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What happens if you pay off your credit card early?

Early repayment of a credit card will have no impact on your credit, but it will have an impact on the amount of your bill depending on whether the repayment time is before or after the bill date. I will discuss the following points: Let me explain to you: 1. Repay before the billing date

First of all, let me explain the billing date. After you apply for a credit card, the credit card will set a billing date for you, this date every month , the bank will settle all the consumption amounts for you between last month's bill date and this month's bill date. The summary amount is your bill for this month, and you need to pay back the summary amount of this bill this month.

After knowing the meaning of billing date, if you repay before the billing date, your repayment will be included in the amount of your billing date, that is, the bill amount will be Subtract this repayment. For example: For example, if your bill date is the 25th of each month, and you made a total of 10 purchases between September 25 and October 25, and the total of the 10 purchases was 2,000 yuan, you If you repaid a sum of 1,000 yuan on October 12 before the October 25th bill date, then the bill on October 25 is =2000-1000=1,000 yuan; if you repaid a sum of 2,000 yuan on October 12, then The bill on October 25 is =2000-2000=0 yuan; if you paid a sum of 3,000 yuan on October 12, then the bill on October 25 is =2000-3000=-1,000 yuan; -1,000 yuan appears. It means that if you save an extra 1,000 yuan, your limit is originally 20,000 yuan, and next month you can spend 21,000 yuan. 2. Repayment at a later date

Repayment at a later date means repayment within a period of time after the date of the statement. This repayment period varies from bank to bank, but it is always around 15-20 days. You only need to Repayment within 15-20 days after the bill date will have no impact on you. 3. Repay after the final repayment date

I just talked about the bill date and repayment date. The last repayment date is the last day of the 10-15 days after the bill date, which is also the final repayment. If you repay after the last payment date, the bank will consider your repayment record as overdue and report it to the credit reference center.

In general, early repayment has no impact on your credit score, but you should pay attention to two dates, the billing date and the final payment date. Paying off before the billing date can reduce the amount of your bill. If you repay before the final payment date in the future, it will be a normal repayment, which means it will not affect your bill or credit score. However, repayment after the final repayment date will have an impact on your credit score.