Everyone knows that you must pay your credit card on time each month and preferably in full.
But not everyone knows exactly how to make a payment.
The good news is that there are several ways to pay your credit card bill, and they are described right here.
Keep reading to find out when to make credit card payments and to familiarize yourself with the different payment methods you can use.
When do I have to pay my credit card bill?
Simply put, you must pay your credit card bill every month by the due date.
If you can, always pay the full balance of the statement every month – that way you won’t earn any interest on any of your purchases.
If you are unable to pay the balance on your statement in full, always make at least the minimum payment and try to pay off the balance before the next payment date.
If your account has auto-pay for the minimum balance and you made several large purchases during the month, be sure to pay more to top off auto-pay.
Should I pay the bill early?
It goes without saying that late credit card payments can seriously hurt your credit score. On the other hand, making payments early—by a week or two—may increase your score.
This is because when you pay before the end of the billing cycle, it reduces your balance, which the issuer reports to the credit bureaus. And it reduces your credit usage, or the amount of credit you use divided by the total available credit limit. Since credit usage makes up a whopping 30% of your FICO score, reducing it can really change your score.
Do I have to pay the bill several times a month?
Making multiple credit card payments each month can bring you several benefits. First, it will monitor the use of your credit. If you pay multiple times a month, you won’t have late payments, which means you won’t pay late fees. And by not making any late payments, you will help keep your credit score healthy.
Do I have to pay more than the minimum?
By paying more than the minimum amount on a credit card, you will not only lower your credit utilization rate, which, as we discussed, will likely improve your credit score, but also pay off your balances faster. And this can result in you paying less interest while you improve your account.
Credit card bill payment methods
You have several options for paying with a credit card. Choose the one that best suits your needs:
Pay online or via mobile app
Perhaps the easiest way is to make a payment online – you simply log into your account (or app) and choose how much you want to pay from whatever account you have linked to the card. If you have the app downloaded on your smartphone, you will go through the same process.
Set up auto payment
Another easy way to pay is “set it and forget it” – use auto pay for your monthly payments and you’ll never forget it. Simply set up auto pay on your bank’s website and choose the date and amount of your monthly payment. You can pay a minimum, a fixed amount, or the balance in full.
But be careful with auto-pay – make sure you keep an eye on your account and consider activating alerts to remind you when it’s due and when it’s posted. You can also set up an alert when your balance goes over a certain amount. And of course, make sure you have enough funds in your bank account to pay for the payment.
Pay by phone
You can also call your bank and make a payment to your credit card – all you have to do is confirm your payment method and your credit card account number.
Pay in person
If you don’t like making payments online, you can always go to the nearest bank branch (or ATM) of the credit card issuing bank and pay.
Postage in your payment
Another alternative is to mail the payment to your issuer. You can usually find the mailing address online or call to get one. Make sure you never send cash and always write your account number on the check.
If you choose this method, please make sure you account for the additional time it will take for both mailing and processing, and send your payment accordingly.
Tips for paying your bill with a credit card
The easiest way to pay on time is to use autopay and make at least the minimum monthly payment. This will keep your account in good condition.
If you pay the balance of your statement every month (the total amount spent in your last billing cycle), you won’t have to pay any interest.
Paying the current balance (the total amount you have charged to date) is optional to avoid interest and fees, but it will lower your credit utilization rate, which can help improve your credit score.
If you want to pay more than the minimum amount due on your account, but you cannot pay off the entire balance of your statement, you can also pay a certain amount on your account each month.
bottom line
Before you make a credit card payment, review your bill so you know exactly how much you owe and how much you need to pay.
According to the Experian website, your credit card statement will show your due date (when your payment is due to the issuer), your balance (the amount you must pay to avoid interest charges) and what your minimum payment is (how much you owe pay to keep your account in good condition).
Always remember that a late credit card payment can damage your credit score and your issuer may report it to the credit bureau as a delay if you don’t do so within 30 days of the due date.
Editorial disclaimer
The editorial content on this page is based solely on the objective judgment of our contributors and is not based on advertising. It was not provided or ordered by credit card issuers. However, we may receive compensation when you click on links to our partners’ products.
