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Billing dates - getting the most days without incurring interest from your credit provider

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  • Billing dates - getting the most days without incurring interest from your credit provider

    Hi,

    I am trying to get something which should be quite simple clear in my mind and know the knowledge that is AAD can explain this very easily.

    I use a Capital One Credit card for things which i can pay off (like fuel etc) as soon as i get paid.

    The bit i am struggling with is how much to pay to maximise cash flow - some months being heavier than others.

    What i have been doing currently is when i get paid; log in and if there is nothing pending, pay that amount. If there is, wait (as i say its mainly fuel) until it shows up and then pay the new, total amount.

    This month has been a bit heavier than normal as i used it for some Christmas shopping too

    So, i can pay it all off, but not sure if some transactions would wait (without interest) until the next bill.

    The bill is generated on the 9th of the month, although this doesn't reflect the amount for the month (by the time i get paid) as i use it at the end of each week for fuel.

    So, i guess the question i am asking: If the bill is generated on the 9th of Jan, card used all throughout the month and payment due by 4th Feb - Should i pay the amount on the card (cleared and not pending) before the 4th Feb?
    I get paid at the end of each month.

    Sorry, for a long-winded thread for something so simple but tried to explain it as i see it!

    This is not for credit building purposes (where on a 0% card i have the DD set to minimum and then log in two days later and pay more on the card) but for cash flow benefits

    Cheers
    SA Gold
    Last edited by SA Gold; 28th January 2014, 11:28.
    When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.



    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

  • #2
    Re: Billing dates - getting the most days without incurring interest from your credit provider

    Your bill from 9th January will include any items from 10th December (assuming your billing date was the same that month.

    So going form 10th December to 4th od Feb will be your full (upto) 56 days. If you don't pay the balance in full, then you will incur interest - any pending transactions you currently have will not have to be paid until the next statement date (as they are not on your current statement.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

    Comment


    • #3
      Re: Billing dates - getting the most days without incurring interest from your credit provider

      Originally posted by oscar View Post
      Your bill from 9th January will include any items from 10th December (assuming your billing date was the same that month.

      So going form 10th December to 4th od Feb will be your full (upto) 56 days. If you don't pay the balance in full, then you will incur interest - any pending transactions you currently have will not have to be paid until the next statement date (as they are not on your current statement.
      Hi Oscar.

      Thanks mate, i'll pay everything on the balance on the 1st (it usually takes a couple of days to show/get applied) with view to making the 4th payment date.

      Cheers
      SA
      When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.



      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

      Comment

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