When to Pay Your Credit Card Bill (Pay $0 Interest and Increase Credit Score)

When to pay your credit card bill?
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If you want to pay $0 interest on your credit card and increase your credit score, then you need to make at least two payments each month. You'll need to pay off your statement balance in full by the due date in order to pay no interest, then you'll need to pay down your remaining balance as low as you can right before the billing cycle ends. Because once your billing cycle is closed, the new balance is given to you and the credit bureaus and they like to see your credit usage below 30%. Confused? This video should help.

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#honestfinance #creditcards

0:00 - Start
0:17 - What's the billing cycle?
1:07 - Pay $0 interest
2:36 - Increase credit score

[HonestFinance]

Enjoy the video! Comment below if you have any questions, thanks :)

[YZFMX]

Wish they would teach a class like this in highschool as an elective. I never knew any of this until recently. This is needed more in every day life vs something like calculus

[mountshine]

These tips will definitely help people get knowledge and those who are struggling, your video will be a problem solver for them. Great Insights. Keep it up

[YasinNabi]

I am very grateful that we can find great educational videos on Youtube nowadays. I really appreciate your efforts making these videos. subbed and liked ! a fellow creator

[kurmit]

Yes finally you made the video I was trying to figure out how this worked and only rich people talked about this and i managed to squirm my way around then when they did talk about it.

[naimafikri]

Awesome presentation keep the good work!

[lindaanderson]

Excellent ! I always wondered why the billing cycle was on the 17th instead of the first . I’ve had my card for years and couldn’t tell you what date I opened it . But I will remember when I close it .🎉🎉🎉

[scratcherscratcher]

So cool! Great video! Thanks for confirming what I thought it was! I pay full balance off before due date 95% time!!

[jeancontreras]

Super easy explanation and you are saving money to the people. Thanks

[RatedRGameGuy]

Yup, been doing this for years and IT WORKS. I generally don’t spend a lot on my credit card and I don’t put anything on it that I can’t pay by cash. Then 2-3 times a month I’ll put a payment towards my credit card until it’s zero by the end of the month.

[StrivingFR]

This was really helpful and straight to the point, much appreciated bro.

[TheIdeaVault]

THANK YOU!! Finally! simple, concise and useful information on this subject! And I liked how you said around 5:33 "this is what I did..." so we know it works and I love the simplicity of this action. Thank you!

[stephen]

Appreciate this video, keep up the work!!
Question: How should we pay our credit card bill if we have autopay on? I set the autopay to the outstanding balance for the previous month. Should I let my bank autopay at the due date, then pay the outstanding balance right before the statement closing date?

[dral]

F that 😅 I go beyond playing it safe, once it's out of pending and available to pay, I pay immediately. That way I don't have to worry about a billing cycle or so called closing date

[ceciliaruns]

Keep it under 10% but the sweet spot is 1-4%.

[motherof]

i'm looking for the best card to transfer a balance for slightly over a year to pay off & not really use for anything else, we do plan to travel after its paid down though.

[excitinglife]

I'm even more confused! If the payment is due before the statement closure date, are you suggesting on the due date to pay not in full but just enough to leave a 10% of the credit limit use, and then pay the rest before the statement closure date? Wouldn't you have then to pay apr interest because didn't pay in full and also get a bad score bc not paying in full on due date? Could you please explain this detail in particular 🙏🙏

[BenWinder]

I pay my credit card every 4 or 5 days lol. Don't no if it's bad to do that but my credit has shot through the roof.

[marley]

Im confused, example, due date is 6th, report date is the 10th. Should I Pay in full by 6th, and couple days later and spend under 30% amount within the 4 days so I have a balance? In other words, if I pay in full by due date, this only is a 4 day window before report date and credit card would report zero utilization.

[DanielaRojano]

*Hi I used my chase freedom CC, according to the app, my due date is every 5th of the month (Right now it says June 5th) & I made a purchase yesterday, my question/concern is does the purchase count for June 5th or counts for July 5th due date? And what if the pending amount settled on on June 5th? Am I in any interest/trouble? This is my first time purchasing something a few days before a due date if that makes sense, can you please clarify me? Thank you*