Question about paying before a statement is cut

Anonymous · ‎11-22-2015

Hi, all. I've tried to find this answer but can't, so...

If you pay a credit card down a bit before the statement cuts (in order to have lower utilization reported), do you still have to pay the "minimum due" that shows up when it cuts? I'm not able to PIF, so I'm paying down large chunks each month.

dstew201 · ‎11-22-2015

If I'm understanding correctly. Yes you will still have to pay the min., if you're still carrying a balance.

Pway · ‎11-22-2015

If the balance is not paid in full before the statement cuts, then yes one is responsible for the minimum payment due once that statement has been cut. Please also remember that util has no memory and those points lost one month can be gained back the next. If you are not planning to app for anything then I would not be too concerned.

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.

jsucool76 · ‎11-22-2015

+1 to Pway.

The minimum payment is calculated by your "Statement Balance." As long as the statement balance is $0.01 or over, you will always have a minimum payment.

takeshi74 · ‎11-23-2015

@Anonymous wrote:
If you pay a credit card down a bit before the statement cuts (in order to have lower utilization reported), do you still have to pay the "minimum due" that shows up when it cuts?

Yes. The minimum due is exactly what it says it is. It is the minimum that you need to pay to keep your account current.

If you're carrying a balance there's probably not a whole lot of advantage to paying prior to statement cut. The prior cycle's due date is likely a few days before the next cycle's statement date anyway.