I have my 1st credit card - can i make a payment any time?

Question

I have only gone thru one billing and i paid $120 on about $300.. more than the minimum (which was 10 dollars). I have a $500 limit and right now I am up to about $350. What I am asking is can I make payments at ANY time? The next bill won't be until the end of december i think, since i paid the first one so quickly. i'm confused.

Answer 1

You can pay your balance or part of a balance higher than the minimum payment anytime before the due date. Some lenders will allow up to 3-payments without penalizing you for it.


With a $500.00 Credit Line you need to be ware that you cannot use more than 50% of the credit limit., keep your utilization low, this mean only use $250.00. and try to pay the balance in full every month.

Answer 2

Usually, yes, up to the amount that you owe. With many cards, you can pay online directly from a checking account.

Interest on credit cards is very high, so your best bet is to charge only what you can pay off each month so you don't have to pay any interest. If you make only the minimum payment, you'll never get the card paid off. With the interest, you'll be paying a lot more than you think for each item you buy on the credit card.

If you make your payments regularly, the company will keep raising your limit. That's how people get in trouble.

Answer 3

You can your cc anytime usually. Sometimes they have penalities against that. So you need to find out from your company about that. Make sure to pay on the cc when the due date comes around, though. Even though you pay early you still have to pay when it is due. And pay at least the min payment. If you can pay more b/c the min. payment is just the interest that you have required.

Answer 4

word of advice...........BIG MISTAKE!!!!!!!!!!! when i got my first credit card..i thought it was cool too....but..it seems like the more i pay..the amount still stays the same....pay it off..and cut that bitc* up...