I got my first credit card a few weeks ago. I wanted something where I could earn rewards and just to start learning to be responsible for it.
Because of when I set it up and the days I picked for payment, my first billing cycle is over a month, close to two really. So the balance has been building up and is due around the time of my mid-month paycheck.
Instead of paying off the current balance once a month, I'd like to do it with every paycheck (twice a month). My credit card is linked with my other bank accounts and so I have the option to pay online straight out of my checking account.
So maybe this is a stupid question, but am I allowed to pay off my credit card balance whenever I want, not just when my bill comes in the mail? It seems like credit card companies have 101 ways to penalize people and I wouldn't want to get charged for paying early or too often.
Posted by MattP (Member # 10495) on :
You can pay it any time.
Posted by erosomniac (Member # 6834) on :
Yes, you can pay any amount, any time, with no penalty.
Posted by MightyCow (Member # 9253) on :
You should check to make sure they don't have any fees for paying online (they usually don't), but as long as your card doesn't have a yearly rate or some other fees, there should not be a penalty for early payment. I almost always pay my credit cards online, and usually early, and they've never penalized me for it.
Posted by Lyrhawn (Member # 7039) on :
Yeah, double check with the rules, sometimes they sneak hidden fees in there, but you should be able to pay whenever you want with no penalties or problems.
Posted by Shanna (Member # 7900) on :
Thanks for the answers! This should making my money management SOO much easier.
My card is through the bank I work at and free online payment is one of the promotions we were pushing last week. So I should be good there!
Posted by pooka (Member # 5003) on :
I believe CT popularized the term circa 2004.
Oops. Wrong thread.
Posted by zgator (Member # 3833) on :
quote: Yes, you can pay any amount, any time, with no penalty.
quote:but you should be able to pay whenever you want with no penalties or problems.
Unless you pay late. Or you pay below the minimum. They do frown on that.
Posted by scholar (Member # 9232) on :
I once paid my bill and then realized that I would be out of town for the next bill, so a week later, I mailed in a second check. I was then gone for a month and on my next bill had a charge. The second check had arrived before the second bill was printed. They counted that as not paying for the second month and the charges ended up being more than the balance. Of course, when I called and explained, they fixed it. Just another situation to watch for- always pay once during the cycle, no matter how many times you paid in the prior cycle.