Your Questions About How To Pay Off Credit Card Balance

Chris asks…

How often can I pay off credit card balance?

Do you only have the opportunity to pay off a credit card after you receive the statement once every month or can you pay it off as often as you like? I don’t want to have a large balance.

richmama answers:

You can make as many payments as you want as long as you make at least the minimum payment by the due date. Paying off the balance “often” instead of once a month does not, however, improve your credit score.

Steven asks…

How to pay a low credit card balance off with cash?

I have no bank account, and the card is a capital one credit card. I am wondering if I can pay it off with cash, or a money order. Also does anyone know where I would send the money order to. There is no Capital One bank near my home.The amount owed is 15 dollars, but I plan to send 40.

richmama answers:

Never send cash through the mail.

Use the cash to buy a money order, and mail the money order.

If you owe Capital One credit card – call them to get the mailing address for payment if you don’t have your statement.

You can get a contact number from the capital one site.

Lizzie asks…

How long will it take to pay off a credit card balance $6,000 with 15% APR with minimum payment(4%ofbalance)?

CC Balance– 6,000
APR- 15%
Decided to stop making purchases until balance is paid in FULL
All minimum payments at 4% of balance

How many months will it take to pay it off completely?
***Sorry I did not clarify, this is a hypothetical word problem I am trying to work out in review for a test

richmama answers:

Months?….. Try years.

Anyway… Check your last statement… By law the credit card company has to list on every statement how many years it takes to pay off the balance when you only make the minimum payment due.

Sandy asks…

Do I pay my full credit card balance by the next payment date, or just the minimum?

I recently got a credit card to build up my credit to buy a car. I’m just not 100% if I’m supposed to pay the full balance by the payment date this month, or just the minimum. My minimum amount due on my account summary says it’s $0.00. I’m confused! How long do I have to pay off my card?

richmama answers:

And now for the REAL answer. You asked a question, so I’m going to tell you the answer. I work at a credit card company, and I see people make the same mistakes time and time again. How you get into trouble is if you pay the minimum payment. After the finance charges are calculated, that minimum payment won’t even put a dent in the the balance. My suggestion is this, which is very simple. Purchase only what you know you can pay off IN FULL ON TIME every month. This way, you still build credit by showing activity, without going into serious debt.`

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