How to Pay off my Credit CardTo pay off my credit card
Is it possible to pay back credit card debts prematurely?
Am I going to be billed for early payment of my credit card? You can pay as much as you want with a credit card - all you have to do is make sure you make the monthly payment by the date indicated on your invoice. But it can be quite simple to get into a pitfall, pay too early and pay a belated charge for it - clearly like sludge, right?
For example, suppose you get your credit card bill asking you to pay by June 28 and you pay the minimal amount due on June 20 - so far so good. However, on the twenty-seventh, you get a little flushed and choose to withdraw a little more from your credit card so you don't have to bother in July.
Then, a little later on the track, you find that you are affected by a penalty for delay, even though, as far as you are concerned, you made the July early settlement - unjust! However, the point is that the due date for June was June 28 of this months - you made two repayments before the June 28 remembered?
This means that these two disbursements will be made on the June invoice and not on the July invoice. As for the credit card firm, you paid over in June (well done), but did not coughed in July (oops). If you do this too often, you may find your credit facilities restricted.
So if you wanted to make an "early" July payout, you should have been waiting for the June due date to expire - so if you had paid sometime after June 28, you would have been fine.