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People w/ rewards card - when do you PIF?

Moderator Emerita

Re: People w/ rewards card - when do you PIF?

credithappy wrote:

Yes, I thought I said I paid in full before the due.  I like to paid all my bills early if I can so I will not be charge a late fee.  You know these banks have problems went you paid near the due dates.  They will try to charge you for every little thing. 

If you pay before the due date, but after the statement date that preceded it by 2-3 weeks, the amount on that statement is reported to the CRA's. Your choice whether to do this, of course, but I just wanted to be sure that you understood that.

Pay before statement date: $0 reports.

Pay after statement date, but before due date: balance reports to CRA's, but you pay no interest.

There are a very few exceptions to the balance on the statement being reported: HSBC/ Orchard bank cards and US Bank CC's report your balance as of the last business day of the month. And there are doubtless some more exceptions in local and regional lenders. But the rest of the major banks and CU's report what's on your statement.

- - - - - - - - - - - - - -

Sometimes people get tangled up about the order of the statement and due date. The statement comes first. The balance due listed on that statement, or at least the minimum due listed on that statement, is then due on the due date, which is typically 3 weeks later. So you might have a statement on Feb 5. The balance on that statement is due by Feb 26. Then you get another statement on Mar 5, which will show the payment you made the previous month plus any new charges. That balance will be due on Mar 26. And so on.
Message Edited by haulingthescoreup on 02-28-2010 11:45 AM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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