When can I pay towards my balance?

7Stone4

Hi, i recently came into a small amount of money and want to make sure that I dont waste it so thought I would use it to pay towards the balance on my credit card.

My current bill is due on the 19th but I have already paid off this months.

Should I wait till i get my next bill or just pay now? I always pay using internet banking.

Thanks for your help:o

LittleVoice

Which card do you have?

Do you have any special deals on it - eg low interest - and if so, what?

What interest is the money receiving where it is now?

7Stone4

Sorry but I just asked about paying off a card....not for help with interest rates or anything!

jamalfatty

pay it off ASAP, you can make as many payments as you want, whenever you want. Sooner they get the money, less interest you'll pay (if indeed you are paying any - last post was a bit blunt!)

7Stone4

Thanks that was the answer I was looking for

My last post was a bit blunt as i asked a simple question and the person wanted to know everything about my card when that had nothing to do with it!

exel1966

There was a great deal of relevance in what Little Voice was asking you !!

If you are not paying interest (through a special deal) then it makes sense to hold onto your money as long as possible, ensuring you pay the minimum requirement. You could then save the additional amount in an account earning interest til your special deal ended. That way your money would be working for you and not for the c/card company.

If you want sensible advice, then it's best to present all the facts first. I'm sure he/she was only trying to help you !!! I wouldn't knock people for trying to be helpful !!!

Milarky

Actually I think the point is that LittleVoice could have raised those queries by way of the general point made by jamalfatty - that it is almost always beneficial to pay a credit card balance (because of the interest being charged), that credit cards (always?) allow flexible payments (more than one a month) and that the regular minimum payment is 'a must' simply to avoid charges but otherwise there should be no restrictions.

By not putting the 'answer', and then seeking to qualify that answer only with essential (and helpful) queries it did appear as if the poster was going off topic. (Not intentionally of course)

sicker

If you may a lump sum but do not clear the balance do not assume that the minimum payment on your next bill is covered. There is a window into which you could fall and be fined for not paying minimum amount, if you see what I mean.

John

nomoneytoday

I would pay it off on Monday, that way it would cover next months "minimum payment" too

sicker

nomoney, I dont' think it would. You need to see your next statement for the clear by date. That's what I was trying to say in my previous post.

John

nomoneytoday

sicker wrote: »

nomoney, I dont' think it would. You need to see your next statement for the clear by date. That's what I was trying to say in my previous post.

John

He said the statement date was the 19th (monday), so if he paid on monday the payment would hit his account a couple of days later, which is in the next cycle