Online Credit Card Payments Lower Credit Card Interest
Guest: Board Monitor
Board Monitor/ Administrator
Post subject: Online Credit Card Payments Lower Credit Card Interest
Posted: Mon Mar 06, 2006 7:42 pm
This message posted by e-mail request from one of the visitors to our site:
Having pulled myself out of a credit hole I amassed in the late 90's, I thoroughly enjoyed reading your site. There is one large omission, however, that I believe bears covering.
Several articles talk about late fees, changing due dates, etc. but none have mentioned that most credit card issuers allow you to pay directly through their web site, often crediting the payment the same business day.
Every payday, my budgeted credit card payment gets sent electronically. By making weekly payments, I ensure that I never miss a due date while lowering my average daily balance.
Keep up the good work on the site...
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Sign up for our free monthly e-mail newsletter!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 06, 2006 8:20 pm
Board Monitor wrote:
This message posted by e-mail request from one of the visitors to our site:
Having pulled myself out of a credit hole I amassed in the late 90's, I thoroughly enjoyed reading your site. There is one large omission, however, that I believe bears covering.
Several articles talk about late fees, changing due dates, etc. but none have mentioned that most credit card issuers allow you to pay directly through their web site, often crediting the payment the same business day.
Every payday, my budgeted credit card payment gets sent electronically. By making weekly payments, I ensure that I never miss a due date while lowering my average daily balance.
Keep up the good work on the site...
All mine allow ON-LINE payments (most post in 24-48 hours)
I can even PRE-SCHEDULE them days or weeks or months in advance
Only one that won't let me do that is PENFED VISA CREDIT UNION
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 06, 2006 8:34 pm
This topic has been dicussed ad nausium on this forum.
Some people like to go to the web site of each and every creditor to schedule payments and some (me!) like to do one stop shopping and pay everything at the same time directly from their checking account. The cost is the same either way - nothing! Neither is there any difference in flexibility. Payments can be scheduled days, weeks, or months in advance either way. It's whatever suits your fancy.
_________________
Do not let what you cannot do interfere with what you can do.
Ira
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: beyond platinum
Credit Expert (100+ Posts)
Posted: Mon Mar 06, 2006 9:40 pm
Board Monitor wrote:
This message posted by e-mail request from one of the visitors to our site:
There is one large omission, however, that I believe bears covering.
Several articles talk about late fees, changing due dates, etc. but none have mentioned that most credit card issuers allow you to pay directly through their web site, often crediting the payment the same business day.
With reasonable assertion, I think that most board members already know they can pay online and make multiple payments within their billing cycles so the topic is mundane.
Not every card issuer uses the 'average daily balance' method for computing interest. Some use the two-cycle average daily balance like Providian. Not only that, there are different grace periods as well.
Also, there are a large percentage of consumers out there that don't carry a balance whereas others take advantage of 0% APR offers and don’t even concern themselves with the very things you mentioned.
_________________
"The most incomprehensible thing about the world is that it is comprehensible." --Einstein
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 06, 2006 10:36 pm
Ira wrote:
This topic has been dicussed ad nausium on this forum.
Some people like to go to the web site of each and every creditor to schedule payments and some (me!) like to do one stop shopping and pay everything at the same time directly from their checking account. The cost is the same either way - nothing! Neither is there any difference in flexibility. Payments can be scheduled days, weeks, or months in advance either way. It's whatever suits your fancy.
I can check the balance and confirm charges and credits (ON MY CREDIT CARD WEB SITE) and make sure everything is ok with the account in one stop
(AND SCHEDULE FUTURE PAYMENTS AT THE SAME TIME)
I CAN'T SEE ANYTHING FROM MY CHECKING ACCOUNT
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Board Monitor/ Administrator
Post subject: Online Credit Card Payments Lower Credit Card Interest
Posted: Mon Mar 06, 2006 7:42 pm
This message posted by e-mail request from one of the visitors to our site:
Having pulled myself out of a credit hole I amassed in the late 90's, I thoroughly enjoyed reading your site. There is one large omission, however, that I believe bears covering.
Several articles talk about late fees, changing due dates, etc. but none have mentioned that most credit card issuers allow you to pay directly through their web site, often crediting the payment the same business day.
Every payday, my budgeted credit card payment gets sent electronically. By making weekly payments, I ensure that I never miss a due date while lowering my average daily balance.
Keep up the good work on the site...
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Sign up for our free monthly e-mail newsletter!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 06, 2006 8:20 pm
Board Monitor wrote:
This message posted by e-mail request from one of the visitors to our site:
Having pulled myself out of a credit hole I amassed in the late 90's, I thoroughly enjoyed reading your site. There is one large omission, however, that I believe bears covering.
Several articles talk about late fees, changing due dates, etc. but none have mentioned that most credit card issuers allow you to pay directly through their web site, often crediting the payment the same business day.
Every payday, my budgeted credit card payment gets sent electronically. By making weekly payments, I ensure that I never miss a due date while lowering my average daily balance.
Keep up the good work on the site...
All mine allow ON-LINE payments (most post in 24-48 hours)
I can even PRE-SCHEDULE them days or weeks or months in advance
Only one that won't let me do that is PENFED VISA CREDIT UNION
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 06, 2006 8:34 pm
This topic has been dicussed ad nausium on this forum.
Some people like to go to the web site of each and every creditor to schedule payments and some (me!) like to do one stop shopping and pay everything at the same time directly from their checking account. The cost is the same either way - nothing! Neither is there any difference in flexibility. Payments can be scheduled days, weeks, or months in advance either way. It's whatever suits your fancy.
_________________
Do not let what you cannot do interfere with what you can do.
Ira
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: beyond platinum
Credit Expert (100+ Posts)
Posted: Mon Mar 06, 2006 9:40 pm
Board Monitor wrote:
This message posted by e-mail request from one of the visitors to our site:
There is one large omission, however, that I believe bears covering.
Several articles talk about late fees, changing due dates, etc. but none have mentioned that most credit card issuers allow you to pay directly through their web site, often crediting the payment the same business day.
With reasonable assertion, I think that most board members already know they can pay online and make multiple payments within their billing cycles so the topic is mundane.
Not every card issuer uses the 'average daily balance' method for computing interest. Some use the two-cycle average daily balance like Providian. Not only that, there are different grace periods as well.
Also, there are a large percentage of consumers out there that don't carry a balance whereas others take advantage of 0% APR offers and don’t even concern themselves with the very things you mentioned.
_________________
"The most incomprehensible thing about the world is that it is comprehensible." --Einstein
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 06, 2006 10:36 pm
Ira wrote:
This topic has been dicussed ad nausium on this forum.
Some people like to go to the web site of each and every creditor to schedule payments and some (me!) like to do one stop shopping and pay everything at the same time directly from their checking account. The cost is the same either way - nothing! Neither is there any difference in flexibility. Payments can be scheduled days, weeks, or months in advance either way. It's whatever suits your fancy.
I can check the balance and confirm charges and credits (ON MY CREDIT CARD WEB SITE) and make sure everything is ok with the account in one stop
(AND SCHEDULE FUTURE PAYMENTS AT THE SAME TIME)
I CAN'T SEE ANYTHING FROM MY CHECKING ACCOUNT
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 2:27 PM
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