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spartanmarkv | How much of my credit card balance should I pay at a time? |
I just got my first credit card. The online statement came in on Aug. 17th for $150. The due date is Sept. 12th. Since Aug. 17th, I have spent another $200. My question is, should I pay the $150 on the statement? Or should I pay the other $200 as well? I can afford to send in the $350 at once but I don't want to pay the $200 if I do not have to until the next statement. I want to make sure my credit score isn't being hurt and that I won't be charged interest. Thanks |
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RM
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You need to pay in the balance full from your last statement. The company, however, will not penalize you for paying the entire balance early either.
My boyfriend uses his credit card just to get points for rewards and pays everything off within a week of charging it.
It's a personal preference. I like to see 0's on my statements so I pay everything in full as soon as I can. |
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Brother Otter
 |
The simple answer: you pay the balance amount on the statement. That's what the CC company expects. In your case, $150.
However if you ever do not pay the whole statement balance (i.e. you just pay the minimum), then you must pay off the entire outstanding balance to stop interest charges from continuing to accrue.
Your credit score is negatively affected by failing to pay at least the minimum on time. |
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rana
 |
You should always pay your statement balance in full every month. If your full balance for the August 17th statement was $150 and not the suggested amount due than pay the $150 balance for August. The $200 balance should appear on your September bill. If you have questions call your credit card company. |
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lea lange
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when you can you should pay off your all of your credit card debt. credit cards make money on the interest they charge you on your unpaid balance. and making the minimum payment required will never pay off your balance
your credit score will not be hurt by having an unpaid balance on a credit card. your credit score gets hurt by being late with payments, or by not making payments at all
another problem with making the minimum payment is that over time that minimum payment starts getting bigger. over time it can get big enough that you reach a point where you cannot make the minimum payment. this leads to late payments or missed payments |
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G. Whilikers
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You will not be penalized for simply paying the amount on the bill. But pay as much as you can, as fast as you can. The minimum payment is a sucker's game and it'll take forever to pay off.
And NEVER, EVER be late, the interest rate will go through the roof. I'm talking over 30% APY. If you have multiple cards, most of those will also go to the "default rate" even if you haven't been late with them.
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smartblond48
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I pay off the full balance every month if I can (and usually do). I'm not paying out almost 20% in interest to these people. I put that money into my Motorcycle account. |
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Gabriel
 |
You only have to pay whatever your statement says the minimum amount due is for that statement period.
That being said, it is much smarter to pay it off entirely every month. Carrying a balance can quickly snowball out of control and you'll have to pay interest if you carry a balance. |
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heybulldog
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Your best bet is to pay it off and cancel the card. All they are good for is getting into debt with.
Credit cards are the financial worlds cigarette and "building credit" is the biggest joke of the 21st century.
If you pay as you go. If you live on less money than you make. You will not have any payments. You will have money and not have to worship the almighty fico score. |
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Gwynn T
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Good question. Credit maintenance starts with knowing how the cards work. Your score is based on ratios. What you can owe vs. what you do owe.
Rule #1. Never pay the minimum.
Rule#2. Keep your balance paid off or no more then 10% of your limit.
For Example. If your limit is 350, then you never want the balance to be more then $35.
Rule #3. If you pay it off, don't close it.
Rule #4. Never charge more then what you can pay off at the end of the month.
Rule #5. If you pay your balance before the due date (30 days) then you don't have to pay interest.
If you follows these rules and make consistent purchases and payments for 6 months then your score will increase in large numbers. If you do this with 3 cards, then after 1 year, you will be eligible ofor a major purchace at a low rate for items like a car or house.
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