3. Always make minimum monthly payments
You’ll want to be sure to always pay your minimum payments on time for every debt you have — in order to avoid paying higher interest and late fees. So if you’re trying to pay off the highest interest rate card first, put more money toward that card each month, while continuing to make the minimum payments on all other debts. Then move to the next highest interest rate card and so on.
The best way to stay on top of monthly credit card payments is to go by the card’s closing date, rather than the payment due date. The closing date wraps up your bill for that month, so any transaction after that date is included in the next month’s statement. You can find your card’s closing date on your statement.
The balance on the card as of the closing date is the one that’s reported to the credit bureaus. So if you pay off the balance beforethat date, your statement will show a zero balance — which not only allows you to avoid interest charges and fees on your credit card, but this strategy will also help you improve your credit score!