Open a Credit Card Payoff Account

An important part of the Defend Your Money system is the Credit Card Payoff Account.

This is a dedicated savings account from which you will make your credit card payments each month.

All month long as you assign your charges, Defend Your Money calculates how much you will need in your Credit Card Payoff Account to cover those charges.

Then at the end of each month, Defend Your Money creates a transfer list to guide you in moving all of the money you have assigned into that account. 

In order to make those transfers, you will need a Credit Card Payoff Account opened and ready to go.

Here’s how:

You can usually open up a savings account online at your own bank  or credit union in just a few minutes.

However, if your current bank has high minimum balances or low interest rates, we suggest opening up this savings account at an online bank.  These banks generally have no minimum balances and offer higher interest rates.

Please note, it may take a few days to get approved at an online bank, but that’s ok.  You can continue to assign your credit card charges while you are waiting. .

Remember to label this account at your bank or credit union as your Credit Card Payoff Account.   

Once you’ve opened this account,  link and connect it to the Defend Your Money System, just as you did with your other accounts.  

To make it easy, we suggest setting up monthly automatic payments to come out of this account for all of your credit cards.

These payments should be for the statement balance, not the minimum balance.  

With Defend Your Money and a Credit Credit Card Payoff Account you can relax.  You will never again have to worry about making or missing your credit card payments.