When To Pay Your Credit Card Bill (Everything You NEED To Know)
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- Äas pĆidĂĄn 24. 01. 2022
- In this video, we go over when to pay your credit card bill to avoid interest and when to pay your credit card bill to increase your credit score! Trying to read a credit card statement may seem like a challenge, but this breaks down a credit card statement. Click "Show More" to see Ad Disclosure.
Hopefully, the example credit card statement in this video will help you to know the terms and the best time to pay a credit card. If you are someone that is looking for how to build credit and when to pay off a credit card, then this information will be extremely useful!
First, we break down the most important dates to know from one of my Chase credit card statement such as the billing cycle, statement opening date, statement closing date, and payment due date. Next, we go over the amounts to understand such as the statement balance, current balance, and minimum payment due. And finally, we answer some common questions that many people seem to have about their balance, credit utilization, but most importantly, when to pay a credit card bill!
Make sure to check your own credit card statement to compare it to mine by rewatching this video if you need to! There will always be some differences between timelines and wordings for each credit card issuer. I hope this information is useful in terms of credit cards for beginners and credit cards for people that may have struggled with credit in the past!
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DISCLAIMER: Some of the card links and other products that appear on this website are from companies which Daniel Braun will earn an affiliate commission or referral bonus. Daniel Braun is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers.
The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Daniel Braun is not a financial advisor. This video is for entertainment and educational purposes only, it is not financial advice.
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yo real quick, i didnât even notice you donât have too many subscribers but i wanted to let you know the quality of your videos is A++++ and i love what you talk about! keep it up
Haha thank you so much for saying that! Yeah the subscriber number is something that I know will grow over time because I only started the channel back in January. Really glad to hear that you like the videos, I appreciate the support! đ
@@Daniel_Braun You're truly doing a fabulous job. Thank you so much.
Omg I've been watching his videos for so long but I never realized he doesn't have much subs, he deserves way more
Thank you! Haha yeah Iâm still only about a year and a half into my channel so hopefully the subscriber count will keep growing over time!
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One thing I did as a beginner was open up another checking account through your bank, 99% of the time you can open another one for free and often times get bonuses. Every time you pay for something with your credit card, transfer that money into the second account. This way youâll never get a false sense of buying power đ€
This video was incredibly helpful as someone who has just gotten a credit card and wants to be informed and educated on credit cards so I donât make a mistake that could impact my life negatively in the future. I learned so much from this video so thank you and keep helping people to make the right decisions and be more educated on topics like this.
why you sound like a bot
@@michealmclaughlin429 bro tryna sound professional đ
Me too. This guy is the messiah â€
Been binge watching your videos for a week now. You and Sebby have been some of the most helpful when it comes to the credit card game. I am getting started late in life with understanding the basics; such as this video. Very thankful for your desire to educate others in this arena of life. You are hands down the top among many I have been watching recently; in your clarity, delivery, and transparency on this channel. Subscribed đđ
This is an incredible video. iâm 19 and trying to get my head around credit cards and how to start building my credit score. this video has entirely helped me to understand how credit cards actually work, and not just what they do. havenât seen your channel before but iâm definitely subscribing, you seem very knowledgeable. keep up the high quality videos đđŒđđŒđđŒ
Great video! Some of them were already taught to me by my mom way back years ago when I was just starting to live independently. But still most of them are so informative. God bless you
I love your videos ! As a beginner credit card user, the tips you give are super helpful ! Subscribed đđŸ
Great video! Iâve always set my credit cards to auto pay the current balance on the due date. Iâm going to have to look up the billing cycle on each of them and add that to my spreadsheet as well now!
Thanks Cooper, appreciate it man! Great to hear that you're organized like that and have a spreadsheet!
Would you be willing to share your spreadsheet Iâm 19 years old trying to build my credit and Iâm very new to this
@Daniel Braun keep going with your channel man. Your content is always on point. Simple and easy to understand. đŻđđŒ
Thanks so much for saying that Eli, I'm always trying to keep things as simple as possible to hopefully help anyone learn! Appreciate the support đ
A very simple video with some fantastic tips. The easiest tip of all...if you can't pay your balance in full, don't charge it. We've talked before, but your tip to pay items that are larger quickly is a great tip if you have the immediate cash flow to keep that utilization down. Good stuff Danny!
Thanks so much Scott! Yeah exactly, only pay with a card with an amount that you know you can pay back immediately if you have to. And yeah, if you have a larger purchases like that then its a good idea to pay it down to avoid utilization getting too high by the closing date
I've been using credit card and making payment but I didn't understand the breakdown as your explained in the video. This actually did help me understand how credit card works, because prior I get confused when I make the minimum amount payment but the I see an interest charge. But now it all make sense. I Just have to make sure I make my Statement Payment in full before the due date. Thanks again Daniel, I really appreciate you.
Awesome video Daniel! Your video cleared up every question I had.
Your videos are very helpful. I just turned 18 and got the discover it card and was nervous about when I should pay it off and how much. Thank you for explaining it so well!!
Same haha
@@Lucas-nf9xc same
Your video finally gave me clarity on how to pay my credit card Iâve been struggling with this for years. Thank you! New sub đ
I love to hear that! Thanks so much for watching and subscribing!
Extremely helpful. Very well explained!
I am actually part of the 800 club for a long time now, but times change and I like new and relevant information. Thank you for an excellent explanation of credit card debt.
You can also need to look their name up to see their website â€
Thank you so much for your helpful videos, itâs made a big difference when rebuilding my credit!
This video really helped me out. I literally called my bank 3X today to ask the same questions and I was still confused. You cleared that all up. Thanks
I've also asked my bank to clarify some pretty simple points, like the ones mentioned in the video. But they usually just don't explain it well enough to not have me watching these videos instead. So you're not alone with that lol
The diagrams and statement pictures helped me so much great visualization bro đđȘ
This channel is very underrated! Great info for somebody like me who just got their first credit card.
Thanks so much Evan! Glad that the info was useful to you after just getting your first card! đ
You are so awesome bro. And i really appreciate you do not assume that everybody can afford to pay their entire balance like so many other CZcamsrs do. Keep up the great work.
Great video! Definitely one of the first things anyone getting in credit cards needs to learn!
Absolutely! It seems so much more complicated than it actually is! Thanks so much Jacob đ
This video helped so much as a first time credit card holder. Thank you, just subscribed!
I think it's great that you do these videos. when I was young I got credit cards and just thought that something you do as an adult get credit cards, spend, pay. I ran into trouble spending too much and also not having steady income. ended up in debt. luckily it wasn't deep debt but still debt that was a pain in my butt. I would say young/ clueless people shouldn't get credit cards based off of my own experience but I know young and clueless people will still get credit cards. The internet to their great advantage has people like you explaining their bills and cycles etc. something I didn't have at 18 something I'm watching at 30!
Thank you so much for sharing your experience and saying all of that! Yeah credit cards are not always going to be a good option for people depending on the situation, but the most important thing is to learn about them which is definitely an advantage that many will have growing up now! I love making these videos and talking about this stuff, so thanks for watching!
@@Daniel_Braun just turned 18 and I have a secured credit card on the way so I can build credit. I have a fairly good paying job with consistent hours. I'm researching as much as I can so I can use my credit card to my advantage as much as possible. Thank you for the great video, I'm looking forward to using my card to pay for gas as well as some groceries.
Getting a credit card is definitely important to start building credit. It's just good to have someone that helps explain how to use it correctly
Learned so much about credit cards in 1 hour from your videos Thanks đđŸ
Thatâs awesome, I love to hear that! Thank you so much for watching my videos, Iâm glad they were helpful!
Great explanations of the terms, ramifications and strategies of credit card usage.
Great visual flow chart of billing cycle and statement opening & closing tree...
This is a super good video. Good job.
Credit utilization, gold, thank you for sharing!
Budget ahead monthly. I usually pay a few times a week. If I see a balance I pay it. Every dollar is accounted for. Cool video. Great Info
Thanks so much for watching and commenting! Yeah that's a good strategy, budgeting is so key! And paying down a balance is always a good thing too
Very helpful video, thanks brody
Thank you, this video has been very helpful!
Thank you for explaining this so well! Helped a lot. â€
Thanks Alexis, glad the video was helpful!
Great vid, thanks for going through on how it is done
Great info. Love the content!! thanks!
great video I finally understand now. no cap!!!
Very informative! Thank you so much đ
Thanks for your videos. Amazing content đđ€
You are absolutely wonderful! I am so glad I found your channel.
Thank you so much Margaret - glad the information is useful!
Legend, clear and concise.
this video was so helpful my man
i love the constant upload!! Can't wait for the next video. I've seen your channel grow since you were at 1k!
That's so awesome, thanks for being around from so early on Ryan! I can't wait to keep uploading more and more this year!
Thanks for sharing this valuable information, Danny. Good stuff!
Thanks so much as always for watching! Glad you liked it! đ
Maynnn thanks so much for giving clarity!! I was transfering on the spot after a transaction đ€Łđ€Ł
great video super coherent!
Only half way through but really good explanations, I was really hesitant to use credit cards since the idea of debt kinda sucks. But if I only buy what I can pay then and their and pay it off the benefits do seem kinda dope. Thank you for hopefully helping me mess up less
Thanks so much for watching! Yeah that's exactly the idea with using credit cards the right way! Having an emergency fund of cash on the side and a budget to understand your spending is also really helpful and important
Great info I havenât seen on the CZcams before good going! Baseball type henley with two-tone ć§.
Thanks Nathan, really glad to hear you liked it! Haha yeah I found this Henley that I havenât worn as much lately. I definitely gotta go shopping for some more to switch it up lol
Clear and Concise! Thankyou!
Glad to hear it, happy to help!
This is awesome video!! Thanks so much! I am completely illiterate when it comes to finances !
Super helpful. I appreciate it!
Amazing video bro
Needed this, thank you!
Glad you liked it Ruth, thanks so much for watching!
Great job explaining đđ
Very helpful. Thank you.
Your videos are very helpful. I have the CFU and Cap One Quicksilver. Every video Iâve seen says the Chase FU is better as far as cash back but I have a higher limit on the Quicksilver! I got a dilemma!
Good info, thanks
great valued video
I appreciate the knowledge đ
I'm way to old to not have known all of this. Thank you so much.
Super helpful! thanks!
I must be really slow because I clearly didnât understand
Great presentation! Simple and straight to the point. Question: once the ending cycle is reported to the bureaus, when do the bureaus update the credit report? For example the ending date was the 11th (not the due date just the reporting date). Is it okay for me to start using the card on the 12th or wait a few days?
You can use it right away , as it will be reflected on the following cycle
This video made me feel like I could breatheđ. Thank you for your help. Iâm a 20 year old girl never had a credit card or a credit score. I want to build my credit score as high as I possibly can. But I know I will need the proper knowledge first. Thanks for making it sound way easier that what I thought.
Awesome video Danielđ
Thanks Max, appreciate it!
great nuggets of info.. you get it right every time. thanks!
Appreciate it Haas! Haha I try my best to get it right so thanks!
Also, don't wait to make a pymt near the end of your grace period b/c that can still adversely affect your fico score during that immediate month.
Pay w/i the wk after that closing day for good measure.
Well explained.
Grateful for your explanation
Thanks for watching, glad it was helpful!
Loved the diagram!
Very helpful video
Very thorough!
Best credit card vĂdeo sor farâ€
Super helpful!
Thanks Nic! Glad you liked it đ
Yo im back because months later bc of you. Love ur content
Great content! With so many cards,how do you view inquiries?
Great video! Question: closing statement date is 12, the opening statement date is 13, and the payment due date is 01. Between 13 - 30/31, I make purchases and pay the balance before 01, is my interest charged on the last day (closing statement date), or is it a daily interest charge?
Thanks I understand now. Now I can boost my credit score by a lot now.
Great insight!
Thanks so much, glad you liked it!
Thanks for the help m8
Strive to pay the entire balance or at least a little above the minimum payment due, a day ot two after the current months statement closing date. That gives you almost 60 days before another payment is due on a rolling basis. Then make a second payment, as much as you can afford, a few days before the statement closing date each month to ensure the lowest balance you can afford to carry is what's reported. This method allows you to efficiently take advantage of 0% apr offers which can save you a ton in interest. But high utilization on that one card may slightly impact your scores. Your call.
A very interesting strategy, but was glad to see you say that this is for 0% apr offers because otherwise it would cost interest. Definitely something for people to consider if they want to plan it out like this to take advantage of the timing of cash payments. I personally don't like using 0% offers, I just prefer to pay in full every month, but I understand that some people may need to take advantage of these things like this so definitely could be something to carefully look into! Thanks for watching and commenting đ
Great Video. Thank u Sir. â€ïž from the U đŹđ§
Thank you! Appreciate the support!
Love your video keep it up. I was wondering if I buy something on my credit card then pay it off right away do I still get the points for that account or do is their a waiting period.
Great explanation of the key dates to know. Every high school in America should make seniors watch your short video. It would increase financial literacy for everyone as they start their âadultingâ journey.
Thank you so much! I really hope that students can watch my video to learn! I really wish that I was taught this in high school
Iâve been binge watching your videos for the last 2 days. This is day 3⊠these videos are necessary what I wish I knew then. I would have been less hesitant on opening a credit card. So helpful, thank you. Can you please make a video on closing/ cancelling cards how to go about it based on credit history, without it affecting credit score too much ?
If you can, donât close the credit card, but look to downgrade to a credit card with no Annual Fee. If your credit card already has no annual fee, youâre better off not to cancel it. Just keep it and occasionally make a small purchase on it to keep it active. This will be much better for your credit score.
@@7gators7fan7 Thank you for replying, very helpful đ
That's so awesome to hear, thank you so much for watching my videos and I'm glad that they are helpful! Yeah I'd love to make a video about that. I completely agree with what @Cubbies34 said in their comment, very smart to think about closing cards / downgrading cards like that! I always keep no annual fee cards open
I've been doing it backwards. I make my payment on time but add an additional monthly payment 1-2 days before my statement closing date. My credit has increased over 100 points in the last year by doing this.
Really appreciate this video, Iâm just starting out and it been really helpful in planning out my credit card journey before I apply!
I do have a question tho: is it bad to have a 0% credit utilization by paying everything off early? Iâve been noticing that you donât pay off the full balance before the snapshot by the payment due date, and I was wondering if that was intentional.
Way I've always done it is I look at the date each account reports to my credit and be sure to make the payment at least two days prior (give it time to post) and in those few days I be sure not to use that card. I pay each account down to at least 9% or lower utilization rate. ....my way is probably the hard way; but as long as you got a system down you can consitently follow
Yeah that's a good way to do it Alex! As long as the card's statement balance is paid off in full by the payment due date then that's what's most important. Glad to hear you put some thought into how you pay it back đ
I am new to credit cards with 4 months of credit history and I had always wondered if I should pay off my current balance before the due date, or my statement balance. Last month, I had a statement balance of $121 and I made a 50$ purchase right after the statement closing date, but I thought I had to pay the whole $171 before the due date. This video has been really helpful for me, the explanations were very clear. Thank you!
Thanks so much for saying that Vishnu, I'm so glad to hear that the video was helpful! Yeah that example you just gave is a perfect example of what I talked about in the video, only that statement balance of $121 would be due on the payment due date. I really appreciate the support! đ
Beginning this journey today
Great informative video I knew some of the basics but you definitely helped me understand more also you should do a video on how to pay off debt fast
Thanks so much @darealphantom ! Glad that the video has helpful đ And great, I'd love to make a video like that!
@@Daniel_Braun I canât wait for the great tipsâïž
Very informative video
Thanks so much, really glad to hear you think so!
watch so many videos on this topic finally find a youtuber who can simple explain itđ
Great advice, learned so much! Q: I pay my bill in full, before the due date but after the statement closing date. In that period of ~3 days between the due date and statement closing date, is it okay to submit an additional payment (since I use my card all the time) so my statement closes with a low credit utilization? Thank you!
nice explanation!
Thanks so much for watching, glad you liked it!
2 yrs later this info is very useful đ
Love the visual examples!!!
Thanks! Glad to hear that they were useful đ
Thanks for the video! Super well done. Quick question. If I make purchases AFTER my payment due date but BEFORE the statement closing date, how does this affect my credit report and how would it affect my credit score. I have autopay turned on for the full statement balance but was curious about what happens if I make purchases during that roughly one week period between payment due date and statement closing date. Thanks!
Did you figure this out, wondering the same, there's is a fico score penealty if u have a balance on too many cards (also if you have zero balance on all cards)
Bro I got my first credit card watching your chase video , got a 1500 limit too
Thanks Brothađđœ
Love to hear that! Thanks so much for watching!
Your video is such a blessing for those like me starting to build credit score. I just want to ask if this is a right approach to build credit score because someone advise me that the best way to pay your credit card balances is to pay it right after you made a purchase using the credit card to make sure that you dont accrue interest and you dont go beyong your 10% utilization. Hoping for your insight about this. Thanks. đ
I keep it simple. I setup auto pay to pay off statement balance on due date but that is just in case. I pay balance off weekly.