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Paying AMEX early.....question....

Frequent Contributor

Re: Paying AMEX early.....question....

I paid my green and then again my gold before the first statement cut because I didn't notice you could not pay early during the first 30 days.  I used my bank's bill pay to get the payment to Amex and zero out the balance.  Now I just use the Amex site.

Message 11 of 32
Regular Contributor

Re: Paying AMEX early.....question....

I am in my first 30 days on a new Gold Rewards charge, and I DO have the option to pay online prior to my statement cutting in two days.

For payment options, in addition to "Statement Balance" which is zero of course,  it lists "Outstanding Balance" and the amount currently charged, and then "Other Amount" where I guess you can put anything into the blank for payment.

 

Do Amex charge balances have the same effect on your utilization (when a large balance is reported) that the "World" or "Signature" credit cards that don't report credit limits do? Since I have a couple of those with balances that I think are messing up my utilization %, I don't really need a large Amex number add to that problem.  Probably should pay early and forgo the float this cycle.

Message 12 of 32
Valued Member

Re: Paying AMEX early.....question....

Think it depends on the CRA. My EQ doesn't recognize it as part of my Util. I report usually 1% of my revolving limits. Amex reported balance should have put me somewhere in the ballpark of 20%, but EQ still showed 1% util.

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Cap1 Secured - $700 (chopping block)/ Amex Green / AmazonGEMB - $3200 / Amex BCE - $3200 / Chase Freedom - $3000 / Discover More $3500
Message 13 of 32
Regular Contributor

Re: Paying AMEX early.....question....

Interesting. 

Thanks!

Message 14 of 32
Valued Contributor

Re: Paying AMEX early.....question....

 


JRomulus wrote:

I am in my first 30 days on a new Gold Rewards charge, and I DO have the option to pay online prior to my statement cutting in two days.

For payment options, in addition to "Statement Balance" which is zero of course,  it lists "Outstanding Balance" and the amount currently charged, and then "Other Amount" where I guess you can put anything into the blank for payment.

 

Do Amex charge balances have the same effect on your utilization (when a large balance is reported) that the "World" or "Signature" credit cards that don't report credit limits do? Since I have a couple of those with balances that I think are messing up my utilization %, I don't really need a large Amex number add to that problem.  Probably should pay early and forgo the float this cycle.


 

I am in my 30 days of my Amex Zync, no statement yet, but I have made 2 payments using Amex website. I was unable to pay using my phone app though which said you can not pay unless its due.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 15 of 32
Regular Contributor

Re: Paying AMEX early.....question....

I thought that if a card doesnt report a credit limit, it wouldn't report a balance either.....


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


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Message 16 of 32
Moderator Emerita

Re: Paying AMEX early.....question....

 


danisgods wrote:

I thought that if a card doesnt report a credit limit, it wouldn't report a balance either.....


Alas, no.

 

* 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
Message 17 of 32
Regular Contributor

Re: Paying AMEX early.....question....

whats the problem on waiting for the statment to cuts? then paying , i mean right after on the same day or next ?

 


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


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Message 18 of 32
Regular Contributor

Re: Paying AMEX early.....question....

You actually have several weeks after the statement cuts to pay, I believe before your considered late.

However if you pay off your charge card before the statement cuts, then Amex reports a zero balance.

A zero balance would not affect your credit utilization percentage from what I understand.

Which, if you are using the card to max rewards, i.e., for everything, why add thousands to the numerator of the utilization ratio?

 

This only applies to people whose utilization isn't already 0 - 5%.

Some of us have a ways to go paying down our outstanding credit accounts.Smiley Surprised

Message 19 of 32
Regular Contributor

Re: Paying AMEX early.....question....

I have a new Zync account also. I paid my first payment a couple weeks ago. I have tried several times to make a payment in addition to that one and I just get "payment not due at this time". It's weird it seems I can't post a payment until the statement cuts. 

Message 20 of 32