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When should I make my credit payments?

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Anonymous
Not applicable

When should I make my credit payments?

Hello everyone, this is my first time posting on here. I filed for bk7 in November 2018 and received my discharge a few weeks ago. I applied for a Capital One Plat card and was approved for $500.

 

My question is, when should I be paying monthly? On the app right now it says "No Payment Due." Your first payment will be due May 12. We'll let you know the minimum amount after April 16. I plan to pay in full monthly - is there a period of time that I should avoid charging on the card? I want to make sure I use the card as much as possible, while being able to pay it off monthly in full and not incurring any inteterst. I'm so sorry for the long winded questions! I've never paid attention to these things before.

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Anonymous
Not applicable

Re: When should I make my credit payments?

Hello!

You can use capital ones website and app to keep track of what you have charged to the card. If I remember right Cap One cuts there statements normally around the 15th of each month which is also what they normally report.

As for your question of interest as long as you pay the reporte balanced amount by the due date you shouldn't be charged any interest. For maximum credit score health try and keept your reported balance under $50. To try and make it easy

You have $500 limit

They won't cut the first statement till April 15th/16th

Lets say you charge $100 in that time

So on April 15th you will have a balance reported of $100, and I imagine the minimum due would be $25 (I think that is Cap ones typical minimum)

3/26 to 4/15 charges will be due by 5/12 to avoid interest

4/16 to 5/15 charges will be due by early June to avoid interest and so on.

If you pay the balance reported on your statement by the due date you avoid interest.
Your statements will cut by the 15th of each month (this allows all payments to process) the amount reported is typically is what is reported.

You do not have to wait for your statement to pay off charges you make. It takes about 1-3 business days for most charges to go from Pending to charged and you can then pay it. (Though check your agreement as there may be a limit on how many times a month you can pay)

Hopefully this was clearish

Message 2 of 4
dynamicvb
Valued Contributor

Re: When should I make my credit payments?

If I remember correctly CapOne won't let you pay anything until after the first statement cuts. After that, you can make as many payments as you need throughout the month to keep your reported utilization down and credit available. When my secured cap one was my only card, I would pay it as many as 8-9 times a month since my limit was so low.

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Message 3 of 4
CramEiko
Established Contributor

Re: When should I make my credit payments?

Eventually there will be 2 dates. There's a Due Date and there's a Statement Date. Once you find out when your Statment Date is, pay in full (if you can) a couple days before that date so that your payment clears by such date. Then all should be reported as ZERO if paid in full.

 

Good Luck!


 





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