@Anonymous wrote:What is the best method for doing this?
My first credit card I was an AU, and my dad would pay off everything I charged to help me build my credit and get a good credit score over the past 3 years. But, now it's my turn to pay off my own credit cards.
Here's what I'm looking at right now...
My Sallie Mae has $190 on it, but this statement balance is only $65 with a minimum monthly payment of $20. Would it be acceptable to pay $25 on it monthly? I have read on here it is best to pay more than the minimum when doing so. Also, should I pay immediately (right now/next few days?) or should I wait until 9/13 (when the payment is due)?
I also have a QS & am going for the spend $500; get $100 back bonus. Right now I am sitting at $420 in my account. Do I need to wait to spend the last $80 to total $500 before I start to pay off this credit card? Or would it also be acceptable to pay say, $25 monthly on the card? Also, it says my monthly payment is $0...how can that be? I guess my main concern is getting the $100 new member bonus.
Sorry for all the questions! Just trying to understand how this entire credit world actually works!
Bottom line is this. The card with the highest interest rate is the one you want to get paid off first. Normally I like to pay double the minimum required payment. I don't know what your statement says, but it may say you owe zero because the statement with your most recent charges hasn't cut yet. If you have online access to the card account you should be able to look at the statement and see what if any charges you had last cycle. I'll give an example. Say i open my card on 8/1 and I don't use my card at first. A statement cuts on 8/15. I owe zero money because I did not charge anything. Then on 8/16 I charge $100. The payment demand on that $100 charge will not happen until the next cycle cuts on 9/15.
Also, upon further reading your post you don't have to wait for a statement to cut before paying down your credit card. As soon as the charge clears you can make a payment. In addition, the best advice is if possible is not to carry a balance. If these cards have interest your going to spend much much more money by carrying a balance. Its best to pay the cards in full (PIF) by the due date if your able to do so.
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