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Established Member
Posts: 20
Registered: ‎02-08-2009
0

Better to pay the current balance from the last statement or just pay off the whole card?

I have $0 credit card debt but this past month I had to use my CC for some parts for my car. Just wondering if it's better to pay off the current balance from the last statement which would be $51 or pay off the whole balance which would be $275.  If I pay just the $51, will I have finance charges next month? I can afford the $51 on Nov 3, but not the $271.

 

Hope someone can help!

Super Contributor
Posts: 5,722
Registered: ‎10-06-2007
0

Re: Better to pay the current balance from the last statement or just pay off the whole card?

I am not 100% sure of what you are asking.  Unless you have a promotional interest rate of 0%, if you dont pay the full amount, you wil incure interest on the balance.  You also must pay at least the minimum payment.  Also there may be a minimum finance charge.
09/10/2016 FICO: EQ: 797 EX:788 TU:795
Frequent Contributor
Posts: 260
Registered: ‎05-21-2009
0

Re: Better to pay the current balance from the last statement or just pay off the whole card?


AgentJackBauer wrote:

I have $0 credit card debt but this past month I had to use my CC for some parts for my car. Just wondering if it's better to pay off the current balance from the last statement which would be $51 or pay off the whole balance which would be $275.  If I pay just the $51, will I have finance charges next month? I can afford the $51 on Nov 3, but not the $271.

 

Hope someone can help!


 

If I am reading this correctly and  you pay the entire statement balance in full, then next month you will have no Interest charges as you did not carry forward a balance. One thing that could make a difference is I know some secured cards have no grace period for purchases, so if that is the case then you probably would have interest charges.
Established Member
Posts: 20
Registered: ‎02-08-2009
0

Re: Better to pay the current balance from the last statement or just pay off the whole card?

DickC,

 

That is what I meant. Sorry to confuse everybody Smiley Surprised   The card that I have is a Best Buy credit card and I have a total credit limit of $1,000 and of course I only owe $270 something. 

 

Again, sorry for confusing the crap out of everybody! 

New Contributor
Posts: 65
Registered: ‎03-24-2007
0

Re: Better to pay the current balance from the last statement or just pay off the whole card?

I'm still not reading you. If your last statement balance, usually called the New Balance on most cards, was $51, just pay it off, and you'll be fine. When your next statement prints with another New Balance which incorporates your repairs, just pay it off as well.

 

Good Luck,

-------------------------------------------------

EQ FICO...816
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Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
0

Re: Better to pay the current balance from the last statement or just pay off the whole card?

+1.

If those additional charges were incurred after the statement with the $51 balance posted, you won't have to start worrying about interest on them until the next statement posts, showing them as new charges. At that point, you'll need to be able to pay them off by the due date to avoid finance charges.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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