Is there a best time to pay off credit card?

enthusiasticsaver

If you are clearing the balance every month I would wait for the statement to generate then repay in full ideally using a direct debit so you don't forget. Lenders like to see well managed lines of credit. If you repay before the statement generates it won't show as you using the card at all. I would not get too hung up on percentage usage as it will be cleared each month.

No_6

phone them !
and ask when the payment is required,, to pay the full balance,
then pay it b.4 that date

terms are different….read what you signed up for

redux

No_6 wrote: »

phone them !
and ask when the payment is required,, to pay the full balance,
then pay it b.4 that date

terms are different….read what you signed up for

Why phone, when the info (balance, minimum payment, due date) is clearly written on the statement?

phillw

SlovakianGuy wrote: »

I checked my credit report the next month and the balance of £350 was on it (not £450 which I really spent).

It will also show the £450 payment you made to the credit card company, at least noddle does now. They only used to send a flag whether you were making the minimum payment, but this changed a few years ago to send the repayments as people were gaming the system by paying 1p more than the minimum each month.

They can see through your game now.

No_6

@ reduck

only if people read their statements….many don't
and sometimes it's on the one b4 the terms change !

may be not now but hit in the LONG past

just look after YOUR money, no one else will.

SlovakianGuy

phillw wrote: »

It will also show the £450 payment you made to the credit card company, at least noddle does now. They only used to send a flag whether you were making the minimum payment, but this changed a few years ago to send the repayments as people were gaming the system by paying 1p more than the minimum each month.

They can see through your game now.

But are you sure this is same with all card providers? For example, my Nationwide Select card shows more info than my Asda (Creation) card. With Asda, it really is just the amount that was reported to CRA on the 1st of each month. Nationwide show everything, what was the highest balance, etc.

xmarksthespot

@sufcboy - Don't get hung up on this. Don't try to be too clever. Don't lose sight of what the purpose, benefits and disbenefits of a credit card are.

You ask: "Is there a best time to pay off credit card?"
The collective advice is: Pay it off in full on time each month, ideally by direct debit.

phillw

SlovakianGuy wrote: »

But are you sure this is same with all card providers? For example, my Nationwide Select card shows more info than my Asda (Creation) card. With Asda, it really is just the amount that was reported to CRA on the 1st of each month. Nationwide show everything, what was the highest balance, etc.

On noddle all four of my cards have balance, statement balance, payment and credit limit history. I accept your point that some card providers may provide less data.

This makes the answer a lot more difficult as you need to know the data each card issuer providers to the CRA each month and it could change without them notifying you.

No_6

so did you phone them ?

probably not, just wanted to post a post about nufing