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Senior Contributor
Posts: 3,494
Registered: ‎05-25-2008
0

When to pay CC bill?

I called Orchard Bank when I activated our cards to ask for a CLI. While on the phone, I asked about statement dates and due dates. I was told this:

The statement cuts on the 10th of the month. There's a 25 day grace period, which puts the due date as the 5th of the next month.

Now, my question is this: We applied for our cards on the 3rd and 4th of July and received our cards and activated them roughly on the 22nd.

If the statement was actually cut BEFORE we received the cards, do we have a payment due on the 5th of next month? We HAVE used the cards (after the 23rd). And we DO have an AF of $49 each. We've probably charged an additional $200 on the cards.

Our "bills" payday will be on the 8th. Do we need to pay NOW or would it be okay, in ya'll's opinions, to make the payment as budgeted on the 8th? Or will we be behind and thus, start off our credit rebuilding with a faulty foundation (sorry for crappy analogy!)?

TIA!!

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Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Moderator Emerita
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
0

Re: When to pay CC bill?

You shouldn't have to pay if they haven't posted a statement yet. I've heard of an awful lot of abusive practices, but I don't think they can do that (yet.)

I doubt seriously that there was a July 10th statement, so your first statement should be August 10th, with payment due on September 5th or so. Then you'll have a September 10th statement, with its due date on October 5th, and on it goes.

Remember that the statement comes first, and the due date follows it, as it is the deadline that you have to make at least the minimum payment on the statement. Then the next statement posts, showing any new charges plus whatever you didn't pay off from the previous statement, plus any interest, and its due date will follow 25 days after that.

People always get tangled up and think that the due date comes first and then the statement, but that's because that grace period pushes the due date up so close to the next statement date.

Keep checking online to be sure. It gets confusing if you pay at odd times or after the statement, because it might keep saying that your minimum payment is $10, when you already paid it in full. If you look hard enough, you should see something about "Please disregard if payment has already been made."
* 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
Senior Contributor
Posts: 3,494
Registered: ‎05-25-2008
0

Re: When to pay CC bill?

Thank you, Hauling!! You da woman!! :smileyvery-happy:

Can I ask this though? What about the AF? Will that be on the "next statement" or would it already be due?

We've never had a CC with an AF before. So this is ALL new to me (and him!)! Such is the price for whacking your credit, I suppose! :smileysad:

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: When to pay CC bill?

HSBC normally post the AF immediately-
 
When you applied you should have gotten online access immediately-
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