How can I pay my bill in advance?

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Luxe
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How can I pay my bill in advance?

Postby Luxe » Mon Apr 15, 2013 1:42 am

I like to pay off some big charges as soon as they post for a better chance of keeping my reported utilization low. Through the online interface I was not able to find a way to pay after paying down the previous month's statement balance. Do I need to mail them checks?


paparoach429
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Postby paparoach429 » Mon Apr 15, 2013 1:45 am

Unless its through some wierd bank I dont see why your wouldnt be able to pay the second the charge clears. I always could for all my credit cards. What bank are you referring to?

Luxe
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Postby Luxe » Mon Apr 15, 2013 2:44 am

The problem is with Amex. Their website just says "there is no payment due" which is true since I paid the previous period's statement balance but not the one still in progress. Maybe I need to have a balance above a certain amount?

paparoach429
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Postby paparoach429 » Mon Apr 15, 2013 3:04 am

True, it will say theres no payment due but you can still click on the "pay bill" tab and it will take you to the next page where you can pay the entire balance.

DavidNY
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Postby DavidNY » Mon Apr 15, 2013 9:23 am

You can push the payment from your bank with bill pay.

Luxe
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Postby Luxe » Mon Apr 15, 2013 11:39 am

DavidNY wrote:You can push the payment from your bank with bill pay.


Perfect, it looks like this also makes it possible to pay in excess to temporarily "increase" my limit.

ceemee
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Postby ceemee » Tue Apr 16, 2013 3:06 am

Pageonce submits a payment the same day. Whatever amount you want.

plc44
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Postby plc44 » Wed Apr 17, 2013 3:21 pm

You could schedule a payment on the closing date (example your statement closes April 20th you schedule a payment for April 20th). The payment will clear (at least for me Chase to AmEx) and your statement balance will reflect that you paid your bill, however, you still kept your assets in your accounts as long as possible. That's what I typically do since I always have to pay down my statement balances so a low credit utilization is reported on my Discover and Chase Freedom.
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Luxe
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Postby Luxe » Wed Apr 17, 2013 7:29 pm

I've been using Bill Pay and it works great. I believe there is a scheduling option too. I don't mind paying early since my checking account interest rate is something like 0.1% and my spend is low enough that I don't feel bad not having that money in the market for a few weeks. I think the best strategy is to pay in advance if I make a large purchase that exceeds 20% utilization, and otherwise PIF normally after the billing period closes.

The major downside is that paying off my bill below 1% utilization causes Credit Karma to round to 0% utilization which is a C grade for that metric but I have heard that super low utilization doesn't hurt as long as the cards are actively used. Otherwise people with $100k+ credit lines would need to spend over $1k a month not to be penalized.

fantasy86dj
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Postby fantasy86dj » Sat Apr 20, 2013 1:06 am

Old thread but am going to reply anyways.

Here in the land of AU the AMEX site will only let you pay after the statement cycles for the month - the way around this is to call up on the 24/7 hotline and get the consultant to force a direct debit from your nominated bank account.



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