topic Re: For Amex charge card holders: when do you pay? in Credit Cards

For Amex charge card holders: when do you pay?

Anonymous — Sun, 24 Jan 2016 02:41:18 GMT

im a bit new with charge cards and I'm wondering when do some of you guys prefer to pay? Any advice? Any strategies or benefits in the timing of paying your bill?

i think there's 3 choices

1. Paying your bill once you get it which is a day or two or very soon right after the statement cuts

2 paying it on or close to the "please pay by" which is 15 days after your statement cuts and which is midway before the next statement.

3. Paying it right before the next statement cut which means taking advantage of nearly the full 30 days grace period

I think there's pros and cons of each and I can't decide. The first option is to pay it off right when you get the statement the good part is you don't have to worry and you get the bill out the way. The bad part is you're giving up your money asap and not letting yourself hold on to the money longer for a free loan.

However Im leaning towards the second option and even tho the "please pay by" isn't the official due date I feel like it can help you look good to the lender and it's a peace of mind just for the simple fact it does say please pay by and you're paying it by then makes me feel like you're obeying the rules. It also isn't paying too early and not border line on time towards the next statement cut date ( due date) . Just right in the middle.

the third option is paying it a day or two right before the next statement cut which means the good part is I'm taking advantage of the full grace period and allow myself to hold on to my money longer, I feel like the bad part is you never know if a payment error can happen which can make you late or maybe Amex internal scoring doesn't favor going past the unofficially" please pay by".

Any thoughts or experiences from current charge card holders? Any help would be appreciated! Thanks.

Re: For Amex charge card holders: when do you pay?

mattmyFIC0 — Sun, 24 Jan 2016 03:01:52 GMT

I pay mine according to your option 2. I have also done 25 days instead of 15. I have also done multiple payments in one period. I'd rather pay early than chance something being late.

Re: For Amex charge card holders: when do you pay?

elim — Sun, 24 Jan 2016 03:09:51 GMT

Just before or just after statement cuts, depending on how many cards I have used that month. I always pay by the 2 week "suggested" date.

Re: For Amex charge card holders: when do you pay?

Anonymous — Sun, 24 Jan 2016 03:18:21 GMT

I don't use mine all the time so please pay by works. It has a statement cut that I follow close as to not burn my budget timing a large purchase incorrectly.

Re: For Amex charge card holders: when do you pay?

OmarGB9 — Sun, 24 Jan 2016 03:30:05 GMT

I pay shortly after statement cut, except for when I want to report a zero balance (and yes I know charge card balances aren't factored into utilization; still bothers me when it's added to my overall debt, lol), then I'll pay before statement cut.

Re: For Amex charge card holders: when do you pay?

L0RDAVENTAD0R — Sun, 24 Jan 2016 03:41:25 GMT

I always pay mine a day or two before the statement cuts and make sure not to use it until it cuts so my statement always reads $0.

For example:

This month's statement is cutting this Monday, 1/25/2016, so I made a payment on Friday, 1/22/2016.

The "Please Pay By" date is just a suggestion and paying on that date, before it, or after it really makes no difference as long as you pay your current statement balance before it cuts. I doubt it gives you "bonus points" in American Express's internal scoring system by paying by the "Please Pay By" date.

I've been paying my PRG like this for the past two years and was invited to upgrade to the Platinum in September 2015.

Edit: spelling

Re: For Amex charge card holders: when do you pay?

Anonymous — Sun, 24 Jan 2016 03:42:55 GMT

I always do (almost) option 3 and have never heard a word from AmEx about it. I pay 5 days before the real due date, which is well after the pay by date, in case of payment processing issues.

Re: For Amex charge card holders: when do you pay?

SisterGirl — Sun, 24 Jan 2016 04:37:08 GMT

I pay mine soon as the statement closes...it's just easier for me that way !

Re: For Amex charge card holders: when do you pay?

Anonymous — Sun, 24 Jan 2016 04:52:10 GMT

Lol most of the time I pay mine the day after the charge hits. Lame I know. Otherwise I pay before please pay by date.

Re: For Amex charge card holders: when do you pay?

NoAnchoviesPlease — Sun, 24 Jan 2016 18:33:02 GMT

I usually pay by the Please Pay By date, but it seems you have 11 days after that.

Found a thread on Amex forums: ~~https://community.americanexpress.com/thread/2303~~ https://community.americanexpress.com/message/7871#7871

that seems to back this up.

Edited: Fixed link from a PC -- apparently the iPad didn't like it.

Re: For Amex charge card holders: when do you pay?

Discover2016 — Sun, 24 Jan 2016 04:59:07 GMT

I usually pay right after the please pay by date and it's never been an issue.

Re: For Amex charge card holders: when do you pay?

OmarGB9 — Sun, 24 Jan 2016 05:02:58 GMT

Hey Anchovies your link is broken. It gives an error.

On topic: I feel like Amex has a "Please pay by" date for a reason, and maybe if you pay before/by that date, it helps your internal score with them. I don't know. Just my theory.

Re: For Amex charge card holders: when do you pay?

cjesser15 — Sun, 24 Jan 2016 05:45:21 GMT

Can someone explain the logic behind why it would matter when you make the payment? I just got the PRG, which is my first charge card, and it never crossed my mind that I should be strategically be planning my payments.

Re: For Amex charge card holders: when do you pay?

Anonymous — Sun, 24 Jan 2016 05:57:02 GMT

@cjesser15 wrote:
Can someone explain the logic behind why it would matter when you make the payment? I just got the PRG, which is my first charge card, and it never crossed my mind that I should be strategically be planning my payments.

its all opinion. some will say that paying often like I do, makes your "average payment amount" lower... and doesnt look as good...well if that was the case then I dont see why they gave me a 3x cli on my ED, and also enabled pay over time on my PRG.

use the card, enjoy that letting a balance report doesnt hurt your utilization. pay before the please pay by date. but really u can go utnil the following statement cut date or another few days later.

Re: For Amex charge card holders: when do you pay?

Anonymous — Sun, 24 Jan 2016 05:57:27 GMT

When I use it, I pay by the "Pay by" date.

There's a hypersensitivity to when one pays off a charge card, @cjesser15, because they must be paid in full each month. You technically have until the day before the next statement is cut to pay, but that's a little too close for comfort to most people here (understandably).

Re: For Amex charge card holders: when do you pay?

red259 — Sun, 24 Jan 2016 06:02:57 GMT

Usually pay by the please pay by date. I don't think charge card balances go into overall util calculations, so I see no point in paying before statement cut.

Re: For Amex charge card holders: when do you pay?

Anonymous — Sun, 24 Jan 2016 06:44:56 GMT

I have Autopay set for 15 days after the statement closes. With low interest rates, I focus on getting good rewards, rather than holding onto my cash for a few more days.

Re: For Amex charge card holders: when do you pay?

Anonymous — Sun, 24 Jan 2016 06:50:21 GMT

I have prg. I don't strategically pay them, but I do with its use. I just make sure a purchase over 250 bucks or so lands on next statement month. If I mess up, oh well, i pif, only helps internal scoring.

Re: For Amex charge card holders: when do you pay?

Anonymous — Sun, 24 Jan 2016 06:52:16 GMT

I also want to add if you use the same treatment to all of your revolving redit cards that are high interest and not in some introduction period, youll squeeze out every award possible, float the longest grace periods, and pay them nothing

Re: For Amex charge card holders: when do you pay?

Aarvard — Sun, 24 Jan 2016 06:57:59 GMT

@Anonymous wrote:
Lol most of the time I pay mine the day after the charge hits. Lame I know. Otherwise I pay before please pay by date.

I finanlly found someone like me LOL.

And for the OP's question, I think you can pay the balance two or three days before the due date to take advantage of your grace period. Just make sure you have sufficient funds in your banking account to cover the payment; otherwise a returned payment can be an issue with Amex as it will, I assume, plummet your Amex internal score.