if you miss payments or don’t pay in full, you can be on the hook for all sorts of fees and interest payments.
Mine makes it easier for you. With a Mine Card, it’s really difficult to miss payments. With autopay enabled, we’ll do everything for you and you can build credit without lifting a finger. But even if your bank connection messes up or you miss a manual payment, Mine won’t subject you to interest rates or late fees. Instead, we’ll let you know and your Mine Card will lock until you’ve made the payment. As soon as that’s done, you can start using your Mine Card again as normal. On the off chance that your missed payment stays outstanding for 30 days, only then will a missed payment be reported. We think it’s a much more humane way of handling missed payments - because everyone makes mistakes.
*This communication is for informational purposes only and should not be considered financial advice.*
