According to the specialist to make the most of the credit, if necessary, the ideal is to pay before the due date. This date is usually on the statement with the legend “pay by”.
César assures that “some people who do not need to make the most of this financing time, and to avoid forgetting that they lead them to pay interest, usually use their cards and pay off those consumptions, without waiting for the cut and the state to arrive.” Contrary to what many people think, this mechanism does not affect and is a recommended practice because it prevents the money to pay for the cards from being used for other purposes.
But when exactly should I pay my card? Usually there is a consumption period of 30 days, after which a cut is made. That cutoff generates a statement that includes the transactions and charges for the 30-day period. In that state is the sum of the amounts of the transactions and charges for the period in pesos or dollars. This is the total amount to pay. If it is paid before the due date, which is usually 20 to 21 days after the cut-off date, no interest charges are received, according to Perelló.
On the contrary, if you pay after the due date, then you will be subject to financing interest charges: “Even if the total payment of what was consumed in the previous month is made. If you do not have to make the full payment, it is advisable, at least, to make the minimum payment to avoid overdue payments and arrears, and that the credit is negatively affected ”, he adds. Also, if the full payment cannot be made before maturity, it is advisable to pay as much as possible to minimize the impact of the high interest payment.