Reply
Regular Contributor
tburns
Posts: 151
Registered: ‎11-04-2010

Re: Best Time To Pay CC Bill???

I always make at least the minimum payment the week they post that I have a payment due. Then I normally make a payment or 2 before the due date to either pay it down or off before then. That way if something comes up and I can't make another payment that week my payment has been done 3-4 weeks ago and no chance of ever getting a late payment.

Regular Contributor
Middleswarth
Posts: 165
Registered: ‎08-31-2011

Re: Best Time To Pay CC Bill???

I guess you won't understand until it happens to you.  

 

My advice is always pay early.  If you are looking for credit, pay before the statement hits.  If you are not, pay before or after, just don't wait until the last minute.

New Contributor
ComputerWizMaster
Posts: 74
Registered: ‎05-26-2011

Re: Best Time To Pay CC Bill???


Middleswarth wrote:

I guess you won't understand until it happens to you.  

 

My advice is always pay early.  If you are looking for credit, pay before the statement hits.  If you are not, pay before or after, just don't wait until the last minute.


Has this happened to you? What are the details, if so?

 

I can understand the risk of using the bill payment system at my credit union to pay last minute (they may cut a check or have some other issue that delays the payment), but I only schedule payments at whatever bank issued my Credit Card (say American Express or Chase). I can't see how Chase could realistically penalize me in any way if they mishandled a payment that was tendered to them on time.

 

Feb. 2012: TU: 677 EQ: 647 EX: 666
Aug. 2013: TU: 729 EQ: 726 EX: 697
Goal 2013+: 720+ All Three
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: Best Time To Pay CC Bill???


saggy1 wrote:

If your pay period ends on the 15th when is the best time to pay? In other words, after the pay period you are given a certain amount of time to pay your bill. Do you want to pay right before the bill is due? Or do you want to pay right before your pay period ends?

 

THX


 

I recommend this.   

 

After the statement closes and you know the amount of the minimum payment, pay the minimum payment, or more if you want. (this avoids being late and fees).

 

A few days befoe the due date, pay the rest of the statement amount.   (this avoids any interest payment ).

 

By paying twice a month normally, nothing bad happens if something happens and you miss one.

 

I prefer to schedule the payments online at the credit card site, since they post the payment right away, even if the bank transfer is slow.

Established Contributor
Koop10010
Posts: 731
Registered: ‎02-15-2012

Re: Best Time To Pay CC Bill???

I set all my cards to autopay in full on the due date, just incase I forget to make a payment.  But I typically pay about a week after the statement cuts, which gives me time to get the statement and check all my receipts and plenty of time incase their is some delay or problem.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Established Contributor
logan_720
Posts: 608
Registered: ‎02-02-2012

Re: Best Time To Pay CC Bill???


Middleswarth wrote:

ComputerWizMaster wrote:

I always pay my bills on the day they are due via auto pay. I see no benefit to paying them any earlier.


What if something happens that delays the transfer?  It would suck to be late and incur the penalties because you waited 'til the last minute to pay.


I actually waited to the last minute to pay my BofA account, it was due on the 9th, and I thought it would be fine to pay it on the 9th. Well, I was wrong. They charged me a $15 late fee. Which was quickly credited back to my account. Thankfully, they were nice enough and did this on their own. I'm sure if it happened again, they wouldn't be so quick to credit it.

New Contributor
ComputerWizMaster
Posts: 74
Registered: ‎05-26-2011

Re: Best Time To Pay CC Bill???

Doesn't sound like they extended you a courtesy at all. They refunded the late charge because you weren't late... They weren't allowed to charge it so they reversed that charge...

 

They aren't allowed, by law, to charge you a late fee unless your payment is received after the due date.

 

Federal Reserve: Credit Card Fees

Feb. 2012: TU: 677 EQ: 647 EX: 666
Aug. 2013: TU: 729 EQ: 726 EX: 697
Goal 2013+: 720+ All Three
Community Leader
Valued Contributor
DaveSignal
Posts: 1,973
Registered: ‎07-29-2011

Re: Best Time To Pay CC Bill???

I pay my credit cards (usually in full) just before the next statement posts.  This way my FICO doesn't drop and I have a $0 payment due at the due date.  I have never done this, but, in case of emergency, It also gives me a window where if I ever did need to charge something that I couldn't pay for immediately, I would have up to 60 days before I needed to make a payment.

EQ:701 TU:745 EX:694
Barclays Arrival $6.5k - BoA Travel Rewards $15k - SDFCU EMV $15k - NFCU goRewards $20k - CSP $5k - Amex ED $6.5k
Established Contributor
migliogiorni
Posts: 657
Registered: ‎06-27-2012

Re: Best Time To Pay CC Bill???

As others have said pif a few days before the statement cuts for best fico score.  If not pay when statement is available.  I personally have gotten into a habit of knowing when my CC's statement close and pay right after that, no messing around, my personal preference.

 

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k
Valued Contributor
creditnocash
Posts: 2,172
Registered: ‎07-23-2012

Re: Best Time To Pay CC Bill???

that is what im doing. new cards blow though. 

it would not let me pay my chase freedom card. 

now i think it will report 272/500 used even though i already paid it. 

the site says to call if its due that day (if its after 8pm) 

 

i did it at 3pm today but the statement was cut this morning. 

payment not showing up but they already drew the funds from my bank account. 

 

same thing happened with ge american eagle card. 

set up payment for ae and was credited that day but my stament came out that day and it might report the balance again. 

 

both due dates are not well into september. 

Current: EQ 735 Discover 9/5/13 Walmart TU 730 EX FICO 726 Amex Pull(1/1/13)

Starting total revolving credit: $2600 | Current total revolving credit: 31k+

Inquiries (24 Months): EQ 8 TU 5 EX 5 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+