Chase Student Starter Pack

My bad.

Then there’s Inspire—same exact question, just for Inspire. 🙂

$333 You could end up in the red—interest rates are sitting at about 7.98% annually. Honestly, you could stay in the negative your entire life if that’s really what you want to do; there isn't some strict deadline or expiration date on it. Just be careful that once those interest charges actually hit your account, you don't slip even further $333 into the red because of them.

So you're telling me I can sit in the red for 364 days with zero consequences, and then suddenly after a year, they hit me with a 7.98% rate?

What happens if my balance drops below -$1,000?

And am I actually allowed to pull those -$1,000 out of an ATM?

Hey there!

Can I actually go into the negative if I use this card to send someone money $333 via PayPal?

I mean, it’s not even a purchase, just a transfer...

Lisa Watson6 said:So you're telling me I can sit in the red for 364 days with zero consequences, and then suddenly after a year, they hit me with a 7.98% rate?

What happens if my balance drops below -$1,000?

And am I actually allowed to pull those -$1,000 out of an ATM?

First off—yes, but keep in mind they calculate interest every single month.
As for your second point: if you slip past your overdraft limit, pay back the difference immediately. Once you cross the $333 threshold, they stop charging standard overdraft interest and start hitting you with those predatory legal rates for unauthorized overdrafts; I believe those run around 14% annually.
Third question: yes, you can.

silverpuma82 said:Hey there!

Can I actually go into the negative if I use this card to send someone money $333 via PayPal?

I mean, it’s not even a purchase, just a transfer...

If PayPal even allows transfers like that (and if I recall correctly, we aren't able to send money out from the US unless regulations changed recently)—then yeah, you can.

My understanding is that the interest is actually calculated on a daily basis—even if it doesn't show up on your statement until the end of the month. It’s a bit like how a subscription might track your usage every single day behind the scenes; so, even if you're overdrawn for just one solitary day, you'll still see a small amount of interest hit your account at the next cycle.

Then explain this to me: are we talking about a monthly interest rate of 7.98%/12 = 0.66%, or is it a full 7.98% every single month that just gets tacked onto the balance after a year?

I need the cash fast and I'm thinking I can just pay it back in two months, so I'd rather just pull it all out right now $317.

Also, can I actually ask the bank to hand over the cash immediately while I'm waiting for my debit card to be issued?

Edit - lost my train of thought for a sec. If I withdraw $333 or maybe a little less to cover the interest, how much am I actually looking at in interest if I owe them those $333 for two months?

950*0.0798/12/30

That is the formula used to calculate the daily interest rate. The bank deducts the interest from your account at the end of each month based on your negative balance and the duration of the overdraft. The maximum monthly interest charge you could face is $2.25.

You can actually request the funds from the bank immediately, even before your card arrives in the mail.

Alright, so about $4.00 two months. That’s doable. Thanks for the input, I’m gonna get this handled tomorrow.

Hey there,

if you're currently sitting in the red $340. Is it actually possible to grab something on a payment plan despite being overdrawn? Like, using that Visa card from Inspire?

Nah.

Hello there,

I recently picked up a tablet using my student Amex for $667, opting to split the cost into five monthly installments. My first payment is scheduled to hit today, but I’ve run into a bit of a snag: my checking account is currently sitting in the red $33. I was wondering if the bank will still be able to process that installment automatically, or do I absolutely need to have a positive balance in my account $133 to cover it? Thanks for any insight.

You can actually overdraw your checking account if you want to. $333So, that’s how those... $133 They can actually pull funds directly from a negative balance.

gentlemarlin28 said:Hey, I’ve got a quick question for you guys. What actually happens when my student status expires? It’s been about six months now, so I'm starting to wonder if I need to head back to the registrar to show my transcript again or if I need to bring some kind of official paperwork just to get an extension. Also, I’ve got this negative balance of $33 on my account—what’s the deal with that if it’s set to expire soon?

I’m wondering the exact same thing—I’ve been an adjunct student since October. My debit and Amex cards both show they expire in 01/25, so what’s the deal there? Is there a way to extend them, or is that it?

Hey everyone!

I'm super new here, so I'm still totally figuring out how everything works.
I see there's already been a ton of talk on this thread, but if anyone wouldn't mind looping me in and explaining things one more time... 😁 basically, I'm using that index package and my Inspire card balance is currently in the red $333. So, I was wondering—how much money should I actually be keeping in my account every month to cover this, and what's the timeline for paying off a balance like that? Thanks a million!! 🙂

Just make sure you have about ten bucks sitting in there on the last day of the month to cover interest, and you’re golden. As long as you maintain your student status and keep your accounts in good standing—meaning you aren't hitting an unauthorized overdraft and you're staying on top of your other bills—you can technically carry a balance.

You just settle up whenever you actually have the cash to spare. Honestly, if you follow what I said in the first paragraph, you could practically live in the red indefinitely.

That’s everything I needed to know! Thanks a million 🙂

I’ve got a question that I’m struggling to wrap my head around.
Basically, I’ve been using a student banking package (including an American Express, checking, and savings accounts) and I’ve always stayed on top of my bills for years now.
But here's the thing. I just landed a permanent job and I've already had two paychecks hit my checking account.

So, what’s the move? Should I just wait until my American Express expires and then apply for a standard card, or should I make the switch right now? My monthly fees would be lower this way, and the overdraft limit would be smaller too.

What do you think? 🤔

Walter Ramirez3 said:I’ve got a question that I’m struggling to wrap my head around.
Basically, I’ve been using a student banking package (including an American Express, checking, and savings accounts) and I’ve always stayed on top of my bills for years now.
But here's the thing. I just landed a permanent job and I've already had two paychecks hit my checking account.

So, what’s the move? Should I just wait until my American Express expires and then apply for a standard card, or should I make the switch right now? My monthly fees would be lower this way, and the overdraft limit would be smaller too.

What do you think? 🤔

I guess you should just decide based on what you actually need right now. Personally, I’ve stuck with my student package for three years even though I’m working full-time, and my American Express doesn't expire until 2016. I don't really feel the need for a huge overdraft limit, and $667 the credit limit on my card is plenty for me. Last year they actually lowered my overdraft limit to $333, which isn't even a bad thing! Plus, if I stick it out, I reckon I’ll save about 5x $83 in annual fees by the end of it, so for me, the choice is pretty easy.😁

Can I use this Amex or Visa card from my student banking package to buy a car worth $4000 via 12 monthly installments—meaning $333 per month?