Frequent Contributor

In 2010, USAA added the section "Payment Information" on the credit card statement which shows how long it will take to pay off a credit card balance if only the minimum payment is made.  Now, on the current credit card statements, the statements include how much money must be paid if the member wants to have the card balance paid off sooner.


One thing the statements have never shown in the "Summary of Account Activity" that would be useful is how much of my last payment when towards the principal and how much went to interest.  For example, let's say my April statement closes on April 29th and it shows my previous balance was $14,304.53, the interest rate was 10.65%, the interest charged was $126.12 and the last minimum payment was made on April 2nd in the amount of $450.00.  But, I want to send an extra payment of $600.00 to the principal only.  Therefore, I sent a total payment of $1050.00.


Well, out of that minumum payment of $450.00, how much money went to the principal and how much money went to the interest?  I don't know.  What I do know is that I sent $600 to the principal and only some of the $450.00 went to the principal.


To assist members with getting out of debt, I think it would be a good idea if your statements showed the total amount that went towards interest payments and the total amount that went towards principal.



@Army Air Traffic, I will have this feedback submitted on your behalf, as I can see this is important to you. Please know that per the USAA Credit Card Agreement, USAA may apply minimum payments and any other credits other than payments in any order deemed appropriate. ~ Sam


USAA Social Services,


Thank you for responding.  I believe my feedback is important to all credit card holders, not just me.


I have just reviewed the USAA Credit Card Agreement. The information it explains regarding payments is not helpful to a card holder at all.  I don't even think a USAA employee can explain it, other than reading it verbatim. On page 14, Part D: Your Payments, at the bottom it states,


"How we apply Payments. We may apply Minimum Payments and other credits other than payments in any order we deem appropriate. Amounts paid in excess of a Minimum Payment are applied to the balance with the highest APR."


After reading that statement from the USAA Credit Card Agreement, that supports my reason for writing why credit card statements should reflect how much of a payment goes towards the principal and how much goes towards the interest.