Missing payments or carrying a large balance from month to month, on the other hand, make that little piece of plastic that showed up in the mail a hazard to your financial wellness. So we’re here to show you how to pay your credit card bill — and how timing the payments strategically can supportyour financial health.
When to pay your credit card bill
Paying your credit card bill on time is one of the best things you can do for your financial standing. But did you know that when you pay can also make a difference?
Statement due date. This is the deadline for making at least the
minimum payment to avoid late fees and potential damage to your credit score.
Billing cycle. The roughly 30-day period your purchases are recorded in is the billing cycle. At the end of it, your credit card statement balance is calculated, and your due date is set for the following month.
While paying by the due date keeps you in good standing, paying early — or multiple times a month — can have big benefits, like:
Lower credit utilization. Your
credit utilization ratio (the amount of credit you use compared to your limit) is a major factor in your credit score. Paying off part of your credit card balance before the billing cycle closes will reduce the balance that gets reported to credit bureaus, which may have a positive impact on your score.
Less interest. If you carry a credit card balance, making payments before the due date can reduce the amount of interest that accrues.
Better financial control. Splitting payments into smaller chunks throughout the month can help you manage your money and avoid a big, stressful bill at the end of the cycle.
If possible, try to pay more than once a month or at least before your billing cycle ends. This small shift in strategy could positively impact your credit score and keep your debt manageable.
6 ways to pay your credit card bill
The best way to pay your credit card bill is the one that’s easiest for you to keep up with. All that really matters is that you pay on time and, if possible, pay more than the minimum. That way, you’ll keep your credit in good shape and avoid unnecessary interest charges.
Most credit card companies give you several ways to make a payment. Here are six common methods.
1. Online banking
Most banks and credit card issuers allow you to make payments directly through their website. You can log in, enter your payment amount, and schedule a transfer from your bank account.
2. Mobile app
If your credit card issuer has an app, paying through your phone is fast and convenient. Many apps let you set up one-time payments or recurring payments so you never miss a due date.
3. Automatic payments
Setting up autopay guarantees you’re paying at least the minimum payment every month. You can choose to pay the full credit card balance, the statement balance, or a custom amount — just make sure you have enough funds in your account to cover it.
4. Bill pay
If you have a checking or savings account with a different bank, you can use its bill pay feature to send a payment to your credit card issuer. This option allows you to schedule one-time or recurring payments, giving you more control over your finances. But pay attention to the payment delivery method — if the bank sends a check by mail, make sure it’s set to get delivered by the due date.
5. In-person payments
If your credit card is issued by a bank with physical branches, you may be able to walk in and pay with cash or a check. It’s more time-consuming, but it’s a great option if you prefer handling transactions face-to-face.
6. Pay by mail
Most banks still accept credit card payments by check or money order. If you get a paper bill, your statement should include a payment slip and mailing address. Just be sure to send it well before the due date, since mail delays could result in late fees.
What happens if you pay your credit card bill late?
Life gets busy, and sometimes a due date just slips through the cracks. But a late credit card payment could cost you — literally. Here’s what might happen if you don’t pay on time.
Late fees. Most credit card issuers charge a late fee (usually between $25 and $40) if you don’t make at least the minimum payment by the due date.
Interest rate hikes. The card issuer is likely to report payments made 30 days late or more to the credit bureaus. That could lower your credit score, which in turn might make it harder to qualify for loans, get good interest rates, or sometimes even rent an apartment.
Loss of rewards or promotional rates. If your card has a rewards program or you took advantage of an introductory 0% annual percentage rate (APR) to do a balance transfer, a late credit card payment could mean you lose all those perks.
If you do miss a credit card payment, don’t panic — just make the payment as soon as possible. Some credit card issuers even offer grace periods, and they might waive the late fee if it’s your first time.
Tips for paying your credit card bill on time
Avoiding late payments on a credit card bill can be easier when you have a strategy in place. Here are five methods to help you stay on track.
Budget your income for credit card payments
Set aside money for your credit card bill as soon as you get paid. Treating it like a fixed expense — just like rent or utilities — can help you avoid overspending elsewhere.
Set up alerts
Most banks and credit card issuers let you turn on payment reminders via text or email. A simple notification a few days before your due date can make all the difference.
Make multiple payments
Paying your bill more than once a month can help you keep your balance low and avoid a large lump sum at the end of your billing cycle. Plus, it may positively impact your credit utilization ratio, which will usually help your credit score.
Use autopay
If you tend to forget due dates, setting up automatic payments for at least the minimum amount can prevent late fees and damage to your credit score. Just be sure your bank account has enough funds to cover the payment.
Align your due date with payday
Here’s a little-known fact: Lots of credit card issuers let you change your due date if the default payment date doesn’t work for you. If your bill is due at a time that’s bad for your budget, moving it closer to your payday could help you make sure you’ll have the funds you need.
Make a payoff plan
How do you pay off a credit card without neglecting your other financial obligations? With a plan, of course! EarnIn’s
Credit Card Payoff Calculator can show you different repayment options and timelines
, helping you
pay off your balances and take control of your debt.
Get the cash you need to pay your bills on time with EarnIn
Credit card bills. Phone bills. Rent. It all adds up, and sometimes your due date hits before your employer drops more money in your bank account — never a good position to be in, especially if you have your bills on autopay.
When that happens, late payments and overdraft fees aren’t your only option. With EarnIn’s
Balance Shield, you’ll get notified if your account balance drops below a certain amount (chosen by you).
Plus, you can use EarnIn’s
Cash Out tool to access your pay as you work — up to $150 a day with a max of $750 between paydays
— so it’s easier to make your credit card payment on time. You can even monitor your credit utilization ratio with our free
Credit Monitoring tool so you’ll always know where your score stands.
Whether you’re looking to pay down your balance early or need a safety net to cover unexpected expenses, EarnIn is here to help you stay ahead.
Download EarnIn to make every day payday.
Please note, the material collected in this post is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or services.
EarnIn is a financial technology company, not a bank. Banking services are provided by our bank partners on certain products other than Cash Out. The calculations provided are based on estimates and should be used for informational purposes only. Please be aware that comparisons may not be 100% accurate. The insights and data presented do not constitute financial advice, and we recommend consulting with a qualified financial advisor for personalized guidance.
Balance Shield provides free alerts when your bank account balance drops below the threshold you set in your EarnIn account. You can also enable automatic transfers (up to $100/day -subject to your available earnings- with a limit of $750/pay period), if your bank account balance falls below your set threshold. You choose the speed of these automatic transfers. Standard speed is available at no cost and the transfer typically takes 1-2 business days. Lightning Speed is available for a fee [see LS Fee Table] and the transfer typically takes less than 30 minutes. You will also have the option to set a tip for automatic transfers. Tips are optional and can be $0; however, if you choose to set a tip, it will be applied to each automatic transfer. Whether you tip, how much, and how often you tip does not impact the quality and availability of services. You can cancel the alerts and/or transfers at any time in your EarnIn account settings. See the
Cash Out User Agreement for more details. While Balance Shield can help you avoid overdrafts, it does not guarantee protection from third-party fees, and its effectiveness depends on your usage and bank activity.
A pay period is the time between your paychecks, such as weekly, biweekly, or monthly. EarnIn determines your daily and pay period limits (“Daily Max” and “Pay Period Max”) based on your income and financial risk factors as outlined in the Cash Out Maxes section of our Cash Out User Agreement. EarnIn reserves the right to adjust the Daily Max and Pay Period Max at its discretion. Your actual Daily Max will be displayed in your EarnIn account before each Cash Out. EarnIn does not charge interest on Cash Outs or mandatory fees for standard transfers, which usually take 1–2 business days. For faster transfers, you can choose the Lightning Speed option and pay a fee to receive funds within 30 minutes. Lightning Speed is not available in all states. Restrictions and terms apply; see the
Lightning Speed Fee Table and
Cash Out User Agreement for details and eligibility requirements. Tips are optional and do not affect the quality or availability of services.
Calculated on the VantageScore® 3.0 model. Your VantageScore 3.0 from Experian® indicates your credit risk level and is not used by all lenders, so don’t be surprised if your lender uses a score that’s different from your VantageScore 3.0.
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