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Card Payments

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Anonymous
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Card Payments

Did a brief browse of topics, nt hits...

 

I was wondering if there is a "best" time to pay on a montly bill to minimize finance charges?

Message 1 of 5
4 REPLIES 4
laz98
Senior Contributor

Re: Card Payments

before your statement cuts, which will vary by creditor.
Message 2 of 5
marty56
Super Contributor

Re: Card Payments

Before the due date.
Message Edited by marty56 on 02-03-2009 02:46 AM
1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 3 of 5
oracles
Valued Contributor

Re: Card Payments

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

Message 4 of 5
MidnightVoice
Super Contributor

Re: Card Payments

Funny you should ask.  I posted this earlier  Smiley Very Happy

 

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=143339&jump=true

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 5 of 5
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