pay credit card on time or early

dont_want_to_be_in_debt

:A I'm sorry if this a stupid question but I know someone will help me here. We are struggling to repay debt and are looking for any saving however small. When you get the credit card bill do you save any interest by paying immediately or should you time the payment for the due date.
Thanks for all the support we get whilst we get out of debt!:T :T

Mercuryrising

Definitely pay more than the minimum (if possible) on the day of the statement by online bank transfer. You'll pay less interest as it is charged daily. One advantage I find is also that if you pay it out straight away you will have less money in your current account for this month for spending so it encourages being more frugal till the end of the month. This works if the due date is halfway through a month which a lot of my CCs do.

However - if you are the kind of person who may forget then possibly a direct debit is better - because late payment fees are horrendous at £25 average and can affect credit rating.

dont_want_to_be_in_debt

Thanks for the advice

Warriorsith

I'd pay prior to the date stated on your statement, I usually try for two small payments as I get paid fortnightly. I do use the online facility offered by my Barclaycard credit card and this acknowledges the payment straight away, yet this facility isn't on Capital One Creditcard so I have to pay atleast 7 days prior the due date as it takes 5 WORKING days to clear and they don't inc Sat or Sun as working days.

In summary pay all off in Full if you can, or make payments early so to avoid charges for lateness.

grumbler

IMHO the best strategy in you situation is to set up a Direct Debit for minimum payment, so you will never be caught by a late payment fee. Then pay as much as you can as soon as you have some extra money - without any regard to payment date. Make sure that you have available funds for a minimum payment on your current account the day before the DD date.