Dumb Question Of The Day

[LenaLuthor]

One of my credit cards is a Cap One card with a 300.00 limit.  They say  make your first 5 minmum paymwnts on time and we raise your limit to 500.00 or whatever it is.  At first, I thought ok.  I will only charge 120.00 on it and do the 5 payments and then pay it off on Payment number 5.  (I ended up paying it off in full because I didn't like having a balance) 

 but here's the dumb question of the day:   

Do i still get ' credit'  for making the 'minmum payments" if there isn't a balance at all.  Or should I use this card specifically for a small purchase, let it register  and  pay it off in full  thus meeting their 'minmum paymnet' requirement to get the credit line increase  and I keep with the good practice of  paying it off.   

 Sorry if this is dumb. I am just wndering. 

[SouthJamaica]

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@LenaLuthor wrote:

One of my credit cards is a Cap One card with a 300.00 limit.  They say  make your first 5 minmum paymwnts on time and we raise your limit to 500.00 or whatever it is.  At first, I thought ok.  I will only charge 120.00 on it and do the 5 payments and then pay it off on Payment number 5.  (I ended up paying it off in full because I didn't like having a balance) 

 but here's the dumb question of the day:   

Do i still get ' credit'  for making the 'minmum payments" if there isn't a balance at all.  Or should I use this card specifically for a small purchase, let it register  and  pay it off in full  thus meeting their 'minmum paymnet' requirement to get the credit line increase  and I keep with the good practice of  paying it off.   

 Sorry if this is dumb. I am just wndering. 

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I don't know, but I have a hunch they want you to demonstrate for 5 months that you will make at least the minimum payment. So I would charge something small each month and then pay it off. I don't think it will matter if you pay it off after the statement cuts, or before, just so long as you make the payments for 5 months.

[FireMedic1]

With Cap1's starter cards. They like heavy usage and PIF each month. You'll still get your credit steps increase. But in some cases it could lead to higher CLI's at the end of the program, or when you ask for a SP CLI 6 months after your completion of the credit steps. Dont worry about the percentage used. You can use it all to pay bills. Just PIF. After 3 months if it's a Plat. You can upgrade to the QS for cash back. No QS1. Good Luck!

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade 

[Brian_Earl_Spilner]

Not sure. Amex specifies that a balance has to report and you have to make a payment each month, but I've never seen anything like that for capital one. I would do it anyways, just in case.

[LenaLuthor]

Its paid off now, but I think what I will do is just put next month's cell phone bill on it. May the payment in full to get the credit for making an 'on time payment" and repeat.

[Anonymous]

mine clearly states that if you pay before the balance post and there is no amount due when payment is made it will not count toward  the steps increase. I recently got the Cap1 QS1 butnhad then Cap1 PC and i think i screwed myself with it because it wasnt clearly laid out anywhere.

Hope this helps

[LenaLuthor]

OO good to know!! Thank you

[Remedios]

Let the small balance report, then pay it off after statement is generated. It does not have to be more than $5.00 if you're not comfortable with balances reporting. 

[HeavenOhio]

I don't believe that you ever benefit by cutting a positive statement balance with Capital One. Making a payment during each billing period should work. But if you want to be absolutely sure, do as suggested by letting your statements cut with a small balance and paying it off promptly.

[Rebuild2019]

I have paid my CAP1 card before the statement cuts and they are still checking me off for the monthly steps. I have been using it a lot, but only for things I normally buy/purchase. Paying it off a couple of times a month.