How to pay your credit card bill on time each month

Information verified correct on September 27th, 2016
computing credit card bills

If you have trouble finding ways to pay your credit card bill on time each month, then there are some things you can do to make it easier on yourself.

Most people find that the due date on their credit card statement is usually the same day that plenty of other bills are due, or you might find it’s a few days before you get paid.

The ideal time to pay your credit card bill is before the end of the billing cycle. This can save on interest and improve your credit score. If you carry a balance earlier payments will save on interest charges.

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How to avoid struggling on your credit card bill payment

Some people wonder if it is better to carry their balance or to pay it off each month. The short answer is that you will save the most amount of money if you are able to pay your balance in full each month. By doing this you can avoid all interest charges. Those costs can quickly add up making the cost of owning your card skyrocket. If you are unable to pay the full balance you should make your payment early in the month which will save a bit of money on finance charges.

Regardless of the reason, the moment your credit card payment is late, you’re being charge steep penalty interest rates, along with late fees that can seriously add to the amount you’re already paying.

If you’re serious about finding ways to pay your credit card bill on time each month, then you need to take control of your finances and do it your way – not the bank’s way.

  • Change Your Payment Due Date

    Call your lender and ask them to change when your payments fall due each month. If you know you have other bills all due at the end of each month, then change your credit card bill to be due in the middle of the month. Make your due date at a time that suits when you’re going to get paid.

  • Change Your Payment Frequency

    Instead of struggling to find one payment each month, why not consider paying a bit off your payment every time you get paid? For example, if you get paid fortnightly, then pay half of your credit card payment on the same day you get paid every fortnight.

    Let’s assume your minimum monthly payment is $100. Instead of trying to find this amount once a month, pay $50 each fortnight.

    This will make it far easier to pay your credit card bill on time every month, and you’ll also be getting ahead with some months, as you may find that twice a year you can sneak another extra payment off your credit card balance.

    There are plenty of ways to make sure you pay your credit card bill on time each month, but it’s important you take control of your finances to make it happen.

  • Maintain Your Credit Score

    One of the other things to consider on your credit card bill payment is if you need to improve or at least maintain your current credit score. Credit card companies send updates to reporting agencies every month. Those reports do not reflect when in the month or how many times you paid your bill. They will only reflect missed payments and your debt to credit limit ratio. If you want to improve your score you should make your payment prior to the billing date in which you made the charges. By doing this you will reduce your reported balance. If you have a lower reported balance your debt to available credit ratio will improve. This works for people who have a high balance on a card that has a low credit limit.

    An example of how to do this is to always manage your utilisation well. For example, if you have a $500 credit limit and you spend $400 your utilisation is 80%. If you make a payment of $300 before the closing date and do not make any new transactions, only the $100 will be reported which brings your debt ratio to only 20%. The 20% ratio is fairly average while the 80% is excessively high.

    Whenever it comes to credit card bill payment it is very important that you pay at least the minimum payment each month. No matter where in the cycle you make the payment. The obvious choice of course, is to pay every month on time and to only use your card for things you can afford to pay off at the end of the billing cycle. This will help you maintain a positive credit file and a much healthier financial outlook.

    If you own a credit card you probably realise how significant it is to pay your credit card bill on time. A few easy steps can help you avoid costly late payment penalties. In addition you can make sure that your credit file does not get negative marks for late payments.

It is very important to pay your credit card bill on time. Missing payments or making late payments can cause you to get walloped with high fees and an increase in your interest rates. These fees can make paying off your credit card balance just a distant dream. In addition, and maybe more importantly, late payments make negative marks on your credit file. Too many of these and you will soon find yourself ineligible for good rates on credit cards and loans. You may even find that you can not get a loan or credit card at all because of these negative points.

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Tips to Pay Your Credit Card Bill on Time

  • Due date - Make note of the due date for your bill and plan to send in your payment at least two weeks prior to this date.
    Reminder tools you can use:

    • Use sticky notes to remind yourself at work and at home of the due dates for your payments. If you use a daily planner you can also not the date in it.
    • You can also set up alerts on your computer are personal device to remind you of payments.
    • Your cell phone can be a great reminder because it can be programmed for the two week mail out date. You just have to be careful not to simply turn off the notification.
    • If your credit card allows it have them send you both a paper bill and an email notification. This is just extra insurance against forgetting to pay your bill.
  • Link your cheque account - Have your cheque account direct debited for the payment each month. All credit card companies have this service, you just have to set it up. By doing this you will never again have to worry about missed payments.
  • Use extra money - If you do not think your payment will make it to the credit card company on time then spend the extra money to use online bill pay. The cost is well worth avoiding late fees and marks on your credit file.
  • Pay more than the minimum balance - Whenever possible pay more then the minimum balance. This will help you to pay down the debt faster and cheaper. Once you have it paid off you will not have to worry about how to pay your credit card bill on time.

If you are in debt you will only make it worse if you do not pay your credit card bill on time. A few careful tactics can help to ensure that you never pay a late fee again.

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