The Mine Card is designed as a daily payment debit card that helps you build credit history. However, you can pay your Mine Card off on a monthly basis if you'd like. Daily Autopay and SafeFreeze are designed to help you stay on top of your spending and out of debt, so if you decide to pay less frequently, there are some things you should know.
What is a credit statement?
Even though the Mine Card is designed to be paid off on a daily basis, we still generate monthly statements for our customers - similar to how a credit card works.
Your Mine Card has a billing cycle every month. This means that you can spend up to your available to spend limit for 30 days without needing to make payments. Credit statements are generated about once every 30 days. This is us sending you a bill for any unpaid purchases you made in the previous 30 days. It's like being at a restaurant - you incur charges throughout the course of the meal and then you pay for them at the end. Your credit statement is like the bill you get at the end of your meal.
Don't worry, we'll always email and notify you if you have a payment due. It's part of what makes Mine the best.
Why are credit statements important?
In order for our partner bank, Lead Bank, to extend you a line of credit, you need to pay for what you put on your Mine Card. That's why using daily Autopay is the best way to pay off your purchases, stay on top of your spending, and stay out of debt.
When your statement closes each month and you're using daily Autopay, you won't need to worry about paying off a large monthly bill. With daily Autopay, your purchases should already be paid off.
However, if you're not a daily Autopay customer, we use monthly credit statements to make sure that you're paying off your purchases on a regular basis. After your statement closes each month, you have three weeks to pay off any unpaid balance on your statement. If you don't make a payment by the due date three weeks after your statement closes, we'll lock your card and give you 30 days to make a payment before a missed payment may be reported to the credit bureaus.
FAQs
Where can I find my credit statements?
Within the Mine app, tap on Settings > Credit Statements
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