When should I pay my credit card to avoid interest?

LouP25

molerat said:

Which card is this? Never seen one that takes a payment so far ahead of the due date - most of mine take it on the due date, worst case around 5 days before.

I changed my job, so I asked them to change my pay date... Yes, it's a bit messed up now. You are right, I'll call them to make my direct debit 1 day before due date...

born_again

molerat said:

LouP25 said:

DullGreyGuy said:

You need to pay the full statement balance in cleared funds by the due date on the statement.

Statement date: 12 November
Due date: 7 December
We will attempt to take £* on 17 November 

Now I see 3 dates. So I suppose the date by which I should pay each month to avoid interest is 7 December

Thank you

Which card is this? Never seen one that takes a payment so far ahead of the due date - most of mine take it on the due date, worst case around 5 days before.

Sounds like Amex.
Think there some threads a while ago about them moving DD forward.

LouP25

born_again said:

molerat said:

LouP25 said:

DullGreyGuy said:

You need to pay the full statement balance in cleared funds by the due date on the statement.

Statement date: 12 November
Due date: 7 December
We will attempt to take £* on 17 November 

Now I see 3 dates. So I suppose the date by which I should pay each month to avoid interest is 7 December

Thank you

Which card is this? Never seen one that takes a payment so far ahead of the due date - most of mine take it on the due date, worst case around 5 days before.

Sounds like Amex.
Think there some threads a while ago about them moving DD forward.

It's Zable card ) it's my first credit card, so I'm figuring out. I noticed my credit score already went up after 2 months of using it, so I DID do something right )))

DullGreyGuy

molerat said:

LouP25 said:

DullGreyGuy said:

You need to pay the full statement balance in cleared funds by the due date on the statement.

Statement date: 12 November
Due date: 7 December
We will attempt to take £* on 17 November 

Now I see 3 dates. So I suppose the date by which I should pay each month to avoid interest is 7 December

Thank you

Which card is this? Never seen one that takes a payment so far ahead of the due date - most of mine take it on the due date, worst case around 5 days before.

AmEx are very shortly after the statement and recently pulled them forward a couple of days. 

LouP25 said:

On-the-coast said:

Sounds like you already have a DD set up on 17 Nov.  But is it for the full amount?

No, it's not for the full amount. Maybe I'll call them to ask change my direct debit to 6th December full amount each month...

You dont normally get a choice of the date of the DD, it's set by the billing cycle, but there are always exceptions.  Its likely it too short a notice to change this month so you pay the difference between what the DD takes on the 17th and what the statement was around 3rd December and have them change the DD to the full amount for the following cycle.

Emmia

I asked for my Amex to be paid by direct debit on the 2nd of the month, and I always pay in full. My payment isn't actually due until the 14th (I think)

If I've used my Barclaycard I usually pay that manually (and in full) on around the 2nd of the month, but that will otherwise get paid in full by a direct debit.

35har1old

CliveOfIndia said:

LouP25 said:

It's so difficult to find answer to this. My question is: Should I pay my credit card by the due date or statement date, to avoid monthly interest?

You need to pay by the "Payment Due" date, which will be clearly printed on your statement.  It varies slightly from one card to another, but it's typically around 3 weeks or so after the statement is generated.

As above, the simplest is to set up a DD.  But if you prefer to pay manually, make sure you allow time for the payment to clear - usually not an issue with faster payments, but don't leave it right until the last minute, just in case.

It will usually tell you when making a manual payment if it is in time for it to be counted against that statement DD is the best way 

CliveOfIndia

LouP25 said:

I noticed my credit score already went up after 2 months of using it, so I DID do something right )))

The score you see on your credit report is meaningless, it's not even visible to lenders.

But what you will be achieving is to build up a positive credit history, which is what really matters.

If you've already got your Direct Debit set up to pay the minimum amount (or ideally a bit above the minimum, to avoid "minimum payment" markers on your file) then that's a reasonable start, though not ideal.  You really need to be paying in full every month - firstly because it's even better for your credit history, secondly because it'll mean you pay zero interest.

Belenus

LouP25 said:

On-the-coast said:

Sounds like you already have a DD set up on 17 Nov.  But is it for the full amount?

No, it's not for the full amount. Maybe I'll call them to ask change my direct debit to 6th December full amount each month...

Do it online if you can. You might find a long wait for an answer on the phone.

You can also make instant payments online if your bank and credit card allow that.

Lumiona

My Amex always took the DD 2 weeks before the due date, I changed it to a manual payment on the due date. All my other cards take the DD on or after the due date.

CliveOfIndia

Lumiona said:

All my other cards take the DD on or after the due date.

After the due date - really ?

Making manual payments is fine - and can be useful if, like you say, the DD gets taken well in advance.  Though it's probably a good idea to make the payment a day or two before the due date, rather than leaving it until the last minute.  Just in case there are any issues with the funds clearing, or if your internet goes down, or whatever.  Unlikely, I know, but better safe than sorry.