Your Questions About Pay Off Credit Card Before Statement

Daniel asks…

If you pay off the bill completely before the credit card statement comes, are you charged for interest?

I wanted to get a credit card for gas (the speedpass one with Mobil), but the interest is freaking 25% or something crazy like that. If my due date was the 30th of the month (say statements coming on the 15th). If I used it, and paid it off completely every month before the statement was issued (in this case the 15th), would I be charged for interest?

richmama answers:

Maybe if they don’t process it before it’s due.

Better to get a debit card that works off a check account.

Laura asks…

If I pay off my credit card before my monthly statement is posted, does it still help my credit score?

EX.If my balance is $150 for the month, and that $150 was spent in that month, and I choose to pay it off before my statement period closes, does that still count towards my credit score? I don’t know if it counts because I’m not paying intrest.

richmama answers:

Yes. You are showing that you are actively using the card, but you are paying the balance off in full monthly, which keeps your amount owed:amount available ratio low, which in turn will boost your credit score.

Jenny asks…

Paying a credit card off before the statement balance?

I had a question ya’ll, what if you were use a credit card and pay off whatever you owe on it before you receive a statement balance. I put money into this card every time i get paid which is every two weeks. Is this helping me earn credit or no, do i have to wait til the statement balance ask for a minimum payment before actually paying off the card for the month?

richmama answers:

You’re doing it right.

You don’t need to wait for your bill in order to build credit. This is most definitely helping your credit score.

David asks…

Does it make a difference if you pay off your credit card before statement or anytime before due date?

What I’m doing right now is keeping balance below about 30% of my limit, and paying off in full a couple times a month, resulting in my monthly credit card statements being for $0. I just want to know if there is anything bad about me always having statements that show 0 balance, meaning there are no statements for me to pay, but there are balances that I pay every couple weeks. Or does it make no difference when I pay, as long as I pay before the due date.

If you can link to a source that supports your answer I would really appreciate it, because I want to be sure.
So if I pay before the statement comes out, is it still reported that I pay whatever I pay on time? It’s just as good good to have either 0 balance by paying before or to have whatever balance and pay before due date?

richmama answers:

It makes absolutely no impact on your credit profile as long as you DON’T pay late.

Buying something on the 1st week of the month, paying it off on the second week, then buying something on the 3rd week, then paying it off on the fourth week has no impact on your credit. What impacts your credit is late payments, over limits, etc. Credit profiles are updated monthly, not weekly or daily.

I’m absolutely sure.

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