Mildly Infuriating
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What's the issue with paying the balance when it's due? Interest will not accrue.
A lot of people either forget or don't carefully track the money as spent when it's still in their back account so they spend it again. It's just generally a hassle and more work vs just having a habit of paying off as you go and being able to see exactly what's still in your bank account.
Sounds like these people want to use debit cards, then.
Debit cards usually don’t offer cashback, perks, or robust fraud protections, and do nothing for your credit score. That last one is the important bit. I used to use my debit card exclusively, and could never get approved for any kind of loan. Once I started using credit cards the way I described in my other comment, my credit score jumped waaaaaay up and I started getting approved for everything.
My debit card gives me a better interest rate on checking and savings which is way better than points or cash back. The only difference in fraud protection is the money may not be immediately available that was fraudulent, which can be a problem. Credit can be a problem until you get a mortgage though without credit cards.
Keep the money in your bank account with interest, then pay the credit card in full every month. You get both benefits.
To be fair, high yield checking accounts sometimes require you to actually use the debit card
Oh sure, you get up votes when you say it
Sounds like someone is fraudulently using your debit card comment and reaping all the benefits. This wouldn't have happened if you'd used a credit card comment instead.
The rate depends on debit card use.
So it sounds like the solution to increasing the score tracking how good you are at paying bills when they are due is to pay bills when they are due?
I pay my bills on time every month. That’s only one factor for your credit score. Another big part of your score is credit utilization, or the amount of credit you use vs. how much credit you have available to you. So paying off my cards the way I described is how I keep my usage percentage at a minimum. I’ve seen big increases to my score since I started paying closer attention to that factor.
My checking account pays excellent interest, but my monthly cashback from my credit cards is always more.
I’m curious why you seem so opposed to some people choosing to use their credit cards this way? Your implication by bringing up debit cards and due dates is that we’re somehow not being responsible with our money, but that’s just not the case. I’m not attacking you, just curious why it seems to bug you?
What I'm seeing in this post is that people want a good score that is supposed to reflect their ability to pay bills on time without explicitly paying bills on time. Simple tracking one's spending and paying off credit card statements and they come in is a great way to build credit, but it does require a minimal amount of fiscal responsibility in the form of tracking one's own spending habits over the course of a single month.
I get what you’re saying, but paying a bill before its due date is still paying that bill on time. I also keep track of my spending habits, and am completely on top of and in control of my finances. I just also choose to pay my credit card balance as I go.
Allow me to further attempt to better communicate the key points in the timeline.
The time of purchase is well before the statement date, which precedes the due date.
Many don't have a choice, especially in the US. Without playing the credit game you end up paying significantly more in loan interest for things like a house or car or can't even get a loan. One of the easiest ways to keep a good credit score is to have a credit card you've had forever and that you consistently use and pay off.
It's a goodbye screwed up system
I would love to just use my debit card instead but I don’t get the same level of protection nor cash back on spending from my debit card.
The bank knows people will make mistakes that they didn't before. They stand to make more money off those people. It is not a neutral policy that they've arrived to in a mutually beneficial manner.
Their favorite customer is one who slips up sometimes. Bank still gets the debt paid as expected, but now with more fees.
They also want people to say "thems the rules, deal with it". That lets it appear to be a neutral policy while making more money than before.
Debit cards offer less security, are less convenient at most places, and might cause an overdraft in the event of a bank error.
Bank error and debit charge putting you in overdraft? You now have two problems to solve.
Bank error and credit charge with a future pay off date? You have one problem and more time to solve it.
Guess they'd better learn how to add numbers, then.
You seem to have missed the "bank error" part of my comment
Pay it automatically with a direct debit. I can't remember the last time I paid a bill manually.
Nope, I never let anything automatically withdraw money. Mistakes are made. And sure, you'll get your money back from the accidental 10k that was pulled from your account....in 5 to 10 business days, until then you are broke and shit is bouncing.
The way I use my credit card is that I purchase everything in a month on it and then when all of my bills come in at the end of the month, I pay it off. However, my credit card payment isn't actually due until the 15th or something.
If I waited, I would 100% end up missing a payment because it's not part of my routine.
I've never met a credit card which wouldn't allow you to move the due date. Even if it can be accomplished online, you should try calling customer support.
Ohhhhh. I didn't know this. I'll give it a shot, thanks!
I did this with one of my cards just the other month because of this exact reason - it was due in the middle of the month instead of at the end/beginning like the rest of my accounts, and it slipped past my radar once. Now it's due on the 28th with half my bills.
It really depends on your bank or credit card issuer. Some places will accrue interest from the day of purchase until the day of repayment. It might be pennies for me and you, but I’m sure they make bank on their collective customer base. And deliberately making it difficult to pay off debt that causes additional charges should be illegal.
I've never encountered a bank or card issuer like that in the US. Can you provide any examples?
Anyway, in that case, the solution would be to not use that credit card or bank.
Some people get really judgmental about credit cards. Either about not using them, or about using them wrong.
This poster clearly explained how they were maintaining a healthy relationship with one, and you came in to argue with people about how they are “doing it wrong” and shouldn’t be part of the people using credit cards.
Did you know that credit card rewards disproportionately punish the poor? The rewards come out of the credit card terminal fees. And stores increase their prices appropriately to cover credit card fees. If you insist on someone not using credit cards when they are managing it fine, you may be suggesting that they be forced to pay more for their purchases.
Nobody said anything about OP doing it wrong, cool your jets. The bank changed their policy. At that point your options are either take the advice of the parent comment, complain to the bank (which will likely get you nowhere), or find a new bank. Don't get bitchy at people offering advice.
Am I missing something? There's no mention of doing it wrong or insisting they not use credit cards. Just a suggestion that would solve the issue from the bank changes..
What I'm seeing in the comments of this post is that people expect a good credit score, which is supposed to track how reliable you are at paying bills, without simply paying bills on time.