Charging same day/day before credit card payment is due?

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GoldLilies
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Charging same day/day before credit card payment is due?

Postby GoldLilies » Sat May 14, 2011 10:41 pm

I'm sorry if this is a stupid question but I really have no idea. I have searched all over the internet and cannot find an answer.

:love: I have a Bank of America Accelerated Cash Rewards card

:love: My payment is due on the 2nd

:love: Bank Of America takes 3-4 days to register charges to my account (they remain "pending" until then)

:love: My payments also take about 3 days to register

One month, I made a charge on the 1st and it was still "pending" on the 2nd. Like I said, it normally takes 3 days at the minimum to clear. I made a payment just to make sure it was covered and sure enough it magically got posted for that cycle along with my payment.

Another month my statement is for the 4th in stead of the 3rd?

I thought only "cleared and posted" transactions were to be paid but somehow Bank Of America sped up the time and included that purchase & payment. Because of that, I am terrified to charge anything a few days before my payment is due as well as the day after.

What exactly should I pay off? The balance I see, or the balance including all pending charges??? If I make a charge on the 1st or 2nd, will it also be included in that month's cycle?

I know that I am completely missing something but I just don't understand. :confused:
I'm sorry if this whole thread is confusing... I just need to know what exactly I should pay :(


jeffysdad
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Postby jeffysdad » Sun May 15, 2011 9:12 am

As long as you pay "last statement balance," or whatever is described with words to that effect, you should be fine. Your card should have a grace period of at least 20 days, probably 25. Pending charges should not be due until the close of the next billing cycle. Note, though, that sometimes a charge will appear as "pending" for a short time after it has actually posted due to a lag in the refresh of the "pending" web page you are looking at.

Some transactions post and clear more quickly than others due to merchant processing capabilities, time of day of transaction, holidays, etc.

Since you apparently pay your balance in full every month and are concerned about getting it right, I would suggest setting up an automatic payment debit to your checking account on the B of A website. You can give them permission to debit the "last statement balance" every month on the due date. You will only need to be sure that you have enough in your checking account to cover the debit. I have all the credit cards I normally use set up to do this on the first of the month. It is a great convenience, and I've never had a problem in several years of the practice.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

GoldLilies
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Postby GoldLilies » Sun May 15, 2011 6:31 pm

Amazing thank you so much! I had no idea about this feature. So convenient & relieving.
Thanks again!



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