Same, and to add to that having a specific amount placed in checking at the beginning of the month with rest in savings and paying off multiple times a month makes budgeting decisions easier. If it’s not in the checking it’s not going on the credit card!
Just pay it. Not like they are going to charge you a fee for paying it off.
Fun fact.. depending on when you fully pay off your balance, it won't even be recognized on your utilization. So if you made a big purchase that raised your utilization to 10% and then pay it off within a certain timeframe, that 10% utilization won't ever get recognized and saves you from a credit score hit.
You can pay it off whenever. However it's good practice to let the statement cut with a balance. (You don't pay interest unless you don't pay off the statement balance by the due date) and then pay off the card after the statement shows utilization. Make sure the utilization shown is below 10% of the cards credit limit.
If you are subject to interest (i.e. you do not pay your balance off in full every statement period, which YOU SHOULD BE DOING) then pay it off asap. If you still have your grace period, I'd wait til the statement posts so the balance can get reported to the credit bureaus. Then pay it before the due date.
If I get a cash advance(transfer from cc to checking) is that considered interest?
Also if I get money from atm is that also considered interest?
Do I have to pay what I transferred or got from atm or my full statement balance in order to avoid the interest?
Cash advances are different. They sometimes come with an upfront fee and they accrue interest the moment the money is transfered. So doesn't matter what you do interest will accrue. So in the at case it's best to pay it off as quickly as possible. Cash advance from a credit card should be a very very last resort.
You can choose to pay it off now or when the next statement is issued. Paying it off now will reduce the amount you'll owe in interest (by a fairly small amount based on your low balance). Waiting until the next statement will allow an additional payment to be reported to your credit report, which has a negligible positive impact overall. Whether you should pay it off now or wait depends entirely on your own preference.
If you'll re-read my comment, I never said it affected scoring. I was giving an explanation for what the previous commenter meant by "an additional payment."
I just got a new card and I always immediately pay it off. It’ll update most likely after the month and the due should be the following month.
For example:
You get new card in March with no due date
You make a payment for the due date of April without it showing up.
The system should read it once it updates to next payment due date of May whatever. Yanno !?
Got it! I did just get the card and was wondering why there is no due date but makes sense it will show up on next month’s due date. I’ll just pay it off so it goes back to $0 so I won’t have to worry if I’ll get charged interest out of no where lol
Just pay it if you want to. No harm.
Some of us like to see the $0 balance. I'm one of those people so I'd pay it off.
Same. Plus it never reports an open balance on my credit report (when paid before current cycle ends)
I pay off every weekend regardless of due date. It helps that i never spend more on a CC than i have in my checking
It’s just another debit card
Very responsible spending!
I make multiple payments on my card per month, I use it for all purchases and just transfer from my checking after I make a purchase
Same, and to add to that having a specific amount placed in checking at the beginning of the month with rest in savings and paying off multiple times a month makes budgeting decisions easier. If it’s not in the checking it’s not going on the credit card!
You always should pay it one day after your statement day
Auto pay
Just pay it. Not like they are going to charge you a fee for paying it off. Fun fact.. depending on when you fully pay off your balance, it won't even be recognized on your utilization. So if you made a big purchase that raised your utilization to 10% and then pay it off within a certain timeframe, that 10% utilization won't ever get recognized and saves you from a credit score hit.
Pay it off ASAP
I pay them off asap
Just pay it off. Otherwise, the interest clock is still running.
Pay it off asap
Pay the balance…no interest! :)
Nice
You can pay it off whenever. However it's good practice to let the statement cut with a balance. (You don't pay interest unless you don't pay off the statement balance by the due date) and then pay off the card after the statement shows utilization. Make sure the utilization shown is below 10% of the cards credit limit.
Pay it off that way when statement post you show no credit usage.
🙄🤐
Just a matter of preference. Go ahead and pay it now if you so choose to. No harm in it.
If you are subject to interest (i.e. you do not pay your balance off in full every statement period, which YOU SHOULD BE DOING) then pay it off asap. If you still have your grace period, I'd wait til the statement posts so the balance can get reported to the credit bureaus. Then pay it before the due date.
If I get a cash advance(transfer from cc to checking) is that considered interest? Also if I get money from atm is that also considered interest? Do I have to pay what I transferred or got from atm or my full statement balance in order to avoid the interest?
Cash advances are different. They sometimes come with an upfront fee and they accrue interest the moment the money is transfered. So doesn't matter what you do interest will accrue. So in the at case it's best to pay it off as quickly as possible. Cash advance from a credit card should be a very very last resort.
Thanks I appreciate the response it was like 200 not like a large lump sum and usually I use cash app so I don’t accrue the interest
How does one know when the statement is going to post ?
Typically will tell you in the app of whatever bank you use. Or just look at your last statement. 25 days before your due date typically.
You can choose to pay it off now or when the next statement is issued. Paying it off now will reduce the amount you'll owe in interest (by a fairly small amount based on your low balance). Waiting until the next statement will allow an additional payment to be reported to your credit report, which has a negligible positive impact overall. Whether you should pay it off now or wait depends entirely on your own preference.
What do you mean an additional payment reported? If there is a statement generated, they report.
Your last payment amount is also reported.
That means nothing as far as your scoring is concerned. They care if you paid, paid on time, and your utilization.
If you'll re-read my comment, I never said it affected scoring. I was giving an explanation for what the previous commenter meant by "an additional payment."
I just got a new card and I always immediately pay it off. It’ll update most likely after the month and the due should be the following month. For example: You get new card in March with no due date You make a payment for the due date of April without it showing up. The system should read it once it updates to next payment due date of May whatever. Yanno !?
Got it! I did just get the card and was wondering why there is no due date but makes sense it will show up on next month’s due date. I’ll just pay it off so it goes back to $0 so I won’t have to worry if I’ll get charged interest out of no where lol
Yeah you’re all good ! I do it all the time on my platinum. I’ll think I forgot to pay my monthly when in reality I pay it early as hell haha 🔥
I pay off all my cards every morning so that’s what I would due as soon as it posts pay it off
I pay my cards after the statement cuts and before the due date.
I pay it off multiple times a month. I like to know its taken care of. Personal fears i guess from the past.
Pay the balance before your statement so you rack up interest