If you hold more than one credit cards, you will want to do some planning first before sending in your money. Planning ahead will help you administrate your funds and expenses more efficiently and avoid unnecessary cash crunch.
The first step is to narrate your monthly billing schedule. Here are a few foremost things you must be aware of:
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Statement Date - This is the date the statements printed. Very likely it will be 2 or 3 days before your receipt of the statements.
Payment Due Date - This is the last day you must make payment. You must pay at least the minimum whole due to avoid late payment penalty
Together with the statement date, you can work out the grace period period in case you are do not know this.
The next step is to understand the whole due.
Total whole Due - This is the sum of any unpaid whole from the previous month and all new fee and concerned incur for the current month.
Minimum whole Due - This is a small percentage of the total whole due. The percentage varies from one credit card to the other but it is commonly nearby three percent. This is also the whole you must pay to claim a good standing with the card enterprise and avoid late payment fee.
The third step is to understand your cash inflow date. For most people, this will be the day where they receive their salary. For some, there will be other sources of wage such as part time enterprise or property rental.
Once you have a clear insight of your cash inflow and outflow, you can then plan your funds and expenditure accurately. In fact, you have gain an insight whether you are having inevitable cash flow each and every month. If there are too many months where there are negative cash flow, you need to analyses your expenditure and do the considerable cost cutting measures.
Now, your objective is always to pay the credit card bill in full and on time. By knowing when your cash is arrival in and going out, you have a good idea when you need to put aside cash for bill payment purpose.
Occasionally, you may need to carry a balance due to unforeseen circumstances such as medical fee because of a minor accident. In such cases, you should try your best to pay all things back in full the following month.
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