Paying credit card before statement is issued

retiredbanker1

Nobody seems to have cottoned on as to another reason why it is a bad idea to pay a credit card off prior to statement date (Assuming it is always paid in full) - you are giving away free money!

If you time a purchase and pay it off in full you can have up to 56 days interest free period, in which your money could be sitting in a savings account earning you a few pennies.