Half a croissant, on a plate, with a sign in front of it saying '50c'
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Credit balancing service

Automatic juggling of credit cards
  [vote for,

For consumers who are, like me, lazy and disorganized, and who sometimes borrow money on credit to make credit card payments.

The consumer would input into a bank's web site the balance, credit limits, interest rates, payment due dates, and payment information for each of her credit cards. The consumer would also input any payments she is making and if needed the new balance each month. The bank would automatically make all possible minimum payments by, if necessary, borrowing money from the lowest interest card.

If the money weren't there the bank would, with a confirmation warning, allow the card with the lowest lapse cost to go unpaid. Integration of other bills is also possible.

Voice, Jan 15 2015


       PLEASE don't say "just do x responsible thing!" as if that possibility renders the idea useless. We all know I/other people would use this service should "just do x"
Voice, Jan 15 2015

       Suprised this is not possible already.
pocmloc, Jan 15 2015

       Excepting the bank fees, for all the bill payments plus the CBS fee, that does sound like the responsible thing to do, given a preexisting debt load: the only "losers" are the high interest credit cards, who don't get their maximum return.
FlyingToaster, Jan 15 2015

       Are you expecting this to be a free service or not? I suppose a bank might provide this service to attract customers, but it would tend to attract customers who keep a very small balance in their savings account. I suppose it might be packaged with a checking account that has a monthly fee.   

       Maybe it doesn't need to be free because for the average person who could use it, it might save them more than enough to cover a reasonable fee. And if had useful tools for tracking debt and spending, it might help them work towards paying down their debt or better tracking their spending.   

       If you make the fee payable by a third party, this might be a popular gift from parents to children (or the other way around as the case may be).   

       Alternately, a credit card company might provide this service for free because then they could set their interest rate to be 0.1% less than your next best card and consolidate all your debt to themselves.
scad mientist, Jan 15 2015

       I hear ads in the radio promising to consolidate debts etc. On some stations that is most of the ads. I am certain these services are looking for folks who pay interest on debts with the goal of getting the interest paid to the service not various other creditors.
bungston, Jan 15 2015


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