Payoff plans

A payoff plan answers: if I pay this much each month, when will this balance be gone, and what will it cost me in interest? Use one for a balance you pay down over time, such as a balance transfer or a purchase you are paying off.

From a card, tap Payoff plans.

The list

Each plan shows its name and balance, then a line for each figure: Payment (“$150.00 a month”) and Rate (“18.00% confirmed”). If you’ve given an expected rate, it has its own line, named by the month it starts: From Jan, “Projected 20.50%, not yet confirmed”. Corte never merges the two rates into one figure. The last line says when it will be paid off (“Paid off on your Jun 15 payday”).

Tap a plan to open its timeline.

Add a plan

1. Tap Add a plan.
2. Fill in:

Field	What to enter
Name	Optional, such as “Balance transfer”.
Balance now	What you owe on this balance today, in the card’s currency.
Annual rate, %	The rate your statement shows, such as 18.5. A comma works too. From 0 to 100.
Monthly payment	What you will pay each month.
First due date	The next due date. Later payments follow every month on the same day.
Expected rate	Optional. A rate you expect from a certain date, such as when an introductory offer ends. Choose Expected rate, then type it and the date it starts.

3. Tap Save plan.

If the payment doesn’t cover a month’s interest, the balance would never go down. Corte says “This payment doesn’t cover the interest, so the balance never goes down. Raise the payment.” and doesn’t save the plan. A plan that would take more than fifty years is refused the same way.

The timeline

• The title says when it will be paid off, for example “Paid off on your Jun 15 payday”. Under it: “Balance transfer on Atlas Gold, $150.00 a month. $94.06 in interest.”
• Balance after each payment is a chart with a bar for each payment (or about two dozen for a long plan), with the month under each bar. Months at the expected rate have a dashed outline. Under the chart, a solid square and a dashed one say which rate applies when: “Confirmed 18.00%, Oct to Dec” and “Projected 20.50%, not yet confirmed, from Jan”.
• Schedule lists each payday with the payment and the interest in it. Months at the expected rate say “projected” beside the date.

Corte works out the schedule on its server, to the cent: each month’s interest is the balance times the annual rate, divided by twelve, rounded to the cent, and the rest of the payment takes the balance down. The last payment is whatever is left.

Which days the payments fall on

Each payment is on the payday that covers that month’s due date (see Paydays): the last payday before it. If you haven’t set paydays, or none comes before the due date, the payment is on the due date.

Change or delete a plan

Open the plan and tap Edit. Change anything and tap Save plan: the schedule is worked out again. To remove it, tap Delete plan. Corte asks first, and its schedule is deleted. A plan also goes when you remove the card.

Questions

Does this change what I owe on Today? No. Plans are for planning: what you owe now comes from your statements.

Why does the date differ from my due date? Because payments are on paydays. See above.

Can Corte read the plan from my statement? Not yet. You enter the balance and the rate yourself.