Should you wait until the due date to pay credit card balance?

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fung
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Should you wait until the due date to pay credit card balance?

Post by fung » Wed Jul 26, 2017 9:04 pm

Is there any benefit to waiting to accumulate a balance/debt and then paying it off right before the due date at the end of the month, as opposed to paying it off as soon as something gets processed?

It's only one click away for me, so I don't see the drawback to paying it off whenever I see a balance - do I earn credit slower with this though?

Discover It Card btw

runner3081
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Re: Should you wait until the due date to pay credit card balance?

Post by runner3081 » Wed Jul 26, 2017 9:21 pm

Who pays it off as soon as it is processed? I always set my auto-payment for the full balance the day before it is due each month.

Nummerkins
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Re: Should you wait until the due date to pay credit card balance?

Post by Nummerkins » Wed Jul 26, 2017 9:23 pm

You want to pay it off AFTER the statement date but BEFORE the due date. Simple as that.

Why? Your credit score is built and by usage and measures your ability to pay back debt. If you pay the card before your statement date you risk $0 usage being reported and no record of you paying off the account will be made.

Don't believe anyone who says if you have a high score you must have paid thousands in interest. I certainly haven't and use credit cards for all spending.

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Re: Should you wait until the due date to pay credit card balance?

Post by KlangFool » Wed Jul 26, 2017 9:30 pm

Nummerkins wrote:You want to pay it off AFTER the statement date but BEFORE the due date. Simple as that.

Why? Your credit score is built and by usage and measures your ability to pay back debt. If you pay the card before your statement date you risk $0 usage being reported and no record of you paying off the account will be made.

Don't believe anyone who says if you have a high score you must have paid thousands in interest. I certainly haven't and use credit cards for all spending.
+1

KlangFool

spammagnet
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Re: Should you wait until the due date to pay credit card balance?

Post by spammagnet » Wed Jul 26, 2017 9:34 pm

Nummerkins wrote:You want to pay it off AFTER the statement date but BEFORE the due date. Simple as that.

Why? Your credit score is built and by usage and measures your ability to pay back debt. If you pay the card before your statement date you risk $0 usage being reported and no record of you paying off the account will be made.
I understand paying it after the statement date but am unclear on the value paying it before the due date. By that, do you mean before it's overdue? I have mine auto-drafted by the bank from my checking account on the due date. They do it exactly on the due date and I pay no interest.

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Re: Should you wait until the due date to pay credit card balance?

Post by noco-hawkeye » Wed Jul 26, 2017 9:36 pm

I pay it off before the statement even comes, sometimes.

Lets say I have some travel, or a large ticket purchase. As soon as that goes on the card, I'm pretty likely to get a payment on top of big buys pretty quickly.

Why do I do this? I just don't like having big bills surprising me later on. I take the credit card benefits, and clear the debt as soon as possible. I think this is mostly an emotional aspect for me - I just don't like seeing debt outstanding.

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Re: Should you wait until the due date to pay credit card balance?

Post by The Wizard » Wed Jul 26, 2017 9:39 pm

I recommend paying off your CC balances whenever you get paid.
I said the total balance, not the current billed amount.
The majority of my retirement income hits my checking account on the 1st of each month, so I do that then.
A smaller amount hits checking around the 16-18th of each month so I tend to pay down my balances then.

I suppose this improves my credit score by keeping my balance low as a percentage of my credit limit, but that's not the main reason I do this...
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Re: Should you wait until the due date to pay credit card balance?

Post by alex_686 » Wed Jul 26, 2017 9:42 pm

fung wrote:Is there any benefit to waiting to accumulate a balance/debt and then paying it off right before the due date at the end of the month, as opposed to paying it off as soon as something gets processed?
You get the float on your account. Every extra day that your cash sits in your interest bearing accounts is a little bit extra interest earned. A penny saved is a penny earned. And it is pennies thanks to the low interest rate environment. Sigh.

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randomizer
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Re: Should you wait until the due date to pay credit card balance?

Post by randomizer » Wed Jul 26, 2017 9:45 pm

I set up auto payment for a day or two before due. Got to earn those few pennies of interest in my checking account!
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Re: Should you wait until the due date to pay credit card balance?

Post by ny_knicks » Wed Jul 26, 2017 9:49 pm

Guess I am in the minority in that I pay it off right when it posts...might change this habit based on what others are saying about not establishing a payment history w/ the card. Although my credit score has always been high.

I guess I always thought it helps w/ budgeting as checking account gets drawn down throughout the month instead of one large payment at the end (or whenever the due date is).

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Re: Should you wait until the due date to pay credit card balance?

Post by Nummerkins » Wed Jul 26, 2017 9:51 pm

spammagnet wrote:
Nummerkins wrote:You want to pay it off AFTER the statement date but BEFORE the due date. Simple as that.

Why? Your credit score is built and by usage and measures your ability to pay back debt. If you pay the card before your statement date you risk $0 usage being reported and no record of you paying off the account will be made.
I understand paying it after the statement date but am unclear on the value paying it before the due date. By that, do you mean before it's overdue? I have mine auto-drafted by the bank from my checking account on the due date. They do it exactly on the due date and I pay no interest.
Yes, before overdue. Autopay often pulls on the due date.

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Re: Should you wait until the due date to pay credit card balance?

Post by jbuzolich » Wed Jul 26, 2017 9:53 pm

I pay off most of it every two weeks so it doesn't build up. Even doing that there's always a couple thousand balance on the statement closing date anyway so it shows activity. I don't really time it but there's something mental about not having to pay $3k-$5k on a card for the balance to avoid interest. Multiple payments somehow feels less. I don't earn any interest in the checking account anyway.

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Re: Should you wait until the due date to pay credit card balance?

Post by KlangFool » Wed Jul 26, 2017 9:55 pm

Folks,

I pay my credit card about 2 weeks before due date. So, if the bank messed up, I have time to issue another payment.

KlangFool

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Re: Should you wait until the due date to pay credit card balance?

Post by greg24 » Wed Jul 26, 2017 10:01 pm

I manually do an electronic bill pay monthly, about a week before the due date.

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Re: Should you wait until the due date to pay credit card balance?

Post by spammagnet » Wed Jul 26, 2017 10:07 pm

KlangFool wrote:... I pay my credit card about 2 weeks before due date. So, if the bank messed up, I have time to issue another payment. ...
If it's set up on auto-pay and the bank screws up, I've never had a problem with them accepting responsibility. Then only time I screwed up is when I first set it up on one account. The effective date for the first auto payment was in the next cycle. A warning stated that but I didn't notice. They were still nice enough to credit the late fee.

If you don't like auto-pay, that's a different topic.

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Re: Should you wait until the due date to pay credit card balance?

Post by AllieTB1323 » Wed Jul 26, 2017 10:10 pm

Three credit cards. One, Fidelity Visa is on auto pay the other two I manually schedule the payment two days before the due date. I put everything on the cards which sometimes gives us a larger balance which may or may not affect our credit score. We don't worry because those days are behind us. It's all about the rewards while not paying interest.

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Re: Should you wait until the due date to pay credit card balance?

Post by barnaclebob » Wed Jul 26, 2017 10:15 pm

I pay ours off on the day we get the statement, I don't like seeing a higher balance than necessary and don't want to risk something getting bungled up for a last minute payment.

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Re: Should you wait until the due date to pay credit card balance?

Post by The Wizard » Wed Jul 26, 2017 10:24 pm

barnaclebob wrote:I pay ours off on the day we get the statement, I don't like seeing a higher balance than necessary and don't want to risk something getting bungled up for a last minute payment.
I don't get paper statements anymore, unless I download the PDF file and print it, which I've stopped doing.
I just log into my CC accounts when I get paid, using my smartphone usually, and pay off my balance.
It's gotten to be a nice habit...
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Re: Should you wait until the due date to pay credit card balance?

Post by Calygos » Wed Jul 26, 2017 10:25 pm

I typically pay the full balance on mine around a 3-5 days before the cycle ends and I get the statement email. By that time, there's a little balance on the card and then I pay that in full, too.

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wander
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Re: Should you wait until the due date to pay credit card balance?

Post by wander » Wed Jul 26, 2017 10:26 pm

I pay a few days before the due day.

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Re: Should you wait until the due date to pay credit card balance?

Post by tooluser » Wed Jul 26, 2017 10:27 pm

I pay it off shortly after receiving the statement. I want to get it off my To Do list and not have to think about it. The float is real but trivial to me, especially with interest rates so low (or possibly zero in a checking account).

But...when I was younger and funds were very tight, once a month I would sit down and figure out the optimal payment time for all my bills. Literally a cash flow analysis with known and projected billing and income amounts by date, to ensure I would have enough money in my checking account to pay it at the appointed (and none too late) time. It was that tight. A couple of times it was a day late, but back then the credit card companies would waive fees if it didn't happen too often.

Paying strict attention can get you through tough times.
Easy come. Easy go. But the rate of change for each seems quite different.

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Re: Should you wait until the due date to pay credit card balance?

Post by Doom&Gloom » Wed Jul 26, 2017 11:00 pm

Not sure that this is a "should?" question, but it doesn't hurt. That's what I do.

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Re: Should you wait until the due date to pay credit card balance?

Post by sycotik » Wed Jul 26, 2017 11:21 pm

jbuzolich wrote:I pay off most of it every two weeks so it doesn't build up. Even doing that there's always a couple thousand balance on the statement closing date anyway so it shows activity. I don't really time it but there's something mental about not having to pay $3k-$5k on a card for the balance to avoid interest. Multiple payments somehow feels less. I don't earn any interest in the checking account anyway.
That is what I have done for years. I get paid every 2 weeks, so one of the first things I do is pay off what I have on the credit card. I always seem to have something on the statement each time, but as long as I pay it off every two weeks, there is no way for me to miss a payment. I think it is more out of habit for me, for when I was younger and hated seeing most of my paycheck go to the credit card company once a month.

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Re: Should you wait until the due date to pay credit card balance?

Post by MnD » Wed Jul 26, 2017 11:22 pm

Who has time for this nonsense?
Set up "autopay in full on due date" the day you get a new card.
Set it and forget it.
If you have credit score issues it's not because you don't pay your credit card balance off 15 times a month or other "systems".
Last edited by MnD on Wed Jul 26, 2017 11:23 pm, edited 1 time in total.

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Re: Should you wait until the due date to pay credit card balance?

Post by Longtermgrowth » Wed Jul 26, 2017 11:23 pm

With the cards I've tried autopay on, they automatically debited on the due date without giving me the option to set it sooner. This made me nervous of a possible late payment, so I manually pay it myself usually within a few days of the statement date.

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Re: Should you wait until the due date to pay credit card balance?

Post by Pajamas » Wed Jul 26, 2017 11:29 pm

One of the best things I ever did to simplify my finances was to set up everything on autopay. Bills that can be paid by credit card are, if they can't or if there is a fee for doing so, they are paid by a debit from my checking account, including my credit card bills. I think they pull the credit card payment the day it's due, but I'm not even sure, because it is of almost no concern.

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Re: Should you wait until the due date to pay credit card balance?

Post by *3!4!/5! » Wed Jul 26, 2017 11:32 pm

I don't "wait" a nanosecond.

I simply set up all credit cards (I have many) to automatically pay the statement balance on the payment due date. The credit card companies "pull" from my checking account, so I don't have to worry about timing. They're all about the same time of month, and since the due date is 23-28 days after statement cut, I know the exact amount to the penny that will be taken from my checking account more than 3 weeks in advance. So I just make sure the required amount is waiting in my checking account once per month. It's an extremely easy system.

It's not about maximizing float or grace period. It's about having a simple automatic system.

People who pay manually, or "push" from their bank, have more hassle and risk.

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Re: Should you wait until the due date to pay credit card balance?

Post by mcraepat9 » Wed Jul 26, 2017 11:35 pm

MnD wrote:Who has time for this nonsense?
Set up "autopay in full on due date" the day you get a new card.
Set it and forget it.
If you have credit score issues it's not because you don't pay your credit card balance off 15 times a month or other "systems".
This is all I do. I don't know why people are nervous about an autopay error - the credit card co will generally forgive the fee and interest if you have autopay set up and an error occurs.
Amateur investors are not cool-headed logicians.

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Re: Should you wait until the due date to pay credit card balance?

Post by JBTX » Wed Jul 26, 2017 11:40 pm

spammagnet wrote:
KlangFool wrote:... I pay my credit card about 2 weeks before due date. So, if the bank messed up, I have time to issue another payment. ...
If it's set up on auto-pay and the bank screws up, I've never had a problem with them accepting responsibility. Then only time I screwed up is when I first set it up on one account. The effective date for the first auto payment was in the next cycle. A warning stated that but I didn't notice. They were still nice enough to credit the late fee.

If you don't like auto-pay, that's a different topic.

This. I autopay everything I can. Usually the due date or day before. Agree on the very rare occasion that it gets screwed up (I can't remember that ever happening ) I'm 100% confident the card company will fix it. If not they've lost a customer.

CodeMaster
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Re: Should you wait until the due date to pay credit card balance?

Post by CodeMaster » Wed Jul 26, 2017 11:56 pm

I just auto pay in full, I have over 800 credit score. Spend rest your time finding ways to bring in more income instead of managing that bill. Double success!

:sharebeer

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Re: Should you wait until the due date to pay credit card balance?

Post by kaneohe » Wed Jul 26, 2017 11:57 pm

Longtermgrowth wrote:With the cards I've tried autopay on, they automatically debited on the due date without giving me the option to set it sooner. This made me nervous of a possible late payment, so I manually pay it myself usually within a few days of the statement date.
I have all my cards on autopay. Discover is the rare beast that has the autopay date about a wk earlier than the date on the statement. I know on the others I sometimes wonder when they are going to debit it from my checking account because it seems later than expected. ........but never a late fee. The autopay is entirely in the cc company's hands so if it's late, seems like it would be their fault.

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Re: Should you wait until the due date to pay credit card balance?

Post by Longtermgrowth » Thu Jul 27, 2017 12:09 am

*3!4!/5! wrote:I don't "wait" a nanosecond.

I simply set up all credit cards (I have many) to automatically pay the statement balance on the payment due date. The credit card companies "pull" from my checking account, so I don't have to worry about timing. They're all about the same time of month, and since the due date is 23-28 days after statement cut, I know the exact amount to the penny that will be taken from my checking account more than 3 weeks in advance. So I just make sure the required amount is waiting in my checking account once per month. It's an extremely easy system.

It's not about maximizing float or grace period. It's about having a simple automatic system.

People who pay manually, or "push" from their bank, have more hassle and risk.
Do I recall correctly that you posted about an issue with Bank of America credit card autopay causing late payment issues due to an error with their system? If so, how did all that work out?

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Re: Should you wait until the due date to pay credit card balance?

Post by rosylenm » Thu Jul 27, 2017 12:22 am

I try to pay off credit cards as soon as items post because I have a hard time keeping track of money already spent in my checking account. I don't think it makes a difference credit score wise as my SO always has a balance (he pays off balance due when statement is issued, but he is always charging) on one of the credit cards on my account and I managed to have an 850 credit score through TransUnion (836 on Equifax).

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Re: Should you wait until the due date to pay credit card balance?

Post by *3!4!/5! » Thu Jul 27, 2017 12:32 am

Longtermgrowth wrote:
*3!4!/5! wrote:I don't "wait" a nanosecond.

I simply set up all credit cards (I have many) to automatically pay the statement balance on the payment due date. The credit card companies "pull" from my checking account, so I don't have to worry about timing. They're all about the same time of month, and since the due date is 23-28 days after statement cut, I know the exact amount to the penny that will be taken from my checking account more than 3 weeks in advance. So I just make sure the required amount is waiting in my checking account once per month. It's an extremely easy system.

It's not about maximizing float or grace period. It's about having a simple automatic system.

People who pay manually, or "push" from their bank, have more hassle and risk.
Do I recall correctly that you posted about an issue with Bank of America credit card autopay causing late payment issues due to an error with their system? If so, how did all that work out?
That was a purely cosmetic problem. Occasionally their system temporarily cries wolf, then it all settles down within a day. It's apparently a well known glitch with BoA, but it's harmless once you realize the nature of the glitch.

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Re: Should you wait until the due date to pay credit card balance?

Post by MotoTrojan » Thu Jul 27, 2017 1:00 am

ny_knicks wrote:Guess I am in the minority in that I pay it off right when it posts...might change this habit based on what others are saying about not establishing a payment history w/ the card. Although my credit score has always been high.

I guess I always thought it helps w/ budgeting as checking account gets drawn down throughout the month instead of one large payment at the end (or whenever the due date is).
Budgeting is easier for me when the CC is paid uniformly, as you can gauge month-to-month how your spending is trending.

Also, be careful if you ever miss a due-date or pay less than your statement. Most cards will charge interest for 2 payment cycles afterwards, from the day of purchase, rather than after the due date. This is even true if you pay off the entire card in-full a day after paying the minimum on the due-date.

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Re: Should you wait until the due date to pay credit card balance?

Post by The Planner » Thu Jul 27, 2017 2:43 am

I pay it off immediately, meaning if I purchase something using the card at 9pm, I pay it at 9:01pm.
I don't care about credit scores, etc. I just want to accumulate credit card points and not carry a balance.

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Re: Should you wait until the due date to pay credit card balance?

Post by Longtermgrowth » Thu Jul 27, 2017 2:49 am

*3!4!/5! wrote: That was a purely cosmetic problem. Occasionally their system temporarily cries wolf, then it all settles down within a day. It's apparently a well known glitch with BoA, but it's harmless once you realize the nature of the glitch.
Thanks for the reply, I hope they get that taken care of soon if it's a continuing problem with their system. Makes me wonder if it could send a false missed payment alert to one of the three credit bureaus, possibly negatively impacting ones credit score.

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Re: Should you wait until the due date to pay credit card balance?

Post by *3!4!/5! » Thu Jul 27, 2017 3:15 am

Longtermgrowth wrote:
*3!4!/5! wrote: That was a purely cosmetic problem. Occasionally their system temporarily cries wolf, then it all settles down within a day. It's apparently a well known glitch with BoA, but it's harmless once you realize the nature of the glitch.
Thanks for the reply, I hope they get that taken care of soon if it's a continuing problem with their system. Makes me wonder if it could send a false missed payment alert to one of the three credit bureaus, possibly negatively impacting ones credit score.
No it doesn't work that way. They only report to the bureaus once it is 30 days late.

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Re: Should you wait until the due date to pay credit card balance?

Post by Longtermgrowth » Thu Jul 27, 2017 3:22 am

*3!4!/5! wrote:
Longtermgrowth wrote:
*3!4!/5! wrote: That was a purely cosmetic problem. Occasionally their system temporarily cries wolf, then it all settles down within a day. It's apparently a well known glitch with BoA, but it's harmless once you realize the nature of the glitch.
Thanks for the reply, I hope they get that taken care of soon if it's a continuing problem with their system. Makes me wonder if it could send a false missed payment alert to one of the three credit bureaus, possibly negatively impacting ones credit score.
No it doesn't work that way. They only report to the bureaus once it is 30 days late.

Good to know! That should certainly give them enough time to fix any problems on their end of the autopay system without causing problems with their customers credit scores.

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Re: Should you wait until the due date to pay credit card balance?

Post by inbox788 » Thu Jul 27, 2017 4:32 am

ny_knicks wrote:Guess I am in the minority in that I pay it off right when it posts...might change this habit based on what others are saying about not establishing a payment history w/ the card. Although my credit score has always been high.

I guess I always thought it helps w/ budgeting as checking account gets drawn down throughout the month instead of one large payment at the end (or whenever the due date is).
You're not alone. I pay as I spend, and that seems to help keep my spending down, kind of like paying cash, you feel the pain more. It also limits the shockingly high credit card bills that surprise you when you loose track of spending (which I can't seem to eliminate due to my other half). I check my accounts a couple of times a month and pay off the balance (and then some at times). If I plan on charging something large, I might even pay it ahead of time by a few days.

With interest rates so low, it's just not worth trying to eek out a few more pennies from the float. If I can avoid one unnecessary expenditure, I think I'll come out ahead. And if I can avoid a late fee or other charge, it's also a benefit. If savings rates ever go back to 5%, I may rethink this, for now, it's just easier and simpler for me.

So far, my credit score has been good, and I haven't noticed anything harmful. If I worried more about my credit score, I might play around and see if it timing of payments made a difference.

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Re: Should you wait until the due date to pay credit card balance?

Post by oldcomputerguy » Thu Jul 27, 2017 5:19 am

I can't think of any advantage to leaving it to the end of the month, but on the other hand, I can't think of any advantage to paying a bit along. That being said, I pay my cards once a week. I have two Fidelity Visa Rewards cards, one for recurring monthly bills and one for day-to-day expense spending. Paying them weekly does two things for me: it helps me keep an eye out for fraudulent charges, and it also helps me keep a bit better track on my monthly spending so I can keep on budget. But there's nothing wrong with auto-paying the full balance at the end of the month if that's what you want to do. Dollar-wise, it's a wash, as any charges on the card will be money you will have to send them at some point regardless, so as long as you send it before interest charges happen, it won't matter.
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Re: Should you wait until the due date to pay credit card balance?

Post by student » Thu Jul 27, 2017 5:20 am

I pay the balance as soon as I receive the bill. Interest rate is low and it is not worth taking the chance of forgetting it. I do not use autopay. In general, I do not authorize a variable amount to be taken from my checking account.

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Re: Should you wait until the due date to pay credit card balance?

Post by samsoes » Thu Jul 27, 2017 6:10 am

For all the posters who use autopay, I'm happy it works for you. For me, however, *nobody* automatically pulls money out of my account, especially in a recurring basis. I push everything from the bank's bill-pay. I've had unpleasant experiences in the past of stopping autopay (or at least trying to), and it doesn't stop. Or worse, the cc company experiences a glitch and pulls the money out twice but only credits my cc once, and now my checking account doesn't have enough $ for other bills.

Autopay? No way!
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Re: Should you wait until the due date to pay credit card balance?

Post by DaftInvestor » Thu Jul 27, 2017 6:18 am

My Credit Card bill is the one thing I do NOT have on auto-pay. What if there is a fraudulent $15,000 charge the day before the bill is due and I don't catch it? By having to log in at least once a month to schedule the payment forces me to take a look across the charges to make sure nothing is amiss (I no longer take the time to continuously monitor transactions with Mint or Quicken).

I tend to schedule the payment the day I get the email stating the statement is available. Depending upon cash-flow in my checking account sometimes it is paid the next day and sometimes it is scheduled for payment on next pay-day. I'm currently using a couple of cards (never like more than two or three at once so I don't lose track. currently using a 2% cash-back and Amazon-5%-back. Sometimes I'm using a third for an initial bonus.).

I think we are probably all over-thinking this - in general - it probably doesn't much matter as long as it is paid before the due date (yes - lots of corner cases but most don't apply to most people - one example: if its your only card and you are right-up at the limit for most of the month, your credit-utilization will look high if your report is pulled).

Jack FFR1846
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Re: Should you wait until the due date to pay credit card balance?

Post by Jack FFR1846 » Thu Jul 27, 2017 6:29 am

DaftInvestor wrote:My Credit Card bill is the one thing I do NOT have on auto-pay. What if there is a fraudulent $15,000 charge the day before the bill is due and I don't catch it?
In that case, the $15k isn't going to be due to pay for a billing cycle (usually 30 days).

All of my cards are on auto pay on the due date. Between tradelines, low balance forgiveness, new cards to collect a bonus and reward categories, that's about a dozen cards in play. I don't have time to be manually paying these.
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F150HD
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Re: Should you wait until the due date to pay credit card balance?

Post by F150HD » Thu Jul 27, 2017 6:46 am

fung wrote:Is there any benefit to waiting to accumulate a balance/debt and then paying it off right before the due date at the end of the month, as opposed to paying it off as soon as something gets processed?

It's only one click away for me, so I don't see the drawback to paying it off whenever I see a balance - do I earn credit slower with this though?

Discover It Card btw
http://www.creditcards.com/credit-card- ... e-1294.php

Some people assume that if they pay their balance off every month, their credit report should show a zero balance. Unfortunately, your credit history will show the current balance on the day the credit card company reports to the credit bureau. You have no control over when in the billing cycle this "snapshot" will be taken -- it could be the day before you pay your balance in full or the day after or sometime in between.

Credit shows how much you owe, and whether you make your payments on time. A significant part of your credit score (30 percent) is based on your credit utilization -- the amount of your available credit that you have used relative to your available credit. That's why even a temporarily higher balance can lower your score.

One solution, as you suggest, is to make more than one payment per month to keep the balance low at all times....

jlcnuke
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Re: Should you wait until the due date to pay credit card balance?

Post by jlcnuke » Thu Jul 27, 2017 6:53 am

I pay mine off every time I get paid (weekly).

As for credit scores , I've gotten 2 new credit cards, a mortgage, and a loan in the past 10 months so my FICO score is down to 778 per Discovery... I'm going to go ahead and say that paying it off weekly isn't hurting my credit. With over $40k in credit card limits available, I'm not really worried about spending so much in 1 week that my credit utilization would be significant.

The Wizard
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Re: Should you wait until the due date to pay credit card balance?

Post by The Wizard » Thu Jul 27, 2017 7:10 am

DaftInvestor wrote:My Credit Card bill is the one thing I do NOT have on auto-pay. What if there is a fraudulent $15,000 charge the day before the bill is due and I don't catch it? By having to log in at least once a month to schedule the payment forces me to take a look across the charges to make sure nothing is amiss (I no longer take the time to continuously monitor transactions with Mint or Quicken)...
Exactly my thought as well.
I have all my other commercial repeating payments on autopay, but not my two CCs...
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The Wizard
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Re: Should you wait until the due date to pay credit card balance?

Post by The Wizard » Thu Jul 27, 2017 7:11 am

Jack FFR1846 wrote:
DaftInvestor wrote:My Credit Card bill is the one thing I do NOT have on auto-pay. What if there is a fraudulent $15,000 charge the day before the bill is due and I don't catch it?
In that case, the $15k isn't going to be due to pay for a billing cycle (usually 30 days).

All of my cards are on auto pay on the due date. Between tradelines, low balance forgiveness, new cards to collect a bonus and reward categories, that's about a dozen cards in play. I don't have time to be manually paying these.
Autopay makes a lot of sense for credit card gamers, yes...
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Re: Should you wait until the due date to pay credit card balance?

Post by Iliketoridemybike » Thu Jul 27, 2017 7:32 am

I set up auto pay to pay it the day before it's due. How to pay a bill shouldn't be this hard of a question.

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