When to pay your credit cards for the best credit score Tips

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The Date When the creditor sends the information to the repository that is the reporting date When you look at your credit statement online you will have all the current charges and then you will login on the next day and they will be gone there will be no current charges that is the reporting date 

It is the date that information goes from the creditor to the repositories. as long as you are at five to nine percent on that date you are in good shape as soon as that date goes by if you want to pay your credit card in full that is fine that is why I say never pay your credit card balances on the due date you should always pay before the reporting date if your credit card balance is due on the 13th and you charge many purchases let's say you pay off your credit cards every month and you charge $5,000. 

monthly if you pay it before your statement date you are fine your score will suffer because if you are paying your bills on the Due date because your credit card is reporting a higher balance than you actually carry so this is how you improve that so you pay it before the reporting date how do you know what the reporting date is? you log into your account and go to current activity and you will watch the current activity as the month goes by your current activity will get longer and longer and then the next day it will be zero. that is the reporting day. is that the same day as the statement day ? 

yes reporting day and statement day are the same thing question could you explain that again. the 3 major repositories collect the data from the credit card companies in the olden days they had these big magnetic tapes the credit card companies would put all the consumers information on the tapes and would send them Currier express to the repositories the repository took that information and ran it into the the repository data base the date when they took that data and added it it to the repository database that is the reporting date okay that is the date when the information goes from visa to Equifax that is the reporting date so get your balances down to 5 to 9 percent the day before the reporting date so if you were to pay on the due date if the due date is the 13th and the fourth is the reporting date if you get your balance down on the third it reports then pay the rest off on the due date if that is important to you Thank every one for coming out and I would like to thank MSHDA

Credit Card Grace Periods Explained 
the grace period on your credit card is super easy to understand it's the period between your billing cycles closing date and the credit cards due date and usually this period is about 25 days and according to the credit card Act of 2009 credit cards that offer a grace period are required to have it last for at least 21 days so you'll at least have 21 days to pay off your credit card after the statements closing date now why is the grace period so important to understand because if you pay off your entire statement balance every month on  time by the due date then you'll never pay any interest you won't pay any interest on your statement balance or your new purchases the new purchases are the purchases that you've made during the grace period it's actually pretty graceful of the credit card companies to not charge you interest as long as you pay the statement balance off in full 

I'm pretty sure that they'd lose a lot of customers if they got rid of the grace period benefit because all those customers that pay off their statement balance in full every month they don't want to pay a dime of interest those types of customers aren't really the huge moneymakers for credit card companies but it does keep them using their credit cards now here's the important part about your grace period that you have to understand so pay attention let's pretend that Jake owes $1,000 on a statement balance but it's not due for 25 days well Jake's got a long time to not worry about anything so in the meantime he buys a TV for $600 and then he gets a stereo for 200 bucks to go with the TV and then Jake racks up another 200 bucks just from random expenses and all of this totals one thousand dollars during the grace period well the due date rolls around and Jake decides that 

he wants to pay nine hundred ninety-nine dollars towards his thousand-dollar statement balance and because he never watched this video he has no idea that he just made a huge mistake remember that I keep saying pay off your entire balance in full that means 100% so now Jake gets to pay interest on that $1 that he didn't pay off but this is just the beginning of the problem because Jake didn't pay off his entire statement balance in full he now just lost his grace period and he now gets to pay interest on the thousand dollars worth of purchases that he's already made and unless Jake stops using his credit card every single purchase he puts on that credit card is going to be charged interest for quite some time and if you want to know how credit card interest works just watch this video on credit card interest this video is just about the grace period now 

there's only one way that Jake can get his grace period back and have the interest switch turned off on his credit card he's got to pay off his statement balance in full for two months in a row and he's got to pay back his interest charges as well now this is what most credit-card companies do to get your grace period back but you're gonna want to check on  that on your own so that you're not wrong two months of paying your statement balance off in full is the general rule of thumb so just double check with your credit card and there you have it your credit cards grace period is honestly amazing if you know how it works and seriously if you do carry a balance on your credit card stop making purchases because you're paying interest on them every single day if you can afford to buy a taco with cash then just do that

so that you're not paying interest on every single transaction that you're making just really only use your credit card if your grace period isn't charging you interest that's the best and the cheapest way to go about it take this advice and use it in your real life I'm Jason with the honest finance channel feel free to subscribe if you're into information like this or at least give the video alike that's all

What If You Missed Credit Card Payment ? Bank Action And Penalty.

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Friends, What happens if you missed your credit card payment? Means you couldn't pay your credit card bill on time. Means you couldn't pay your credit card bill on time. Is the bank will downgrade your credit score? Or will block your credit cards? Friends due to incomplete pieces of information we have to face many problems Friends due to incomplete pieces of information we have to face many problems Friends due to incomplete pieces of information we have to face many problems here we are going to discuss the problems which you have to face if you missed your credit cards payments. 

here we are going to discuss the problems which you have to face if you missed your credit cards payments. here we are going to discuss the problems which you have to face if you missed your credit cards payments. Friends if you are using a credit card then you must have received your credit card bill, with the bill due date information. Friends if you are using a credit card then you must have received your credit card bill, with the bill due date information. Friends if you are using a credit card then you must have received your credit card bill, with the bill due date information. Friends if you are using a credit card then you must have received your credit card bill, with the bill due date information. You can receive these bill copies on Email, Mobile and a hard copy on your given address You will receive these bill copies on Email, Mobile and a hard copy on your given address You will receive these bill copies on Email, Mobile and a hard copy on your given address Here you can see the last bill date of your card. Here you can see the last bill date of your card. If you missed those bill payments then what type of action bank will take against you? 

If you missed those bill payments then what type of action bank will take against you? If you missed those bill payments then what type of action bank will take against you? Bank will not hurt your credit score or will block your credit card directly. Bank will not hurt your credit score or will block your credit card directly. Bank will not hurt your credit score or will block your credit card directly. Friends if its first time while you have missed your card bill then the bank will charge you some extra fee as a penalty. Friends if its first time while you have missed your card bill then the bank will charge you some extra fee as a penalty. Friends if its first time while you have missed your card bill then the bank will charge you some extra fee as a penalty. Friends if its first time while you have missed your card bill then the bank will charge you some extra fee as a penalty. Friends if its first time while you have missed your card bill then the bank will charge you some extra fee as a penalty.

Friends if its first time while you have missed your card bill then the bank will charge you some extra fee as a penalty. Means you will have to pay some extra amount as Late Fee and Extra ROI with your monthly bill. Means you will have to pay some extra amount as Late Fee and Extra ROI with your monthly bill. Means you will have to pay some extra amount as Late Fee and Extra ROI with your monthly bill. Means you will have to pay some extra amount as Late Fee and Extra ROI with your monthly bill. Means you will have to pay some extra amount as Late Fee and Extra ROI with your monthly bill. Means you will have to pay some extra amount as Late Fee and Extra ROI with your monthly bill. Means you will have to pay some extra amount as Late Fee and Extra ROI with your monthly bill. 

Means you will have to pay some extra amount as Late Fee and Extra ROI with your monthly bill. You will have to pay some extra amount to the bank if you missed payments. If your last bill has a big amount then this penalty can be high as per your existing spendings. If your last bill has a big amount then this penalty can be high as per your existing spendings. If your last bill has a big amount then this penalty can be high as per your existing spendings. If your last bill has a big amount then this penalty can be high as per your existing spendings. If your last bill has a big amount then this penalty can be high as per your existing spendings. Late payment penalty can be different as per the bill amount. Late payment penalty can be different as per the bill amount. 

With this high penalty you will have to pay some extra ROI on your monthly bill this can be different as per country and bank. With this high penalty you will have to pay some extra ROI on your monthly bill this can be different as per country and bank. With this high penalty you will have to pay some extra ROI on your monthly bill this can be different as per country and bank. With this high penalty you will have to pay some extra ROI on your monthly bill this can be different as per country and bank. With this high penalty you will have to pay some extra ROI on your monthly bill this can be different as per country and bank. With this high penalty you will have to pay some extra ROI on your monthly bill this can be different as per country and bank. 

In India, this ROI is approx 3.40% per month. In India, this ROI is approx 3.40% per month. In India, this ROI is approx 3.40% per month. If your monthly bill is 10K then you will have to pay extra late fee penalty + ROI with this amount. If your monthly bill is 10K then you will have to pay extra late fee penalty + ROI with this amount. If your monthly bill is 10K then you will have to pay extra late fee penalty + ROI with this amount. If your monthly bill is 10K then you will have to pay extra late fee penalty + ROI with this amount. Friends if you are making regular late payments in your card and if its continue for 3 to 4 months then the bank will track your credit line or it can impact your credit score. Friends if you are making regular late payments in your card and if its continue for 3 to 4 months then the bank will track your credit line or it can impact your credit score. Friends if you are making regular late payments in your card and if its continue for 3 to 4 months then the bank will track your credit line or it can impact your credit score. 

Friends if you are making regular late payments in your card and if its continue for 3 to 4 months then the bank will track your credit line or it can impact your credit score. Friends if you are making regular late payments in your card and if its continue for 3 to 4 months then the bank will track your credit line or it can impact your credit score. Friends if you are making regular late payments in your card and if its continue for 3 to 4 months then the bank will track your credit line or it can impact your credit score. Friends if you are making regular late payments in your card and if its continue for 3 to 4 months then the bank will track your credit line or it can impact your credit score. If you have missed your card fee for 2 - 3 months then the bank will block your credit card for future purchases. If you have missed your card fee for 2 - 3 months then the bank will block your credit card for future purchases. If you have missed your card fee for 2 - 3 months then the bank will block your credit card for future purchases. If you have missed your card fee for 2 - 3 months then the bank will block your credit card for future purchases. 

If you have missed your card fee for 2 - 3 months then the bank will block your credit card for future purchases. If you are not able to pay that big amount then the best way is to pay minimum payments (5% of total bill) or you can change the rest amount into EMI. If you are not able to pay that big amount then the best way is to pay minimum payments (5% of total bill) or you can change the rest amount into EMI. If you are not able to pay that big amount then the best way is to pay minimum payments (5% of total bill) or you can change the rest amount into EMI. If you are not able to pay that big amount then the best way is to pay minimum payments (5% of total bill) or you can change the rest amount into EMI. If you are not able to pay that big amount then the best way is to pay minimum payments (5% of total bill) or you can change the rest amount into EMI. 

If you are not able to pay that big amount then the best way is to pay minimum payments (5% of total bill) or you can change the rest amount into EMI. With minimum payments you will not pay late payment penalty, hence you will have to pay ROI with a small processing fee. With minimum payments you will not pay late payment penalty, hence you will have to pay ROI with a small processing fee. With minimum payments you will not pay late payment penalty, hence you will have to pay ROI with a small processing fee. Friends if you don't want to pay that high amount of your last big purchase You can discuss with bank executive and can convert that amount in to EMI You can discusses with bank executive and can convert that amount in to EMI With a small processing fee and ROI you can pay the big amount in easy instalments With a small processing fee and ROI you can pay the big amount in easy instalments With a small processing fee and ROI you can pay the big amount in easy instalments With a small processing fee and ROI you can pay the big amount in easy instalments With a small processing fee and ROI you can pay the big amount in easy instalments By paying amount in EMI your card will work smoothly. So your credit score will not be hurt. By paying the amount in EMI your card will work smoothly. So your credit score will not be hurt. By paying the amount in EMI your card will work smoothly. So your credit score will not be hurt. Friends if you have missed your credit card payments first time then quickly pay that amount to the bank. 

Friends if you have missed your credit card payments first time then quickly pay that amount to the bank. Friends if you have missed your credit card payments first time then quickly pay that amount to the bank. So this will not impact on your credit score and card will not be blocked. And would like to share some tips If you are holding the card and saving account from the same bank then the bank can activate auto deduction by connecting your card with your Account. If you are holding the card and saving account from the same bank then the bank can activate auto deduction by connecting your card with your Account. If you are holding the card and saving account from the same bank then the bank can activate auto deduction by connecting your card with your Account. If you are holding the card and saving account from the same bank then the bank can activate auto deduction by connecting your card with your Account. 

But if you are using card and savings account from different bank then must make the payments 2-3 days before the last bill date. But if you are using card and savings account from different bank then must make the payments 2-3 days before the last bill date. But if you are using card and savings account from different bank then must make the payments 2-3 days before the last bill date. But if you are using card and savings account from different bank then must make the payments 2-3 days before the last bill date. But if you are using card and savings account from different bank then must make the payments 2-3 days before the last bill date. Try to make payments before 2-3 days from last bill date to avoid any extra penalty. Try to make payments before 2-3 days from last bill date to avoid any extra penalty. As some times it takes 48 hrs to get update the status of your payment. As some times it takes 48 hrs to get update the status of your payment. 

If you want to pay a minimum payment then it must be before 3-4 days so the bank will not debit is again from your account. If you want to pay a minimum payment then it must be before 3-4 days so the bank will not debit is again from your account. If you want to pay a minimum payment then it must be before 3-4 days so the bank will not debit is again from your account. If you want to pay a minimum payment then it must be before 3-4 days so the bank will not debit is again from your account. Friends I hope this information would be helpful for you guys. Friends I hope this information would be helpful for you guys. If found helpful don't forget to like share and subscribe for our next upcoming videos. If found helpful don't forget to like share and subscribe for our next upcoming videos. If found helpful don't forget to like share and subscribe for our next upcoming videos. And don't forget to press bell icon to get early notification's. Friends see you in next video till then....