averagejoe23 wrote:I've been reading around a bit more and it's been recommended not to carry a balance. Does that mean that if the billing billing cycle closing on the 10th, and payment is due the following month, it's best to pay everything off on the 9th?
The rule that most creditors live by is if you pay your balance in full by the due date
, then you pay no interest charges. This is where the 25-30 day grace period comes into play. Say your statement closes on the 1st of every month. If you have a 25 day grace period, then your payment is due on the 26th and if you pay your balance in full by the end of your grace period, then you pay no interest. There is no need to pay off your balance in full by the time your statement posts and in fact, this practice may be deleterious to your credit score. This is because your creditor will not report a balance on your account to the credit bureaus if you don't "carry" some sort of balance for the statement period. Hope this helps.