Amex zync Usage after statement closing date - Different from regular CC?

[Anonymous]

So on a regular Citi credit card after the payment due date there is like a 4 day space before the actual statement closes. If you charge the card in that time it gets tacked on that statement which closes and therefore reflects into that balance on the credit reports - ie paid the card in full on due date and charged 20 bucks next and its on the statement as a balance carry over of 20.

For an Amex Zync - if the payment due date is the 10th of every month. Is there a time space after that before the actual statement closes? I have mine set to auto pay paid in full on the due date but my concern is if I use the card on the 11th per say will it act like the Citi card I mentioned above? Are you supposed to wait like a few days after its paid?

Or is the closing date and payment date the same for an Amex charge card?

Thanks!

[joestay]

You have a statement cut-off date and a payment due date.  Pay off the balance before the statement cutoff date to avoid a balance showing.  The statement cutoff date is found under "recent activity".  So, on the statement cutoff date, whatever balance that is showing will report to the credit bureau.  whatever you charge after the statement cutoff date, it goes onto the new cycle.

[Anonymous]

OK I see the date you mentioned.

Curious, is this what people mean when the Amex hits your credit report its can come up as over utilization since there is actually no credit limit?

Is this practice still an issue or is FICO compensating for this type of credit card reporting? Because technically its not negative but i hear it does reduce the score?

thanks again

[joestay]

It reports your highest balance as the credit limit.

[haulingthescoreup]

AmEx charge cards are only included in util by the TU version we have here. The newer TU, Experian, and Equifax ignore them, as long as the card is reported as "open" instead of "revolving."

[Anonymous]

It shows my statement end date as the 10th of dec. But auto pay shows payment due on 25th of dec. Why is there this 15 dat gap. That makes it look ike a carry over balance

[haulingthescoreup]

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@Anonymous wrote:
It shows my statement end date as the 10th of dec. But auto pay shows payment due on 25th of dec. Why is there this 15 dat gap. That makes it look ike a carry over balance

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?

Every CC is pretty much like this. Your statement, which comes on the 10th, tells you what you owe. You have 15 days, until the 25th, to pay it. There's no carry-over.

However, since it's almost always statement balances that are reported to the credit bureaus, it does mean that on revolving credit cards (which your Zync is not), it increases your revolving utilization. For those who want a lower util, they pay down or off their cards before the statement posts, so that it reports a much lower figure or $0.

You don't have to worry about this with your Zync, as TU98, the older model used here unfortunately, is the only one that includes charge cards in util. The others ignore them.

[Anonymous]

Thank you guys for providing answers!!!