Understanding the New auto pass credit card Rules

Auto Pass Credit Card – Most of us have received messages from our banks about the new auto debit rules. Unsure of what’s changing and how you’ll be affected? Let’s break down the information.

The Changes | Auto Pass Credit Card

Subscriptions to third-party apps like Netflix will no longer go through automatically. Payments used to happen automatically without our intervention, but this has changed with the RBI’s new auto debit rules.

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Actions Required | Auto Pass Credit Card

To comply with the new rules, you need to re-register your payment instruments (debit or credit card) on each service you use. This allows the e-mandate, providing banks permission for auto-deduction. The first payment will require additional factor authentication (OTP). Subsequent transactions below 5000 rupees will not need further authentication. For transactions above 5000 rupees, you will need to authorize each payment with an OTP.

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Exemptions | Auto Pass Credit Card

This new rule does not affect mutual fund SIPs, insurance premiums, and other recurring payments if the auto debit is directly from your bank account.

What is CFNA on My Credit Report?

CFNA is a common code that credit reporting agencies use for credit cards issued by Credit First National Association. They issued dozens of branded credit cards for companies like CFNA also issues credit cards for some independent car dealerships and auto repair shops.

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How Does a CFNA Credit Inquiry Impact My Credit?

A credit inquiry happens when a bank or a lender requests your credit report. Credit inquiries can be either hard or soft. A hard pull may have more of an impact on your credit score than a soft pull.

How to Get a CFNA Inquiry Removed from Credit Report

Many credit inquiries can have a negative impact on your score. Unfortunately, removing a CFNA credit pull from your report is usually not possible unless it’s fraudulent or a mistake. The good news is these hard credit pulls are only on your credit report for two years. Sometimes you may find inaccurate information or errors in your credit report. If you see CFNA credit score errors, there is a process you can follow to remove the inquiry. First, you should request a copy of your credit report from the three credit bureau agencies TransUnion, Experian, and Equifax.

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What Credit Bureau Does CFNA Report To?

According to their FAQs, CFNA reports information to all of the Credit Agencies. If you apply for a credit card through CFNA, expect to see a hard inquiry on your credit reports from TransUnion, Experian, and Equifax.

Importance of Setting Up Automatic Credit Card Payments

Avoiding Late Payment Penalties

Hi, this is Eric from the Fitness CPA. Today’s accounting tip is to put your credit card on automatic payment. This is gonna help you in a couple of ways. First, it’s gonna prevent any late payment penalties which will save you money. Late payment penalties are completely unnecessary in today’s age of automatic payments.

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Maintaining a High Credit Score

Second, you’re gonna keep your credit score high or prevent it from going lower by having timely payments and not having a late ding on your credit report. Both your business and personal names are tied to your business credit card, so we want to keep that credit score high in both the business and personal.

Saving Time and Avoiding Headaches

Third, save time and headache. You don’t need to always be thinking about your credit card payment due dates. Your credit card payment should be set up for the minimum automatic payment to avoid any penalties. If you’re in a strong cash flow position, set up your credit card for the full payment of the last statement’s balance to prevent accidentally accruing any interest payments.

How to Set Up Automatic Payments

Chase Bank

Log into your Chase account. Go to your credit card account and find the automatic payment feature. Click set up and choose where it’s paid from, then pick the minimum payment due, agree to the terms and conditions, and set up automatic payment.

Citibank

Log into your Citibank account. Go to the account screen and click make a payment. Find the auto pay option, click enroll, and set up auto pay. Ensure your business checking account information is entered, select the minimum amount due, and choose the payment frequency.

Wells Fargo

Log into your Wells Fargo account. Go to the make a payment screen, select the checking account to pay from, and set up automatic payment for the minimum payment due. Choose the frequency as monthly and confirm the setup.