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When is the best time to pay your bill

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When is the best time to pay your bill

So ive herd the best time to pay your credit card bill is before your stament close date when eactly is this date ?

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Valued Contributor

Re: When is the best time to pay your bill


@jsuero93 wrote:

So ive herd the best time to pay your credit card bill is before your stament close date when eactly is this date ?


You have to look at your credit card statement to know that. The "statement close date" is the day before the date your statement is made/printed.

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Re: When is the best time to pay your bill

So lets say my statment is made on 04/25 so i should pay it on 04/24. That would be the ideal time correct 

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Super Contributor

Re: When is the best time to pay your bill


@jsuero93 wrote:

So ive herd the best time to pay your credit card bill is before your stament close date when eactly is this date ?


Hi and welcome to MyFICO

 

Obviously, the best time to pay your bill is by its due date!!! However, you can pay the minimum by due date and any remaining balance by statement date, which is noted on your bill. 


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Valued Contributor

Re: When is the best time to pay your bill

Yes and no. 

It is the ideal time to pay if you are manipulating the amount being reported 

It is not the ideal time if you have not already made the minimum payment (your lender will charge a late fee)

It is not the ideal time if you are carrying a balance and paying interest. Credit cards use the average daily balance method to charge interest so it is best to pay immediately after your statement prints.

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Re: When is the best time to pay your bill

Well you'll have to check your account for the statement close date. Keep in mind that the statement cut/close date will be different from the "due date." 

As for it being the ideal time: that depends. If you want to show a little bit of usage, you might want to let the statement cut with less than eight percent or so. If you want it to report zero, then do pay before it closes. 

 

Good luck! 

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Valued Contributor

Re: When is the best time to pay your bill

"The best time to pay your bill" is on time! 😋





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Super Contributor

Re: When is the best time to pay your bill


@jsuero93 wrote:

So ive herd the best time to pay your credit card bill is before your stament close date when eactly is this date ?


There is no single answer to your question. It depends on what your objectives are.


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Frequent Contributor

Re: When is the best time to pay your bill


@jsuero93 wrote:

So ive herd the best time to pay your credit card bill is before your stament close date when eactly is this date ?


IMHO the best time to pay your cc bill is as soon as the statement cuts and shows your minimum due. (Pay the minimum).

 

As soon as I get a new bill I pay the minimum and then later on I will pay more during the month before the statement cuts depending on how much I will plan on the balance reporting. (maybe 0 maybe more)

Message 9 of 16
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Valued Contributor

Re: When is the best time to pay your bill

I pay before the due date by a couple of days. This allows for payment posting, weekends, holidays, and payment cut off time (the payment is posted the next business day after a certain time). The due date may also be different than the statement date. 

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