2007-12-09 09:31:31 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
ut would it help?
2007-12-09 09:31:59 · update #1
If you pay it before the bill drops you will still oue when the bill comes...
2007-12-09 09:35:32 · answer #1 · answered by Taz 4 · 0⤊ 0⤋
I do online banking a lot and use to go the bank's website and pay off my credit card right away thinking that I didn't want to forget paying the bill.
I changed that habit thinking that if I hold the money in my savings account, I accrue interest. Paying the credit card company right away doesn't get you anything. They just get your money early and THEY earn interest on it (theoretically). As long as you pay your money before the due date, you are fine. My credit card bill is sometimes around $3,000. If I keep the $3,000 in my savings account, I get interest on it each day. I know it's only a few dollars a month, but it adds up eventually and it's not like I'm working for it.
2007-12-09 17:49:28 · answer #2 · answered by Fat J 1 · 0⤊ 0⤋
I recommend that everyone should have a bank account that earns interest. If you do, then by paying early, you lose out on some small amount of interest.
However, be sure not to be late. There are substantial penalties and interest for being late on a credit card bill.
2007-12-09 17:46:05 · answer #3 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
No, it doesn't help. Credit ratings are based on timely payment of debts, but making a payment early doesn't matter.
If you are paying down a significant balance in its entirely (say several thousand dollars), it might serve as evidence of ability to pay large debts, however. If you're talking about a few hundred dollars or less, I doubt it would make any difference.
2007-12-09 17:35:24 · answer #4 · answered by PhotoJim 4 · 0⤊ 0⤋
Be careful....some credit card companies will post your payment on last month's billing cycle if you mail it too early and claim that you never made a payment on the next cycle.....then charge you a $39 late fee....Seriously...they'll do that...It's one of many tricks to get late fees...In general it's best to pay as soon as the next statement becomes available and it's best to pay bills online as opposed to mailing a check.
2007-12-09 18:21:24 · answer #5 · answered by CatDad 7 · 0⤊ 0⤋
Yes! If you have the cash, pay off the card. Why risk having any emergency which will not allow you to make a payment? Pay off the card and shred it.
2007-12-09 17:35:53 · answer #6 · answered by Debt Slayer 4 · 0⤊ 0⤋
Just make sure to pay on your credit card every month - it doesn't matter when.
2007-12-09 17:58:59 · answer #7 · answered by Due March 9th, 2010 5 · 0⤊ 0⤋
Paying your cc bill early will help your credit and avoid paying interest.
2007-12-09 17:39:50 · answer #8 · answered by Sassy Shut Your Mouth 5 · 0⤊ 0⤋
my experience is pay as much as early as possible,
2007-12-09 17:37:44 · answer #9 · answered by magpie 6 · 0⤊ 0⤋