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Best billing cycle date to manage all credit card
- Thread starter Vicky99
- Start date
Hello Subhajeet,
You can invest in liquid funds via any platform. I use MF Central.
You can find more details here: https://www.valueresearchonline.com/stories/22069/liquid-funds-for-short-term-investments/
Returns are more than keeping the fund in savings account/FD for a month. Around 0.5%`0.8% for a month.
RajS
TF Premier
No matter in which date you pay, that will fall in same calender month in subsequent months
I am talking about DC cashback. The cashback amount is based on date and amount of payment. Total amount can be paid in multiple installments.
For example, if u have a bill of 1,00,000 and you want to gain maximum using HDFC Plat DC (example) then u can pay 75k on last week of bill generation month and pay remaining on 1st/2nd of the subsequent month. In this case u will get full 1000 cashback. If u pay 100k in a single month either in same month or subsequent month then ur cashback will be limited to 750 only. Its a basic math which can not be applied for billing date between 1-10 where payment date will be restricted to billing month only.
Hope I am able to clear the doubt.
Between 20 to 25 in between month.
Why so ?
Because bills will be settled in very next month easily as many get salary between 1 to 10 of the month.Self employed are also accommodate easily in this schedule.
Raavan
TF Legend
For me, it doesn't matter as most of my credit card statement are generated either negative or zero.
I mostly kept all statement dates as close to month end because most cards reported to CIBIL at month end.
So I cleared all my dues before statement generates and then it also gets reported to CIBIL
I mostly kept all statement dates as close to month end because most cards reported to CIBIL at month end.
So I cleared all my dues before statement generates and then it also gets reported to CIBIL
B
If you are Self employed then as per uses pattern one can choose the date accordingly.
Between 20 to 25 of the month if you are salaried.
If you are Self employed then as per uses pattern one can choose the date accordingly.
Beyond
TF Ace
Same pinch, my preferred date is also 18-20 of a month.
RAMESH BABU N
TF Legend
NONE of the bankers are willing to bill me ONLY on 29/Feb.
I wonder why they can't do it - just only once in four years. Lazy guys....
I wonder why they can't do it - just only once in four years. Lazy guys....
helloworld
TF Legend
less used cards - statement date should be 1st week of the month.
// pay all at once all cards statement generated.
frequent used cards - statement date should be last week of the month.
// pay all at once all cards statement generated.
techprince
TF Select
I have set statement generation date of all CCs to 15-17 of each month which brings the due date to 2-4 of next month. So calculation becomes easier and i pay off all the bills on 1st of every month.
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Thanks aagain 🙂
Planning to stick to this for now
Least used 1st of every months ..Most used last of every month
How do you clear your dues ? Neft or bill desk or DC etc?
Billing Date
I opted for choosing 1st or 2nd of every month as the billing date for all 3 credit cards that I have.
Reason for Opting for 1st/2nd of Each Month as Billing Date.
My rationale and preferences are outlined below:-
* Aligning Billing and Expenditure Cycles. It aligns the credit card billing cycle with the monthly expenditure cycle, making it easier to track the monthly expenses - through credit cards or otherwise.
* Tracking Reward Points (RPs). It precludes any confusion regarding accruing and/or cappings of RPs - whether they are based on calendar month or billing cycle, because if the billing date is on 1st or 2nd of every month then the billing cycle and the calendar month are aligned.
* Monitoring Monthly Expenditure. As the salary gets credited at the end of the month, since I am exactly aware of the impending credit card payments for that month on 1st and 2nd. Accordingly, I can monitor and temper my expenditure for that month.
* Additional Time for Payments. As the bills are generated on 1st/2nd, I get additional 18-20 days more for the payments, which gives me the option of staggering the payments as per my convenience.
* Set Payment Date. I generally keep 17th - 18th as the payment date and pay all my bills in full, thereby exploiting the credit free period of approx. 45 days (i.e. from 3rd of the month to 18th of next month). Also, by having a fixed payment date (generally 2nd Sat/Sun), I do not generally forget the payments within the stipulated time, thereby protecting the credit score.
* No Cash Crises. So, after making all the credit card payments, only about 10-12 days are left for the current month's salary to be credited again, thereby preventing any cash crises.
* Aligning Monthly Expenses with Salary. In effect I use the previous month's salary to pay previous month's credit card expenditure by 17th - 18th of the current month. This helps me retain a clean monthly budgetary expenditure record.
Feel Good Factor
Also, I avoid any major expenditure on 1st and 2nd of every month, so that I can "see" some money in the bank account before the expenditure ball starts rolling relentlessly wef 3rd. This generates a feel-good psychological factor, albeit short-lived. 🙂
Hope these inputs help. 🙂
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aniketkr.sharma
TF Ace
My all bills are getting generated on 1st or 2nd of month.
Earlier we have full freedom of paying dues before bill generation so was following that and before bill generation was paying all as I got my salary credited on last day of every month so it was easy to payoff bills and enjoy.
But after the implementation of bbps, early bill paying isn't getting possible on most cards and my list also reduced to 5 cards. So, I am currently using my credit cards as debit cards just use & fill the bucket.
It's too much helpfull in hard times for atleast 3 months not need to worry about payments.
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