Paying balance before Statement Generated.

walzingmatilda

Hi,

Is it possible to pay a balance before the statement is generated.

I spent £100 on my CC, it shows on my online banking but my statement date isn't for another couple of weeks. I have the money to pay it off so would like to do so.

Can I do this before my statement date?

redpete

You can pay whenever you like.

Note that if you are paying interest on the account and pay it today then the statement will still show a small amount of interest that won't be on your on-line balance now.

izools

You can, but it won't count as a payment towards the next statement.

You may, therefore, save interest paying it soon

But remember to pay whatever appears on your statement in addition - if there's anything.

CLAPTON

just be careful

if you pay early and then your next statement has a balance you must still make at least the minimum payment
otherwise you will be charged a missed payment fee and may have you credit record marked will a missed poayment
also note that some cards will still take the minimum payment

unless you have a specific reason to want to do this it's best to keep things simple; just pay in full after receiving the statement

Ben8282

I have done this when I have taken a cash advance on a credit card for convenience rather than actually needing to borrow the cash. Now that cash withdrawals are paid off first, the interest payable will be reduced although if the amount is only £100 the interest saved would be pretty insignificant. Assuming you are paying 2.5% pm on cash advances, you will only save yourself about £1.25.
But as previous posters have mentioned, the payment will count towards the current months payments. You cannot pay next months payment in advance or anything like that and will still have to make a payment next month, unless the statement balance is nil. If you are seeking a nil statement balance, don't forget to add an estimate for the interest plus the cash advance fee. A slight overpayment would be recommended; a credit statement balance is not a problem assuming you intend to use the card again in the future.

Amigo34

I had a similar thing- used my credit card instead of my Debit card to take some cash- so a few day later made an advance payment
to cover the cash taken- but forgot about the interest and charges.
Outcome was that although I had repaid the cash taken, I was charged some interest. I then paid the balance in full. But the next month there was still a £1 minimum interest charge.
I will now this month pay the balance in full and hopefully there will not be another £1 minimum interest charge.