ok it sounds stupid asking this but..what is the difrence between paying ur cc on-time and early? is on-time when ur staement comes in? or paying early before your staement comes in? help me out
2007-03-25 13:34:58 · 6 answers · asked by justsomeone 1 in Business & Finance ➔ Credit
Everybody's made a valid point in regards to what it means by early or on-time. A simpler way to put it would be this. If you charged something and then turned right around and paid it well before what's called the "closing date"(when your statement is printed), that would be considered early. If you wait until after the closing date when you receive your statement and you pay on the date that the minimum is due would be considered on time. Paying early actually helps you save a couple of $ in interest you would've paid if you waited until the closing date. Me myself, I like to pay it early while I have the money available to pay it and not rack up any finance charges if I wait until the statement comes out. By then, the finance charges have already been applied to the total balance which would mean more to pay.
2007-03-26 09:28:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Paying "on time" means you get your payment to them by the due date, no later than the due date.
Paying it early means, paying it the instant you get the bill. Or you can call the 800# on the back of your card and find out what you owe and pay it before the bills even show up.
I'll use my Macy's card to get that extra 15% off on sale items, then when I get home I send them an online bill payment for that entire amount. Now that's early!
It helps your credit score to pay things either on time or early. Good credit helps you get excellent interest rates when buying cars, homes, etc.
Suze Orman has great books and her website is super informative, she can explain all of this far better than any of us mere mortals can!
http://www.suzeorman.com/index.cfm
2007-03-25 20:48:56 · answer #2 · answered by wwhrd 7 · 0⤊ 0⤋
I believe early is after the statement comes out but before the due date. On time is simply at the due date.
2007-03-25 20:37:48 · answer #3 · answered by Crighton 3 · 0⤊ 0⤋
You have the correct answer in your question.
After you make a charge and you pay before the statement cuts - that would be paying early.
An on time payment is paying after you receive the statement (and paying on, or preferably before, the due date)
2007-03-25 20:44:27 · answer #4 · answered by echo 7 · 0⤊ 0⤋
I pay all my bills as soon as I get the bill in. why wait for the last moment and risk that your payment comes in late.
2007-03-25 20:39:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It's the same thing.
2007-03-25 23:15:40 · answer #6 · answered by bundysmom 6 · 0⤊ 0⤋