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Understanding your Mastercard® statement and how to pay it

By ATB Financial 13 May 2019 3 min read

So, your first Mastercard payment is coming up. Not to fear. Making payments to your ATB Mastercard is simple with ATB Online and the ATB Personal app. We can help you 1) set up your Mastercard account as a new payee, 2) make payments, including set-it-and-forget-it recurring payments and 3) understand interest and how it’s applied to your statement

 

How to add your ATB Mastercard® as a payee.

Once you complete this step (you only have to do it once), you can pay your bills in any way that’s convenient for you—online or in person.

 

Adding a payee on ATB Online:

  1. Log in and select the Pay Bills tab at the top of the page.
  2. Select Manage Payees.
  3. In the Add Payee field, type ATB.
  4. Select ATB Financial Mastercard® and click Next.
  5. Enter your account number and click Next.
  6. Click Submit.

 

Adding a payee on the ATB Personal app:

  1. Log in to your ATB Personal app
  2. From the Overview screen, tap Move money in the primary navigation
  3. From the Move money menu, tap Pay a bill
    1. Alternatively, tap the Pay bill quick link under any deposit account
  4. On the Pay a Bill screen, in the One-time payment tab, select the account you wish to make the payment From
  5. To add ATB Financial Mastercard® as a payee:
    1. Tap the Add link
      • i. Alternatively, from the More menu, tap Manage contacts
      • ii. In the Payees tab, tap +Add payee
    2. In the Search for payees field, type "ATB"
    3. Select "ATB Financial Mastercard®"
    4. On the Add Payee screen, enter your Account number 
    5. A short version of the payee name will be applied automatically; you can enter an optional Nickname if you prefer
    6. Tap Add
    7. If you’ve enrolled in Enhanced Security, you may be challenged to verify your identity
    8. Note that if you've paid a bill at one of our branches or with our Client Care team over the phone, ATB Personal should reflect any payees you added through these channels

 

How to pay your Mastercard® statement.

Nothing beats the convenience of paying your credit card statement through online banking. It’s fast, simple and your payment is immediately reflected on your available credit balance—so you can use the funds right away. You can also pay at any ATB ABM, in branch or by phone.

 

Setting up recurring payments.

Wouldn’t it be nice if your Mastercard could pay itself? It can! Consider setting up recurring payments and make regular contributions without having to think about it. Line up recurring payments with your bi-weekly payday or set it up to come out on the same day each month. Get started by selecting Recurring Payments under the Pay Bills tab on ATB Online.

 

A word on interest.

In our last article "How to build good credit and avoid fraud", we talked about how to avoid debt and build a good credit score. But to really wrap your head around it, you need to understand interest—what it is, how it’s calculated and how it can affect your statement.

All credit card purchases are subject to a standard interest rate called an annual percentage rate (APR). It’s possible, however, that you may never pay interest on your Mastercard if you pay your balance in full each month by the due date.

 

How is interest calculated, anyway?

If you carry a balance on your card, interest is charged from the date you made the purchase—and is calculated based on your average daily balance. This means that even if you make a partial payment, you’ll still pay interest on your statement’s full amount. It’s easy to see how interest charges can build up fast.

Remember, the more you pay off, the less interest you pay—so try to pay off as much of your balance as possible each month.

 

® Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Used under license.

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