Holding Multiple Credit Cards? Share your payment strategy to avoid missed payments!!

[manoj28]

All my CC bills are generated between 20-25 and pay bills on 28th of every month. I have also enabled auto pay for all cc in ICICI mobile app.
I also pay cc outstanding on 14th of every month using NEFT.

 

[Riya]

My payment strategy has been tossed out into the river since this new system of banks reporting to CIBIL has come into force..

I used to prepay outstanding amount before bill date but now it's all became a mess

 

[vs4vijay]

I use Microsoft To Do to manage my credit card payments efficiently. Each card has its own list with a recurring monthly reminder for the due date. When I receive a bill, I add a task with the amount due. After making the payment, I mark it as done, and the app automatically schedules the next month's reminder.

To ensure I never miss a payment, I also use Microsoft SMS Organizer, which organizes and tracks credit card due dates, providing an extra layer of reminder.

 

[Virtual King]

My Perspectives
I keep a very simple strategy for paying my credit card bills - about 10-15 minutes each month.

Billing and Payment Due Dates for My Credit Cards
In my case, for all (3) my credit cards, the billing date is same/similar - 1st or 2nd of every month.
Also, the payment due date is then around 21st/22nd of each month.

Reason for Opting for 1st/2nd of Each Month as Billing Date
I opted for choosing 1st or 2nd of every month as the billing date with my own rationale and preferences, summarised below:-
* It aligns with the monthly expenditure cycle, making it easier to track the monthly expenses - through credit cards or otherwise.
* Also, it precludes any confusion regarding accruing and/or cappings of Reward Points (RPs) - whether they are based on calendar month or billing cycle, as if the billing date is on 1st or 2nd of every month then the billing cycle and the calendar month are aligned.
* Since the salary has already been credited at the end of the prior month, so, by 1st or 2nd I am exactly aware of all my impending credit card payments for that month. Therefore, I can monitor and temper my expenditure for that month accordingly.
* 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 wef 3rd of every month. This generates a feel-good psychological factor, albeit short-lived.

Payment Methodology
* Since the payment due dates are around 21st/22nd, so on the 2nd/3rd Sunday of every month (or say around 16th - 18th of every month), I just sit down for 10-15 minutes and make all my payments (for Infinia and BPCL SBI Octane) through my HDFC Banking app. For Amex Plat Travel, I use PhonePe app.
* All the payments are made in full. So, nothing is pending and nothing is rolled over to next month.

This is how I make my payments. So far, this plan has worked smoothly without any hiccups.

Hope this helps. 🙂