Credit Cards

[LilMirth]

So, I got my Costco Amex card this weekend & set-up my account online. I was gonna go ahead and PIF the the charges from a week ago, but I can't (yet) because the balance due is zero. This isn't a problem or anything... And, I know that I could always push a payment through via my bank bill pay, but again, this isn't an issue.

I'm just wondering if you have to wait until the statement drops to pay, always, or is this just because my account is so new that it'll take a cycle for me to be able to pay through Amex online?

[ChemGuy]

I opened my account awhile ago, but I seem to recall that you have to take a hit the first time (i.e, you can't pay until statement).

[YoungEntrepeneur]

If you PIF every month on your AMEX card, they won't allow you to make any payments until your statement closes as long as the

statement balance was $0.00. For example, your current balance could be $100 but if your statment balance was $0.00, then you 

won't able to pay off the $100 balance until your statement closes UNLESS you make an electronic payment.

[Scamp]

LilMirth, I went through the same thing with my Blue and my Gold - couldn't pay charges until the first statement dropped.

Nowadays, I pay things pretty much as they appear, on both of them.

[jaysdad2k]

It's just part of the cost of having Amex. The first month you have a balance, and then you can pay it as often as you like.

My CR shows a balance of $75 for June 2008, then zero's after that. I'm sure that I may carry a balance at some point in the future, but I am thankful that I haven't had to yet.

[Watchmann]

You can always make an immediate payment up to your current balance via AMEX's pay system.  However, you can't schedule it for a future date until the statement cuts.  I'll often pay it off before the statement cutoff date just for it to show zero.

[FretlessMayhem]

Same with me as the others. After your first statement cuts you can pay as many times as you like. But I believe I actually sent in a paper check for the first month.

[Itsmeagain]

Same here but with this added.  Amex allows a payment every 24 hrs., unlike Discover, Chase and some others that only allow payment every 3 days.

[LilMirth]

Great information! Thanks, everybody.

[ObsessedwithmyFico]

I actually tried to make a payment on Friday and the system would not allow it since my statement balance last time was $0.  I usually push the payment through my BOA bill pay but didn't this time. I wanted the payment to post yesterday since my statement closed yesterday.  I even called and begged the rep to take a payment and he wouldn't. He told me to overnight a check. Never mind.  Statement dropped today so I went ahead and paid it.  From now on I'll be on auto-pay through BOA. I've only been using the card for my creditsecure.com charges.