How much does it cost to use Fency?

The only fees we charge you are the interest on the money we forward you to pay your bills every month.

For example:

  1. Your credit card statement comes out on May the 5th with a minimum payment of $50 due on May 31
  2. Your current APR on that account is 24% (the credit card company divides this by 365 and charges you interest every day, so .000657% of your balance that day)
  3. We pay the $50 on the 6th of May
  4. You'll avoid paying the 24% interest on that $50 for the rest of the month, saving you $$$
  5. We'll deduct the $50 at the end of the month, plus half the interest your credit card company would have been charging you for it (12% interest in this example)
  6. Since we paid the money for you at the beginning of the month, your credit card balance is decreased and you pay us less interest than you pay the bank. In this case you save approximately $0.50 in interest.
  7. Since we cut your interest in half and made the payment early, you'd pay us $0.50 plus the $50, or $50.50.
  8. If you would have payed on the banks schedule at the end of the month instead of Fency paying the bill early, it would have cost you the $50 payment plus another $1.01 in interest.
Fifty cents may not seem like much, but this is a very simple example. If we make more than the minimum payment for you you'd save more. If this was a $5,000 credit card balance and we were paying 3X the minimum, you'd save $7.55 every month.

Do that every month on every card and your debt gets paid down much faster!

Simply using Fency to pay down your debt is like getting an automatic 1% discount on your interest rate! Even if we're just making the minimum payment.

Article ID: 21, Created On: 10/14/2019, Modified: 12/1/2021

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