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Paying in full, wait for the bill or pay off as and when?
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Sbbc138
Posts: 1 Newbie
in Credit cards
I have a credit card that I use regularly for online shopping, a bill in a restaurant (when they're open!) and just general spending.
I always pay it off in full every month, obviously, but as my credit card is with my bank I can easily transfer payments to it from my mobile banking app and clear the balance regularly.
My question is: should I wait for the bill and make one monthly payment to clear the balance, or is there any harm in settling small balances (£20/30 etc..) on a regular basis?
Thank you.
I always pay it off in full every month, obviously, but as my credit card is with my bank I can easily transfer payments to it from my mobile banking app and clear the balance regularly.
My question is: should I wait for the bill and make one monthly payment to clear the balance, or is there any harm in settling small balances (£20/30 etc..) on a regular basis?
Thank you.
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Comments
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Wait for the statement, them clear in full.1
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Set up a DD and use that!3
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Providing you do always pay it off in full when the statement arrives, it's best to wait for the statement then pay in full. There's no harm as such in making interim payments - but you do then lose out on the benefit of building up a favourable credit history, as the card will be reported on your files as not being used. You may as well use the card regularly, pay in full when the statement arrives, and benefit from the boost it'll give to your credit history (history - not score, which is utterly meaningless).0
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Ebe_Scrooge said:but you do then lose out on the benefit of building up a favourable credit history, as the card will be reported on your files as not being used.0
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CCs work on statement periods so don't pay off as you spend, you can quickly get in a real mess, especially at the point in the month when expenditure and payments are across a statement period.
You end up with rolling credits and debits and can lose a grip of the actual balance.0 -
Chino said:Ebe_Scrooge said:but you do then lose out on the benefit of building up a favourable credit history, as the card will be reported on your files as not being used.0
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Mine shows how much I have paid each month for all my cards.0
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Deleted_User said:Chino said:Ebe_Scrooge said:but you do then lose out on the benefit of building up a favourable credit history, as the card will be reported on your files as not being used.
I think you might be wrong there as quite a few of mine report the amount I've paid each month.
Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:1 -
One of the points of a "Credit Card" is that you get X number of days "Interest Free Credit" to pay back what you have spent, within the statement period (so long as you pay in full each month).
So why pay sooner than you should?Life in the slow lane0 -
born_again said:One of the points of a "Credit Card" is that you get X number of days "Interest Free Credit" to pay back what you have spent, within the statement period (so long as you pay in full each month).
So why pay sooner than you should?0
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