Credit card ?

Porkchop · 04-08-2013, 08:06 PM

Quick question on credit cards...

My statement dates run from March 14th - April 13th. My payment date is the 8th of every month. I have always carried a big balance so I never ran into this problem. On March 8th I paid the balance of my card in full, so my statement on March 13th shows $0. Fast forward to today. Today is the 8th of course and my payment day. Since I paid off the card, I have accrued $133.89 to date. I go on to make a payment and the site says I owe $0 because the statement of last month was $0. For the current balance of $133.89 does interest hit at the time of statement (April 13th) or after next month's pay date (May 8th).

So this is all leading to.... should I just pay it off today/before the 13th, or will I not have interest on that balance until next pay date?

Thanks!

Cutty72 · 04-08-2013, 08:44 PM

You have to pay the "statement balance" every month in order to avoid paying interest.

Great job on getting it down to a point that you can pay it off every month, hope you can keep it there, its very gratifying.

Porkchop · 04-08-2013, 10:54 PM

Quote:

Originally Posted by Cutty72

You have to pay the "statement balance" every month in order to avoid paying interest.

Great job on getting it down to a point that you can pay it off every month, hope you can keep it there, its very gratifying.

I actually paid 2 off. One that was substantial and another that was a few hundred bucks. Other than vehicles.... never going back.

Rangerscott · 04-08-2013, 11:48 PM

I just use a $1k for gas. Thi.king about upping it to $2k so I can use it for internet purchasing so I can get a.refund.if.I get.hosed.

Porkchop · 04-09-2013, 12:18 AM

Quote:

Originally Posted by Rangerscott

I just use a $1k for gas. Thi.king about upping it to $2k so I can use it for internet purchasing so I can get a.refund.if.I get.hosed.

The big one had a $2000 limit. I paid it off and two days later Discover sends me an email saying they had bumped it to $3000.

Rangerscott · 04-09-2013, 12:28 AM

Shit nigga if theys just gonna give u all that extra money you shpuld max that bitch out and then toss it in tye trash. They come after you for repayment you tell them hoes it was gifted to you.

I did order a crate of ammo wo I have to pay that off this installment. Ugh.

Cutty72 · 04-09-2013, 12:48 AM

I can't remember when my cards had under a 8K limit...
With that, I have never maxed one out either, can't imagine having to pay that off!

Porkchop · 04-09-2013, 03:42 AM

Yeah, I'm relatively young and building credit. The Duc was my first loan approved by myself. Shit even 2 years ago my mom had to cosign my lease on my Soul.

Speaking of my mom, crazy insane credit limit. She pays off her card every month, but her card limit is like 37k. Ridiculous...

OneSickPsycho · 04-09-2013, 09:37 AM

Quote:

Originally Posted by Porkchop

Yeah, I'm relatively young and building credit. The Duc was my first loan approved by myself. Shit even 2 years ago my mom had to cosign my lease on my Soul.

Speaking of my mom, crazy insane credit limit. She pays off her card every month, but her card limit is like 37k. Ridiculous...

Stop paying off your cards... If you carry a balance every month, as long as you remain current on it and avoid finance charges, it helps your credit. I'll pay mine down to $1 sometimes when I get a bonus or something, but otherwise there's always a balance. I use my cards for everything and monitor my rewards to max them between two cards. I should bring in close to $1500 this year in cash back.

shmike · 04-09-2013, 10:15 AM

Quote:

Originally Posted by OneSickPsycho

Stop paying off your cards... If you carry a balance every month, as long as you remain current on it and avoid finance charges, it helps your credit. I'll pay mine down to $1 sometimes when I get a bonus or something, but otherwise there's always a balance. I use my cards for everything and monitor my rewards to max them between two cards. I should bring in close to $1500 this year in cash back.

Please clarify for the young bucks.

I think I get what you are trying to say, but the advice to "stop paying off your cards" is generally bad.

Unless, you have an introductory 0% rate, if you are carrying a balance, then you are paying financing charges.

If you are jumping from card to card to keep getting those 0% rates while carrying a balance, then you are in debt. Telling yourself you are "building credit" is making your problem worse.

04-08-2013, 08:06 PM	#1
Porkchop 125GP Champion Join Date: Aug 2008 Location: Worthington, OH Moto: Empty Garage Posts: 3,418	Credit card ? Quick question on credit cards... My statement dates run from March 14th - April 13th. My payment date is the 8th of every month. I have always carried a big balance so I never ran into this problem. On March 8th I paid the balance of my card in full, so my statement on March 13th shows $0. Fast forward to today. Today is the 8th of course and my payment day. Since I paid off the card, I have accrued $133.89 to date. I go on to make a payment and the site says I owe $0 because the statement of last month was $0. For the current balance of $133.89 does interest hit at the time of statement (April 13th) or after next month's pay date (May 8th). So this is all leading to.... should I just pay it off today/before the 13th, or will I not have interest on that balance until next pay date? Thanks! __________________ *Coming soon? 2010 Ducati Monster 696 - Sold 1984 Honda VF500F - Sold 1999 Yamaha R6 - Sold

04-09-2013, 03:42 AM	#8
Porkchop 125GP Champion Join Date: Aug 2008 Location: Worthington, OH Moto: Empty Garage Posts: 3,418	Yeah, I'm relatively young and building credit. The Duc was my first loan approved by myself. Shit even 2 years ago my mom had to cosign my lease on my Soul. Speaking of my mom, crazy insane credit limit. She pays off her card every month, but her card limit is like 37k. Ridiculous... __________________ Coming soon? 2010 Ducati Monster 696 - Sold 1984 Honda VF500F - Sold 1999 Yamaha R6 - Sold Last edited by Porkchop; 04-09-2013 at 03:44 AM..*

04-08-2013, 11:48 PM	#4
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	I just use a $1k for gas. Thi.king about upping it to $2k so I can use it for internet purchasing so I can get a.refund.if.I get.hosed.

04-09-2013, 12:28 AM	#6
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	Shit nigga if theys just gonna give u all that extra money you shpuld max that bitch out and then toss it in tye trash. They come after you for repayment you tell them hoes it was gifted to you. I did order a crate of ammo wo I have to pay that off this installment. Ugh.