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I was wondering if there is a "best" time to pay on a montly bill to minimize finance charges?
Hi Abetrman
If this is the first bill then it does not matter when you pay because there is nothing that is being charged interest. Therefore you can pay a week before the due date. I always say to pay a week before the due date just in case anything happens. also some say to pay as close to the due date as possible because you are gaining interest on that money used to pay that cc if you have it in a savings account.
If you are carrying a balance, the best time would be to pay it after the statement cut or pay a portion after the statement cut. Everyday after statement cut is a day the balance is accuring interest. Pay it as quickly as possible so you dont have to pay too much interest.
hope this helps
Funny you should ask. I posted this earlier
http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=143339&jump=true