Credit Card Newbies Lost on Basic Rules

“This is a good description of how the interest is calculated each month and how your payments get applied. The one thing to add is that the bank then computes a payment amount that will make the principal fall to zero at the end of the selected term, and that's the regular "payment due" each month. You're normally welcome to pay more than that to reduce the principal further and get the loan paid off earlier.”

“i just used "pay yourself back" for the first time ever today, and i "paid back" my full statement balance for the month. would i still need to pay the minimum payment if i "paid back" in full? submitted by /u/keikilla [link] [comments]”

“You are just paying 30 or more days early, and artificially showing a smaller balance which can affect ability to get credit line increases.”

“Pay the statement balance by the due date every month to avoid interest. Pay the current balance (between statement date) if you want to pay the excess of the statement balance over 30 days early.”

“Sorry, I was unclear. I paid for some things and those purchases processed and were listed on my balance on 8th and 9th July. The bank information said to avoid paying for anything within 5 working days of the statement in case it processed twice, so I let them process and sit until my statement generated. I paid the full statement balance after the statement and before the due date.”

credit cycling

“So this is probably a unique situation, but I finished paying off my Chase credit card, I took a less than original amount offer and finished paying that off. I currently have until August 31 at my full-time job because I’m going to school so I will be going part-time. I still have one more credit card to pay off of $1600. I should be getting that done by this month. My credit score is 514 after this is done. How do I rebuild my credit? Or should I just NOT get a credit card anymore? I was unemp”

“Is there a way to make a payment towards a regular balance over a promo 0% APR balance? So we have had a string of very bad luck over the last year or so, in that we have had 3 of our pets accrue vet bills and have subsequently passed away, most recently yesterday. I was checking my care credit to see if I had enough available to pay for the ER vet bill, and I noticed the balance was higher than I thought it would be. Long story short, I thought a charge from a year ago was 12 months no interest”

“What is the estimate time for a due date from July 5th? I’m still a little confused about the due dates and I still don’t have one yet. submitted by /u/DamnImAss [link] [comments]”

“Don’t stress it. Use it when you need to use it and pay it off after the statement posts.”

“Hello everybody, I made a post last time and basically for the last four months I have been paying my credit card on the due date without letting the statement generate, as others told me i was supposed to let it generate, like my current debt is due next month on the 15th and the previous month is due on the 15th but my question now is how much should I report on the utilization because I have been reporting zero utilization for the last four months. What should I pay to lower so I it could rep”

“So, 22M, fresh out of college, I just received notification that my Capital one credit card was charged off. I have a Savor one, $655 balance and Quicksilver $450 balance . My only other credit card is Credit one with $300 limit, $100 balance, in good standing. (yes i know credit one is horrible) The only other thing on my credit report are my student loans, who are not in repayment yet, of around 30k for my undergrad. Before any comments on the balances and judging, both my parents were deporte”

“Paying twice a month and zeroing it out each time keeps your reported utilization low without having to think about percentages”

“To add to this, everybody should make sure all their due dates are on a date that is optimized for their pay schedule. Don't just accept the date the CC company gives you.”

“Autopay the statement balance once a month on the due date. I don't understand why people do anything else. Also I have 6 different cards and I don't have to worry about remembering anything this way.”

“Just talk to the creditor. Come up with a payment plan for at least the minimum. Don’t start missing payments.”

Can you answer it one last time?

“I have the BCP card. For my statement from June 6 to July 7 my Statement balance is $454. On June 28th I redeemed $126 Reward Dollars as a statement credit for my account. The points left my account and it posted on my account as a Cash Reward refund...However my statement balance since June 28th has not change at all. It is still $454. My new statement starts today and I have to make a minumum payment of $40 by Aug 1st but my Total Balance remains $454. How long will it take for my Total balanc”

“Interest rate is irrelevant if OP learn how to use CC correctly: always pay off the statement balance (monthly bill) in full before the due date each month.”

“Budgeting was definitely easier when paid twice a month. Getting paid every other Friday adds complications. Still, your observation is right, due dates tend to be negotiable.”

“Ohh I see! That clears it up and obviously the current balance is what new purchases will be due on the next due date correct? Just want to get a final clear understanding about this.”

“This was what I was thinking but when I click to pay the statement balance it says, “Choose "Interest saving balance" if you want to avoid interest on new purchases and pay your statement balance without paying off your plan or loan earlier than intended.” I recently tried out their pay over time which is why it says this. So, should I still proceed with paying the statement balance over the interest saving balance?”

“Hi everyone, I’m confused on which I would have to pay on the 15th. This is my first time while having my credit card that the “interest saving balance” came up. Which of these payments will I need to pay on the 15th? If I pay the interest saving balance does that pay my statement balance? Lastly, just to confirm, my current balance is what new purchases would be due on the next payment due date? Example of my options it’s showing to pay: Interest saving balance: XXXX Statement balance: XXXX Cur”

“Just make the payment after business hours. It won't hit your account until the next day but their system will record it as paid on time.”

“Bro just pay the statement balance by the due date. Don't make it complicated.”

“The credit bureaus get the data whenever the lender reports it. Which is usually not known and is usually about a month behind. Trying to min-max credit score like this is not worth the effort. Just pay the full statement balance on or before the due date (25th). Utilization is a "forgetful" metric, meaning if you max out the card, your score would go down. But if you pay it off it goes back up. Just try not to rack up a high balance if you foresee any credit check in the future.”

“Mine used to cover my rent. I went through a tough stretch, didn’t use the app for a couple months, and am getting caught up on my rent the long way, but it decreased my limit to $500 How long will it take/ what have you done for it to increase back to the full rent amount? Or any experiences with the increases/decreases at all and what triggered it would help! Thank you guys! submitted by /u/OGClouds420 [link] [comments]”

“So I had surgery last week and in the chaos, I missed the due date for my credit card payment. The due date for the minimum balance was July 2nd, but I did not pay until today (July 5th). I always pay the statement balance, not just the minimum balance, and the last payment date that I paid my statement balance was May 28th. I’ve seen the info that anything paid within 30 days will not impact your credit score because that’s a late payment and not a missed payment, but I’m confused about where t”

“Hello! I recently opened up my first credit card with Wells Fargo in June. I’m a little confused on what these dates mean. My minimum payment due is on 7/20/2026 and I am ready to fully pay off what I used which I have read is best to do 3-5 days before the minimum payment. However, my next statement date is 7/26/2026. What should I do on this time period… do I use it again after 7/26 to show I had utilization for the month of july? I am hoping to start off in building my credit score but not ha”

“Autopay. Statement balance. Due date. It’s a marathon, not a sprint. You don’t need to play games unless you’re about to apply for a new line of credit in the next 30-60 days.”

“I am trying to understand something about what affects my credit score. I learnt somewhere that if you spend more than 30% of you credit line you were given, credit beuros on the end of statement period ding your credit. I am currently in the "building credit" period with a new first card and I spent upto 60% of the credit line i had. Lets say I pay it all off by the statement date, will my credit score still get "dinged"? submitted by /u/spirit_vortex_ [link] &#3”

“I have a $6000 charge off with capital one from June 25th with my credit card. I called to ask if I could pay a certain amount to keep it up to date and they said no. It is in recovery though and it’s $200/month for 30 months. I’m absolutely devastated as I just got married. Am I able to still buy a house or rent an apartment? submitted by /u/Turbulent_Coyote_100 [link] [comments]”

“I hate the feeling of having debt. I got a credit card because I want to improve my credit score (and cash-back incentives) But is paying back too soon (before satatement is issued) pointless? Should I wait until the statement then repay? Thanks in advance. Credit noob submitted by /u/sissycassiex [link] [comments]”

“I’ve been informed that my recurring cc payment that pays my statement in full 2 days before the due date (in case of any potential issues) now has to be changed to the statement due date. This is because of a system change. If i want to have a recurring payment for the full last statement balance it can only be on the statement due date. All my other credit cards allow me to setup recurring payments on a select date before my due date. I spent an hour with customer service trying to reach a sol”

“i got a my first credit card around a week ago and I was trying to schedule payments today. i am confused about why my due date is shown on for july19th but my statement closing date is on 25th? I wish i could show a screenshot but its basically what i said. from my understanding the due date is supposed to be 30ish days after the statement date so im not sure why this is. any clarification helps submitted by /u/spirit_vortex_ [link] [comments]”

“Hello! This is my first credit card and I have a question. So, my minimum due date is on July 5th, my card hadn’t been used yet, but if I use it now (June 30th) would I need to pay the minimum in July 5th immediately or August 5th? I’m asking because I get paid in the 7th of July and just want to pay it in full when i get paid submitted by /u/OrionWoods [link] [comments]”

“I use my card and pay on time the minimum amount sometimes more (around $100-$200 not as often tho) my score has been going up the last few years doing this but I think I messed up by paying early. I used my card to pay for a few vet trips for my cat who ended up passing away. Put about $1.2k on the card and paid off $1k a week later but it wasn’t on a due date. My score dropped after this. Is this what caused the drop to happen? I didn’t know paying more or early would drop it if anything would”

“From what I understand, if you pay your statement balance in full by your due date, you will not be charged interest. However, I'm trying to figure out if there are transition issues from normally having a balance carry forward to paying in full. I paid my entire account balance a few days ago, which was a substantial sum of money. This was after the closing date for my previous statement, which means there will be a carry forward balance for my next statement. Right now my account balance i”

“Hello this might sound like a dumb question but if my closing date was on the 5th of June and my due date was the 28th when should I stop using the credit card and when can I start using it again. I payed my full balance on the 24th to be sure. submitted by /u/yTestify [link] [comments]”

“Hello, I am 19 years old and recently got a credit card in April. To be extremely transparent, I do not have much financial literacy, so I ask for some patience. I opened one because I heard it is good to build your credit young. When I went to the bank, I was hoping to get a small rundown on how to use it, tips, things to avoid, etc. Unfortunately, the bank worker who was helping me seemed like she had other things to tend to, and just approved me and told me if I have any questions, to call th”

“i’m 22 yo and kinda know how credit cards work, but i’m still a bit confused on how the payment process works(?). i use around $100-$200 each month and pay it all off before the min amount due date which is the 21st. is this the right way?? is it okay if i don’t pay it all off before the min due date? if it is how many days after that is it okay to pay all of it off? idk if im explaining the way i do it right, hopefully yall can understand what i mean did submitted by /u/CriticalAd43”

“So this is my first time using a credit card, i cant post a screenshot but right now my minimum payment due is 0, due date is July 9th and current balance is 71 currently. I dont fully know what this means Its the discover card for students, i only got it currently cus i rlly want to build a good score by January (is this possible btw?) to get a loan to pay for college. plus i need to pay for the bus and such. do i have to pay the full current balance by july 9th or do i wait till the minimum pa”

“I bought tires two months ago, came out to roughly $500. I put it on my Chase credit card and have since paid the card off down to $0 after the statement, and then used it again for random bills and things. Now, i clicked on the pay over time option for a large purchase that we just made, and it’s showing multiple purchases as eligible, including the tires from two months ago. What happens if I start a plan for it? That purchase has already been paid for, so what is the plan? Does it add the ~$5”

“Hi there so I have a couple of credit cards and I like to stay on top of them. However I don't understand my Walmart credit card. It says current balance - $810 but says available credit is $4,600 out of $5,000. When I have overpaid on my Costco credit for example it will say current balance zero available credit $5,100 out of 5,000, meaning I've overpaid by $100. Can anyone help me with this? Do I owe on my walmart credit card? submitted by /u/wintertimeinc”

“It seems like credit cards not only charge interest on your purchases but also on the interest that they charge you. Am I seeing this correctly? They charge interest on the entire balance, isn’t a portion of that balance interest already charged?or are you just paying the interest charged monthly and just that tiny bit goes towards the purchase balance? For example DISCOVER interest rate 18.74%, minimum payment $299, interest $229. 23% goes towards principle. CITI interest rate 18.74-26.74% Mini”

“Is the "Next Statement Closing Date" my deadline for paying and avoiding interest? I'm still figuring out the dashboard. The "Next Payment Due" card on the Account Center homepage still says "no payment due" I've only made one purchase (like I said, new to this) submitted by /u/Gottagoplease [link] [comments]”

“Well I think I didn’t. Got my first credit card 2 months ago. My first payment I paid the balance in full prior to the next statement date. Did my research decided to wait after my next statement issue to pay my tab. That’s what I did. Paid my whole “last statement balance” amount. I’m confused, why did it go down? Did I do something wrong? That’s what I’m thinking. I think I prefer to keep my balance at zero. It gets confusing budgeting throughout the weeks while I see my amount in my checking”

“So how do they work? I’m currently using capital one and have my credit card set to auto pay the statement balance but whenever the due date passes and I check, the balance is still the same and there is no money withdrawn but when I go to make a payment it says that I can only do the full balance. I’m worried that this will count as me not paying my credit card and lower my credit in turn, any ideas? submitted by /u/Sufficient_Ad7457 [link] [comments]”

“My credit score/FICO is high 700s. But lately I've been spending a bit too much and have had some debt. Before I used to pay my cc statements every week. I tried to go into a new month with 0 balance. But lately I've been being charged interest on late payments or incomplete payments and im confused. I got charged interest penalties twice this month for not paying the full balance from April/May staement. So question. How often am I supposed to be making payments and on what to prevent t”

“Long story short I have the money to always pay off my credit card and I make sure that I put aside more than my credit balance so overspending or self control isn’t a problem. I just want to know if it’s better for my credit score/history to pay off my credit balance completely or leave a balance so the see it’s being used because I saw someone say a while ago that they credit bureau just looks at the balance at the due date so if the balance is always $0 they won’t think I’m spending money and”

“I recently got a BCE on 4/20 with a $1000 limit which i initially thought was a low limit but after further research, was normal. I’ve heard people say 61 days, I’ve seen ppl say 91 days. I just saw someone say they received one after their first statement. Can someone please clarify what the data point suggests? I have a trip to Panama in 2 weeks and i need to would like to use only my Amex there, but if it’s 3 months that would too, i have more credit submitted by /u/Kamdoncic94 [l”

“Does it matter when I make the payment if the min payment is zero, also is it true that it's better to pay in smaller payments than the full amount as long as it's paid off by the end of the cycle? The minimum payment is on the 10th of every month while the cycle ends the 13th. I ve also heard that I shouldn't use my CC between those dates. Also is true that you should use more than 50% of the total balance allowed other wise it negatively affects your credit report/ credits scores?”

“if my statement balance is $2500 due on july 1, and i do a balance transfer of $2000 today 6/8, which will process well before the due date of july 1, will i then owe the remainder of the balance which is $500 on july 1? submitted by /u/supplyncommand [link]<”

“I opened a card for the first time back in late May. Got approved on the 15 and finally got it in mail and activated on the 26-27th So far I've only spent $3 and that's what my outstanding balance is. It says my minimum payment is $0 by 6/22 and the statement date is 6/26 and this is the end of my first cycle So I know I owe the $3 by 6/22 but I don't get what the statement date is and what happens on it and I don't get how spending between the due”