I just got an Amex Blue card and I'm confused about the billing cycle. So the bill is due on the 17th of each month, but you get a 25 day period to pay it without accruing additional interest? Is that correct?
What if I hold a balance over the 25 days? Is interest accrued from day 26?
And if I intend to pay it off in full monthly like I do with other cards, should I pay before the 17th or before the 17+25th?
Thank you
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The way the FICO formula goes I would say pay it off 3 days before your statement cuts. Show a really small balance on one card, the rest pay in full. The FICO model, while it serves its purpose, is a bit flawed to me. I recently obtained my scores and the only "ding" I had was that I currently have zero installment loans, yep, I love debt free.
Interest is calculated from the date of purchase if the balance is kept long enough to generate interest.
Thanks, heistey pants and fpsguy!!
Yes, those two posts are correct. The one clarification that I would like to add is that while it is good to maintain a small balance on at least one card for each billing cycle, it's pretty much irrelevant when you pay that off for FICO purposes (so long as you pay it off before the minimum payment is due, of course). So, personally, I just pay off my CC bills right when they come in, and then I don't have to worry about "oohh, I need to pay this one on the 14th because the payment is due on the 17th, blah blah blah". It's just taken care of.
And I'm sure I don't need to mention how foolish it would be to not pay off the entire balance to someone on WSO...
So disappointed in your choice of CC.
Hopefully you only chose this one because you couldnt get approved for any of the good ones, as discussed in the previous thread.
Are you referring to the travel hacking discussion in the other thread? I haven't looked into that yet or applied for anything.
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