topic Re: min payment due = 0? in Credit Cards

min payment due = 0?

Learning_Tee0225 — Sun, 06 May 2012 19:59:33 GMT

Quick question when i come across this situation min payment = 0$ should i just not make a payment? or should i do a small 20$amount or something?

Re: min payment due = 0?

marty56 — Sun, 06 May 2012 20:05:46 GMT

You don't have to make a payment but if you have a balance and can afford to do so I would. I see this a lot on my CU MC which I pay at least the minimum due as soon as the statement drops. Most CCCs won't let you make a payment on a zero balance account, even with pending charges. Sometimes that makes it tough to play the FICO score game.

Re: min payment due = 0?

DaveSignal — Sun, 06 May 2012 20:06:03 GMT

You don't need to make a payment if you don't want. You will get a positive CRA update and the end of the billing period.

My cards do this when I pay the full balance before the statement date. My USAA cards don't charge a minimum payment if I pay a large amount over my minimum the previous month. You are good. You could pay to lower your balances, but that would be the only reason.

Re: min payment due = 0?

Revelate — Sun, 06 May 2012 22:58:09 GMT

@marty56 wrote:
You don't have to make a payment but if you have a balance and can afford to do so I would. I see this a lot on my CU MC which I pay at least the minimum due as soon as the statement drops. Most CCCs won't let you make a payment on a zero balance account, even with pending charges. Sometimes that makes it tough to play the FICO score game.

Heh, you just use the one card you plan to have in the <10% bracket in the last week of the statement cycle, no biggie unless you have a card which isn't accepted in various places like Discover in my neck of the urban sprawl.

To the OP: as someone else suggested, if you have a balance, and have the resources to do so, it makes financial sense to just pay it now. Usually you get a payment of 0 because you've already paid earlier in the cycle, or you perhaps overpaid previously (which I do routinely and Orchard seems to count it differently than BOFA). Personally I almost always chuck $20 dollars in a given month regardless of what's actually due if I have a balance on the card.

Re: min payment due = 0?

Creditaddict — Mon, 07 May 2012 00:22:53 GMT

I use to see this with Home Depot all the time when in the 0% APR

Bill Me Later does this a lot too

and as other said CU - Navy does.

If you have 0% APR and they want to let you skip the payment, if you have other credit card debt, put that $25-$50 payment towards a card you have interest... just be sure you are checking each month that it is $0 payment do.

Re: min payment due = 0?

Learning_Tee0225 — Mon, 07 May 2012 01:38:02 GMT

thanks guys i guess since im trying to build healthy habits i'll make a pymnt regardless to stay in the flow of things

thanks again!

Re: min payment due = 0?

Anonymous — Mon, 07 May 2012 03:23:55 GMT

You don't have to make a payment but if your able to both yourself and the system i.e. some systems won't accept a payment when your payment do is zero then you should always try to pay it down!

Re: min payment due = 0?

Anonymous — Mon, 07 May 2012 11:09:07 GMT

I would suggest you read the Term & Conditions of your Agreement regarding making payments.

Re: min payment due = 0?

LS2982 — Mon, 07 May 2012 16:23:43 GMT

Anytime you come across a $0 min. pymt. on a statement that means your prior statement was paid in full. You dont have to make a payment but it is always in your best interest to pay on it.

Re: min payment due = 0?

Revelate — Tue, 08 May 2012 03:48:07 GMT

@LS2982 wrote:
Anytime you come across a $0 min. pymt. on a statement that means your prior statement was paid in full. You dont have to make a payment but it is always in your best interest to pay on it.

Payments get reported to the bureaus. It may or may not make a difference to FICO, but I can't see where it's hurt and it might help on any internal underwriting criteria.