hello, Happy 4th to everyone. The question I have...I can see my new statement online for my c/c, it is better to pay it as soon as it comes out or closer to the due date. I believe it is, as soon as it comes out...but not 100% sure. Thanks everyone :)
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Mary Ann taught me this and I am glad to pass on her wisdom.
Yes it is little old me that is a big believer in paying extra or even the normal payment the day after the closing date of the cc statement. Interest is figured on a daily balance of a bill Due dates are sometimes 20 days after the closing date of an account. Some companies inflat that daily balance I had a card that I really believed just picked out an amount to figure interest on each month out of air. That is the account I targeted to get paid off first.. One time it was like 800.00 more then what my true balance was. But most pretty much stay with in a couple of hundred dollars.
Since your interest is started the day after the closing date on some amount You want that amount to be as low as you can make it. Lower amount lower interest charged. Simple as that. Also anything paid to the card after the closing date is considered toward the normal payment for the month.
Pay Credit Card Bill Early and Save
Kimberly
Kimberly
I have been telling everyone for a long time about paying the day after the closing date but I never realized it was that much of a savings until I read the piece you listed. See I have very little interest my highest right now is like 3.9 so even if I pay the day after the closing date I only save maybe 50 cents at the most.
But I will
Very interesting article.
Kate
Hahahaha Kate I had to laugh at that one because I do the same thing for the same reason!!!
I am always worried that I will forget to make a payment or worse yet, spend the money on something else, so whenever I have any extra, even if its just $5.00, I send it to the CC. I often make the minimum by doing $5 here $10 there.
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
I started doing it because you said to, MaryAnn, and because I want the money out of my checking account so I don't spend it too.
Edited 7/8/2009 10:54 pm ET by kimberlyjh
Kimberly
AHA! I did a little more researching and it turns out that the "payments per cycle" limit only applies to payments made using the credit card's website. If you send payments directly from your bank via online bill pay, you can make as many as you want.
Kimberly
Kimberly
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