Disney Visa "paying in full" question

[sdsatl]

I got a Disney Visa before our first trip. Even with the fee, we like the benefits; it paid for a character meal, and we've gone to some cardholder events at home, including seeing Inside Out for free (are movie ticket offers normal?). Anyway, it's my first credit card, so I want to make sure I have this right: is paying the statement balance paying in full? If not, I have been doing it wrong. Chase is very nice, but they have not given me a helpful answer about avoiding interest (duh). TIA

 

[cinderanna]

If you pay the entire statement balance, you should not incur any finance charges. That amount may not be your full balance at the time (because you may have made additional purchases since the statement closing date) but as long as you pay your statement balance in full, you shouldn't have any additional charges. Hope that makes sense!

 

[threeboysmom]

Yes, the statement balance is what you want to pay each month by the due date listed. That is considered paying in full and will not accrue any interest charges.

For example, my statement closed on 8/1 - balance is $800 and is due 8/20.

I then charged $40 at Macy's yesterday so now CURRENT balance is $840, but ONLY the $800 is due on 8/20. The $40 charge will not be due until THAT statement closes on 9/1 so due date for that would be 9/20.

Make sense?

 

[neatokimmo]

Paying the statement balance is not paying in full. Paying in full wipes out your balance. It could just be your last statement balance, or your last balance plus any transactions since your last statement posted.

If you are trying to use a credit card like a debit card for rewards you want to wipe it to zero. Otherwise you are pushing off a portion of your purchases for almost a month. You aren't paying for things real time. I make a payment almost every Friday to wipe any balance. It's a great way to rack up points!

 

[NY Pirate Princess]

I use my disney visa as a debit card in my check register (yes, I know, I am a million years old) but I only pay the statement on time every month. My credit limit is quite high so I don't need to get down to zero to maximize my rewards. My friend got in trouble with Chase years ago so he has a tiny limit and he pays it frequently as well to give himself access to rewards. Chase has BEGGED me at least 6 times in the last 6 months to increase my limit. No thanks!

Might I also say that as a first time credit card user, you are ROCKING IT. You are not piling on the debt, you are paying in full every month. I LOVE IT! Keep it up!

 

[ICF]

Paying the statement balance is not paying in full. Paying in full wipes out your balance. It could just be your last statement balance, or your last balance plus any transactions since your last statement posted.

If you are trying to use a credit card like a debit card for rewards you want to wipe it to zero. Otherwise you are pushing off a portion of your purchases for almost a month. You aren't paying for things real time. I make a payment almost every Friday to wipe any balance. It's a great way to rack up points!

If she wants to avoid interest though, and use a CC like a CC -- then paying the statement balance in full is what she needs to do. There is no need to pay more than once a month to avoid interest.

 

[robinb]

Paying the statement balance is not paying in full. Paying in full wipes out your balance. It could just be your last statement balance, or your last balance plus any transactions since your last statement posted.

If you are trying to use a credit card like a debit card for rewards you want to wipe it to zero. Otherwise you are pushing off a portion of your purchases for almost a month. You aren't paying for things real time. I make a payment almost every Friday to wipe any balance. It's a great way to rack up points!

There is really no financial advantage to paying that way. As long as you pay your 100% of your statement balance every month you do not incur interest on charges after the posting date and you rack up points at the same rate.

Now, if it makes you feel better to pay weekly or if it makes you feel more in control, that's cool too.

 

[neatokimmo]

There is really no financial advantage to paying that way. As long as you pay your 100% of your statement balance every month you do not incur interest on charges after the posting date and you rack up points at the same rate.

Now, if it makes you feel better to pay weekly or if it makes you feel more in control, that's cool too.

Right, you don't earn anymore points than paying once a month. But if you are doing a budget and you are constantly deferring X$s for about a month, every single month, then you truly aren't up to date on your bills. Does that make sense? That is where I was going with the pay in full thing.

 

[amcnj]

Right, you don't earn anymore points than paying once a month. But if you are doing a budget and you are constantly deferring X$s for about a month, every single month, then you truly aren't up to date on your bills. Does that make sense? That is where I was going with the pay in full thing.

Yes, it does make sense in that you are always paying for last month's charges. So the trick is to have that money set aside and not use it for anything else, knowing it is already spoken for.

 

[robinb]

Yes, it does make sense in that you are always paying for last month's charges. So the trick is to have that money set aside and not use it for anything else, knowing it is already spoken for.

Which is what we do. Like I said, if you feel more in control of your finances by paying weekly, that's fine. We pay monthly and never feel like we are not up to date in on our bills.