Do you pay off your credit card balance immediately?
By eneria04
@eneria04 (115)
Philippines
March 7, 2012 12:33am CST
Do you pay off your credit card balance immediately of wait for the grace period at the end of the month?
I was wondering if there are advantages of paying credit card balance immediately, is it more okay if you'll just wait for the due date and pay it on or before?
Does it affect anyone's credit score?
PLease share! :)
3 responses
@keihimekawa (2009)
• Philippines
23 Apr 12
I think most pay before the due date or immediately for the reason that they want to avoid financial charges or unexpected emergencies (like the bank being offline making you unable to pay). There's a 3 day posting period if you pay your cards via other method other than paying it directly at the credit card bank.
It won't really affect your credit score but most say that if you're a "good payer", your credit limit will increase. Though this is NOT a good thing. Lolz!
@keihimekawa (2009)
• Philippines
23 Apr 12
That might be it. My friend has to call the company just to ask for a credit limit increase. Maybe you should try it too if you want to increase your limit :)
@eneria04 (115)
• Philippines
23 Apr 12
thanks for your response keihimekawa.
i agree. i think they're just afraid to unexpectedly use the money to other stuff.
i wonder, i am a good payer to my credit cards (except one) but they didn't increase my credit limit. haha
i still need to call them and ask for a credit limit increase. haha
@asdomencil (4265)
• Philippines
7 Mar 12
I think paying your credit card immediately does not increase your credit score. I usualy pay my balance a day before or on the due date itself to avoid the late payment charge. But once I received my statement, I paid it thru online banking on a post-dated transaction (on the due date). This will ensure that my daily balance on bank will stay the same not until my credit card's due date.
One advantage of paying immediately is that you are already secured on the money, you will not spend it on other matters anymore. hehehe..
@eneria04 (115)
• Philippines
9 Mar 12
I just wonder,why some people pay their credit cards right after purchasing a product. I think its better to wait for the due date then pay,right?
That I think will increase one's credit score.
I agree with you asdomencil, your money is already secured. haha
Thanks for the reply!:)
@asdomencil (4265)
• Philippines
9 Mar 12
Yeah, your money is already secured.
What I can say about those paying their credit cards without their statements or not waiting for the grace period is that they almost like purchasing in cash and just used the credit cards for possible points they will earn in purchasing. They did not use the previledge of having grace periods. Like me, I used to purchase using my credit card a day after its statement date so this means that all I purchased will reflect in my next statement. In this case, I will pay my debts almost two months after my purchase. Hope this tip would help you too. haha.
About increasing credit score, I think as long as you paid it before or on due date, you will have a good credit score.
@TeamCholent (2832)
• United States
8 Aug 12
I pay my cards off after 2 weeks as some take a few days for the transactions to post etc. As long as you pay your card in full monthly your score will improve, paying off right away makes no difference.
