Minimum

[Anonymous]

Do you pay only the minimum amount due on your credit cards? I was doing this for nearly 2 years, but I started paying about 200 on each card every month since May. Just curious how many people only pay minimum due.😊

[OmarGB9]

Never. Always at least double the minimum. Way before due date. Sometimes I even make multiple payments per month.

[kdm31091]

As in pay the minimum and carry a balance? Not a good thing, as interest wipes out any rewards/benefit you get.

Now, I won't say I have never paid interest because I have. I typically only carry a balance during 0% promos and there's no reason to rush and PIF. But stuff happens and I've had to carry balances. For this purpose I usually use Discover as it's my lowest APR and they seem to almost love me carrying a balance as I noticed I got more CLIs during that time. But could be coincidence who knows.

Anyway, I try to PIF whenever possible and if it's not possible then I get the balance down as low as I can. Minimum payments are never good. A friend who works for BOA says that accounts with habitual minimum payments are flagged in the system and it probably gets you "looked at" more closely. So paying above the min to at least stay off the radar is probably good if indeed you do need to carry the balance. But obviously you should never carry a balance if you can help it

[Anonymous]

I pay a couple days to a week before the due date. I was making multiple payments a month, but now I just wait, and pay a bigger payment.

[Anonymous]

I do carry balences, but usually only like 70-100 dollars.

[kdm31091]

---

@Anonymous wrote:
I do carry balences, but usually only like 70-100 dollars.

---

At that level, your rewards probably aren't totally diluted but carrying any type of balance does reduce the value of your rewards.

[Anonymous]

I try to leave balences with certain cards, because I hear certain banks like balences, esp for cli's. Amex will probably be the only one I will pif, because they dislike balences.😊

[kdm31091]

---

@Anonymous wrote:
I try to leave balences with certain cards, because I hear certain banks like balences, esp for cli's. Amex will probably be the only one I will pif, because they dislike balences.😊

---

Just dont get too caught up in who "likes" and "dislikes" balances. Amex disliking balances is a total myth. Like any issuer, yes, they dislike someone charging up 90% of their limit and then paying the minimum but reporting and carrying a reasonable balance with them was never an issue for me

[Anonymous]

Good to know! You always have the best advice imho! 😊

[Anonymous]

I have a balance with amex at the monent. like 50% the CL. Only because i have 0% APR though. otherwise it'd be much less if any at all.