Is it true that a payment on the 14th and last day of each month will reduce credit card interest?

I want to maximize the payoff of credit card debt. I can%26#039;t find the article but I read somewhere that the 14th and last business day of the month were the %26quot;magic dates%26quot; to reduce credit card interest and debt.

Is it true that a payment on the 14th and last day of each month will reduce credit card interest?

Not true.

If you want to maximize your score you want to focus on the date your credit card companies report to the bureaus.

Most people think paying your bills on time, or the day they get their bill is good; its not. Credit Card companies report to the bureaus first, then mail your bill.

What this does is always shows your cards with balances because the report date is right before you actually make your payment.

Make sure your payments are always in before the reporting date

Is it true that a payment on the 14th and last day of each month will reduce credit card interest?

2 payments amonth will reduce ur interest .

no %26#039;magic%26#039; about it.

Is it true that a payment on the 14th and last day of each month will reduce credit card interest?

Yes and no... your due date may shift about from month to month, or it may be fixed day of month.

If you pay 3 days before your statement date, so that the amount owing on the statement is kept to a minimum, that clearly cuts your interest cost should you fail to pay off the whole balance during the month.

Now due date or last day of month, whichever is earlier, is the next time to get your balance as low as possible, But this is also to make sure you have a payment in before due date more than your minimum. This avoids having your interest rate go up.

I pay off my whole balance just before statement date, and again before end of month, I pay zero interest.

Is it true that a payment on the 14th and last day of each month will reduce credit card interest?

You need to be sure that you send the minimum amount due when ever the statement you receive in the mail says it is due. If you want to save on interest, you can send in extra at the same time or send any amount on any day. Paying above the minimum reduces the interest you pay.

Is it true that a payment on the 14th and last day of each month will reduce credit card interest?

Finance charges are calculated on the average daily balance in each billing cycle. The earlier you pay you bill once the statement prints and the more you pay gives you maximum reduction on your ADB and thus saves you the most on interest charges. There are no %26quot;magic%26quot; days.

Many people have the attitude that they want to get their payment in right on the due date, thinking that they don%26#039;t want the cc company to get their money any sooner than they have to. These people don%26#039;t realize that they are only hurting themselves by keeping their ADB at its highest and paying the most in finance charges.