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Paying taxes with your credit card in 2021
Update: Some offers mentioned below are no longer available. View the current offers here – The Business Platinum Card® from American Express
Editor’s note: This post has been updated with the latest information.
This page includes information about the Discover It Miles that is not currently available on The Points Guy and may be outdated.
Those with a looming tax bill may be wondering if it is worth it to charge that bill to a rewards earning credit card to earn cash back or travel rewards. A tax bill can even be a way to meet the minimum spend requirements on a generous sign-up bonus. This strategy of paying your tax bill with a credit card can translate to thousands of dollars in travel rewards or cash back, but there are some things to know before you pay.
The best credit cards for tax payments
The information on the Discover it Miles has been collected independently by The Points Guy. The card details on this page have not be reviewed or approved by the issuer.
Here’s what you need to know about paying taxes with a credit card in 2021.
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Comparing different ways you can pay your taxes
If you owe taxes to the IRS, there are several ways to make your payments:
- You can make a direct payment from your bank account and there are no fees imposed for the transaction.
- You can wire the money from a bank account, although this option will almost certainly incur a fee.
- You can mail a money order to the IRS.
If you need to buy a little more time to pay your taxes, you can file an extension with the IRS or set up an installment agreement that includes a payment plan. You will, however, be expected to pay penalties and interest on the aforementioned payment plan. You can also pay your taxes with a debit card and while the fee is minimal, you won’t earn any valuable travel rewards or cash back.
Fortunately, the IRS lets you pay your tax bill with a credit card through several third-party payment processors. But be warned — these companies are allowed to tack on fees unto your payments. You can see a list of these companies and their convenience fees at this link to the How can i pay my discover bill website.
The cost of paying taxes with a credit card
When you use a credit card to the skeleton key in hindi download your taxes, the fee is calculated as a percentage of the amount paid. Currently, those fees range from 1.96% to 1.99%.
The benefits of paying taxes with your credit card
Paying your taxes with a credit card can help you earn rewards and give you more time to pay off a high tax bill. While this method is certainly the costliest way to pay your taxes, it can be the most rewarding approach.
Earn a generous credit card sign-up bonus/welcome offer
Many card issuers offer a sign-up bonus/welcome offer if you spend a certain amount on your card within a specific time frame. This bonus can be worth thousands of dollars and come in the form of cash back or travel rewards for your account. Many of these bonuses are huge and can even breach $1,000 in value.
The most advantageous reason to use a credit card when paying a sizable tax bill is to earn an abundance of rewards for that spending. Since there are no credit cards that offer bonus earnings on tax payments, signing up for a card with a generous sign-up bonus or welcome offer is the simplest way to rack up tons of points or miles on your tax bill payment.
Some travel rewards cards have especially high minimum spending requirements for earning a bonus.
For example, the Ink Business Preferred Credit Card offers 100,000 Chase Ultimate Rewards points after spending $15,000 on purchases within three months of account opening. And The Business Platinum Card® from American Express has a special offer for TPG readers of 125,000 Membership Rewards® points after spending $15,000 on eligible purchases with the card within the first three months of card membership.
Spending $15,000 in three months might be tough for some small business owners. But if you put your tax payment on your how can i pay my discover bill to earn the 125,000-point bonus on the Amex Business Platinum, you could pay as little as $294 in fees (through PayUSAtax). According to TPG’s latest valuations, American Express Membership Rewards are worth 2 cents apiece if you maximize the points via Amex transfer partners, so you’d be earning up to $450 in travel rewards potentially on your $15,000 tax bill payment — a slight profit when compared to the fees you pay. That said, you usually only come out clearly ahead using a card to pay taxes if you are triggering a larger bonus at the same time that you are earning daily rewards.
If you think you’re going to have trouble paying your balance in full before accruing interest, avoid using a credit card altogether to pay your taxes. The interest and fees will stymie any rewards you earn.
Meet credit card spend threshold
Many credit cards offer benefits that trigger after you reach a particular spending threshold. These might be based on the calendar year or your cardmember anniversary, but in either case, making large tax payments could help you earn these rewards when that amount of spending might be out of range. For example:
Use multiple cards to maximize earnings
If you have a large tax bill, you don’t have to put the entire spend all on one credit card. Each of the three tax payment processors allows taxpayers to make two separate payments per tax period. Reports also indicate that you can use multiple payment processors for the same tax period.
For example, say that you have a $30,000 tax payment due. You can apply for both The Business Platinum Card® from American Express and the Ink Business Preferred Credit Card. By putting $15,000 on the Amex Business Platinum Card, you’d have spent enough to earn the 125,000-point welcome bonus. Plus, since the purchase is more than $5,000, you’d earn 1.5x points on the purchase (up to 1 million additional points per calendar year) which means you’d earn 22,500 points. Then you can charge the additional $15,000 balance due on the Ink Business Preferred to earn its 100,000-point sign-up bonus. That’s potentially $5,000+ in travel rewards, per TPG valuations.
Buy some extra time to pay your taxes
One of TPG’s 10 commandments for earning credit card rewards is never to pay interest charges. It’s paramount that you never bite off more than you can chew. When paying your taxes with a credit card, make a note of when the first day of your new statement period begins on the card you’re looking to use. This way, you may have up to 30 days until your statement closes and close to 60 days until you need to pay off your balance in full.
Some credit cards even offer 0% APR for an introductory period on new purchases, which equates to 12-15 months of interest-free payments on your tax bill. But you must pay off the entire balance in full before the promotional period ends or risk exorbitant interest charges.
The downside of using a credit card to pay your taxes
Despite the benefits listed above, using a credit card to pay your taxes can be a reckless strategy, as the interest rate on most rewards credit cards can severely hurt your finances. If charging taxes to your credit card will make you unable to pay your statement balance in full, don’t even think about it. This is then not a viable method to paying taxes for you.
Instead, consult your tax professional about your options. The IRS offers payment plans with lower interest rates than most credit cards, which you may qualify for.
Comparison of the best credit cards for tax payments
I’ve listed the general earning rate for our choice of the top cards to pay your taxes. The potential return is the potential earnings based on TPG valuations and maximizing the earning through the method mentioned in the “caveat” column. The net after-fee rate uses the potential return column and subtracts the processor that charges the lowest fee: PayUSAtax.com, with a 1.96% charge.
If you’re able to claim your convenience fees as a tax deduction on your business — please speak with your tax advisor about this possibility — your gains would be even greater.
The Business Platinum Card from American Express
This card offers 1.5x Membership Rewards points on purchases that exceed $5,000 (up to 1 million additional points per calendar year). Based on TPG’s valuations of 2 cents per Membership Rewards point, this equals 3 cents in value per dollar spent, for a net gain of 1.04 cents after the 1.96% convenience fee. But considering the card is currently offering a welcome bonus for TPG readers of 125,000 points after you spend $15,000 in the first three months you have the card, the advantages of using the Amex Business Platinum on your taxes this year could outweigh the higher returns from other cards. The card has a $595 annual fee (see rates and fees).
Related: Big price, big perks: A review of the Business Platinum Card from American Express
The Blue Business Plus Credit Card from American Express
This card offers 2x points on all purchases for the first $50,000 spent each comerica bank teller hourly pay year; then 1x thereafter. Since TPG values Membership Rewards points at 2 cents each, this works out to a fantastic 4 cents in value per dollar, for a strong net gain of 2.04 cents per dollar charged.
Related: Blue Business Plus card review: Double up your everyday spending
Chase Freedom Unlimited
This card offers you 1.5% cash back on purchases, so it wouldn’t seem to make sense to pay a 1.96% fee to pay taxes using this card. However, if you (or your spouse or domestic partner) have an Ultimate Rewards-earning Chase credit card such as the Chase Sapphire Preferred Card, Chase Sapphire Reserve or the Ink Business Preferred Credit Card, you can convert these cash-back earnings to Ultimate Rewards points. Then, you can transfer points from these accounts to 13 different travel partners.
TPG pegs the value of Ultimate Rewards points at 2 cents each. The ability to earn 1.5x points means that you’ll get 3 cents in value per dollar spent on purchases. This is a net gain of up to 1.04 cents per dollar paid.
Alternatively, you can use these points toward travel reservations through the Chase travel portal. Points redeemed through the Chase Sapphire Reserve are worth 1.5 cents apiece toward travel reservations. Since you how can i pay my discover bill 1.5x points per dollar spent through the Chase Freedom Unlimited, that means you can get 2.25 cents per dollar spent toward travel reservations through the portal. That’s a net gain of 0.29 cents per dollar paid after subtracting the 1.96% fee.
Points redeemed from the Chase Sapphire Preferred and the Ink Business Preferred are only worth 1.25 cents each toward travel reservations made through the Chase travel portal. Multiplying this how can i pay my discover bill rate by the 1.5x points, you’ll earn on purchases only nets 1.875 in value per dollar spent. That means you’d lose money after paying the 1.96% fee.
Related: Chase Freedom Unlimited: A surprisingly great credit card
Ink Business Unlimited Credit Card
This is practically the small-business version of the Chase Freedom Unlimited, and it also offers you 1.5% cash back — which you can convert to 1.5 Ultimate Rewards points per dollar spent. Like the Chase Freedom Unlimited, it has no annual fee.
Related: Ink Business Unlimited Credit Card review
Discover it Miles
This card offers 1.5 miles per dollar spent, and miles are worth one 1 cent each toward travel statement credits or as a direct deposit in your bank account. After the first year of your account, Discover will match your first year’s rewards. This equates to a total of 3% in value for the first year, although you will have to wait a year for the second half of this cash back.
Related: Straightforward earning and redeeming: Discover it Miles card review
Chase Sapphire Preferred Card
While you’ll only earn 1 point per dollar spent on paying your taxes with the Chase Sapphire Preferred, this popular card makes the cut because of its long-term value and whopping sign-up bonus. You’ll earn 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. The sign-up bonus alone is worth a $1,200 return in travel rewards, per TPG’s most recent point valuations.
Related: Chase Sapphire Preferred card review
Capital One Venture Rewards Credit Card
Now that Capital One added new travel partners, their value has vaulted to 1.85 cents each (based on TPG valuation not provided by the issuer). And since you earn 2x miles on all purchases with this card, that equates to a return of 3.7 cents in value per dollar spent. Plus, the Capital One Venture Rewards currently earns 60,000 bonus miles after spending $3,000 on purchases within the first three months of account opening.
Related: Capital One Venture Rewards Card Review
Capital One Spark Miles for Business
Like the Capital One Venture card, this small business card offers 2x miles on all purchases, which you can redeem for travel statement credits or transfer to mileage partners. Therefore, it offers the same return as the Venture card of up to 1.44 cents per dollar spent in net value after the convenience fees.
Related: Double miles on everything: Capital One Spark Miles for Business credit card review
Other cards to consider
While there are plenty of great choices above, these are a few alternative cards that might work well for your situation.
Bank of America® Premium Rewards® credit card
This card offers you 1.5 points per dollar spent on all purchases and 2 points per dollar on travel and dining purchases. Plus, earn 2 points per dollar on grocery store purchases- now through Dec 31, 2021. Points are worth 1 cent each toward travel statement credits, so paying taxes with this card is a money-loser for most people. But if you’re a Bank of America Preferred Rewards member, you can earn a 25% to 75% rewards bonus on every purchase. That means Preferred Rewards clients could earn between 1.875 and 2.625 points per dollar spent on your taxes, for a net gain of up to 0.665 cents per dollar spent.
Citi® Double Cash Card
This card earns 2% cash back (1% cash back on all purchases at the time of the purchase and another 1% cash back when you pay your balance). Earning a total of 2% cash back means that you’re sure to get a slight cash profit no matter which payment provider you use. Even better, this card doesn’t have an annual fee.
You can also convert your cash back into Citi ThankYou points if you’ve got either the Citi Premier® Card or the Citi Prestige® Card (not available to new applicants). Citi ThankYou points are worth 1.7 cents each, per TPG valuations — meaning you’ll earn an effective 3.4% back, netting you a value of 1.44 cents per dollar after the 1.96% fee.
The information for the Citi Prestige has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Related: The best cash-back credit cards
There are solid options when it comes to paying your taxes using a credit card. We’ve also outlined the cost to do it. If you choose to pay your taxes with your credit card, it can be a lucrative way to earn points and miles. But do your own math and make sure the cost is worth the benefit.
For rates and fees of the Amex Business Platinum card, click here.
Additional reporting by JT Genter, Madison Blancaflor and Joseph Hostetler.
Featured photo by PeopleImages/Getty Images.
Updated on 5/12/21.
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How to Pay Your Discover Card Bill
Frequently Asked Questions
Discover makes it easy for you to make a credit card payment online or through these other convenient options:
Please see below for more information on payment posting:
For Non-Discover It® Card Members:
- Payments submitted before 5:00 p.m. Eastern Time (ET) with a payment posting date of the same day will be credited to your account that day
- Payments submitted after 5:00pm will not be posted same day, and will have a posting date of the next day.
- Payments scheduled for a future date will be credited to your account on the date selected
- Online and phone payments scheduled, but not yet posted, can be canceled online up until 5:00 p.m. ET on the payment posting date and will not post to your account
For Discover it® CardMembers:
- Payments submitted before midnight Eastern Time (ET) will be credited to your account that day, except for payments made on the cycle date. Payments made on your cycle date submitted before 5:00 p.m. ET will be credited as of that same day
- Same day payments submitted before 5:00 p.m. ET can be cancelled until 5:00 p.m. ET that same day. Same day payments submitted after 5:00 p.m. ET but before midnight ET can be canceled until midnight of that same day
- Payments scheduled for a future date will be credited to your account on the date selected. Future scheduled payments can be cancelled until 5:00 ET of the scheduled date
You can mail your check to the address on the payment coupon at the bottom of your credit card statement. If you can't find this address, mail your check to:
Discover Financial Services
P.O. Box 6103
Carol Stream, Illinois 60197-6103
Note: Please remember to always pay with a personal check, cashier's check or money order, and never send cash. Please write your account number on the "memo" line, and to avoid late fees, always allow 7-10 days for your payment to reach us. Please include the payment coupon at the bottom of your credit card statement.
Yes, you can schedule automatic payments to help you pay on time. Set your auto-pay amount at your minimum payment, your statement balance or a custom amount, and we'll automatically deduct your credit card payment each month. You'll get an email reminder a few days in advance of the payment. Learn more about automatic payments, or log in and switch to automatic payments now.
No. There's no convenience fee for any of our payment methods. Plus, Discover is the only credit card company with no annual fee on every single card.
The time it takes a payment to reach us depends on how it is handled by the bill payment service or bank. Some services, for example, process payment requests only once a day or once a week, while others process the requests electronically, but then send paper checks. Processing time may also be affected by weekends and bank holidays. To learn how your bill payment service or bank processes your payment requests, please contact them directly.
A way to make sure your payment is credited to your account is to pay online in the Account Center by clicking on the "Payments" tab and selecting "Make a Payment".
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You can pay your Discover bill any time by calling 1-800-DISCOVER (1-800-347-2683). Discover has no pay-by-phone convenience fee.
To avoid late payments and late fees, you'll want to be sure your Discover Card payment arrives on time. If you're using an e-bill or a bill payment service, you'll need to allow enough time for that checking account, debit card account or other bank account to deliver your payment. You may have a bank account that only processes payment requests once a day or once a week. Or it may process the requests electronically, but then send paper checks. Weekends and bank holidays can also cause delays. To learn how your bill payment service or bank processes payment requests, please contact them directly.
It may be faster to make your credit card payment with your Discover.com account. If you're not registered online at Discover.com, you can register now.
For Non-Discover It Cardmembers:
- Payments post on the same day when you make them before 5:00 p.m. Eastern Time (ET).
- Payments submitted after 5:00pm will not be posted same day, and will have a posting date of the associated bank login 401k day.
- A scheduled payment for a future date will post to your account on the date you select.
- You can cancel a scheduled payment online or by phone until 5:00 p.m. ET on the payment posting date.
For Discover it® Cardmembers:
- Payments post on the same day when you make them before midnight Eastern Time (ET), except for payments you make on your cycle date. Cycle date payments post the same day when you make them before 5:00 p.m. ET.
- If you make a payment before 5:00 p.m., you can cancel it the same day up until 5:00 p.m. If you make a payment after 5:00 p.m., you can cancel it the same day up until midnight ET.
- A scheduled payment for a future date will post to your account on the date you select.
- You can cancel a scheduled payment online or by phone until 5:00 p.m. ET on the payment posting date.
No. There are several ways to pay your Discover Card, including online at Discover.com or with our mobile app using your bank account information. Other options include sending a check by mail using the return envelope in your statement or paying by phone at the number on the back of your card.
Cash Back Credit Cards: Discover it® Cash Back, Gas & Restaurant Card, NHL® Discover it®
Travel Credit Card: Discover it® Miles
Student Credit Cards: Discover it Student® Cash Back, Student Chrome Card
Secured Credit Card: Discover it® Secured
Business Credit Card: Discover it® Business Card
Cash Back Credit Cards
Intro purchase APR is 0% for 14 months from date of account opening then the standard purchase APR applies. Intro Balance Transfer APR is 0% for 14 months from date of first transfer, for transfers under this offer that post to your account by then the standard purchase APR applies. Standard purchase APR: 11.99% variable to 22.99% variable, based on your creditworthiness. Cash APR: 24.99% variable. Variable APRs will vary with the market based on the Prime Rate. Minimum interest charge: If you are charged interest, the charge will be no less than $.50. Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 3% Intro fee on balances transferred by and up to 5% fee for future balance transfers will apply. Annual Fee: None. Rates as of . We will apply payments at our discretion, including in a manner most favorable or convenient for us. Each billing period, we will generally apply amounts you pay that exceed the Minimum Payment Due to balances with higher APRs before balances with lower APRs as of the date we credit your payment.
Travel Credit Card
Intro purchase APR is 0% for 14 months from date of account opening then the standard purchase APR applies. Intro Balance Transfer APR is 10.99% for 14 months from date of first transfer, for transfers under this offer that post to your account by then the standard purchase APR applies. Standard purchase APR: 11.99% variable to 22.99% variable, based on your creditworthiness. Cash APR: 24.99% variable. Variable APRs will vary with the market based on the Prime Rate. Minimum interest charge: If you are charged interest, the charge will be no less than $.50. Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 3% Intro fee on balances transferred by and up to 5% fee for future balance transfers will apply. Annual Fee: None. Rates as of . We will apply payments at our discretion, including in a manner most favorable or convenient for us. Each billing period, we will generally apply amounts you pay that exceed the Minimum Payment Due to balances with higher APRs before balances with lower APRs as of the date we credit your payment.
Student Credit Cards
Intro purchase APR is 0% for 6 months from date of account opening then the standard purchase APR applies. Intro Balance Transfer APR is 10.99% for 6 months from date of first transfer, for transfers under this offer that post to your account by then the standard purchase APR applies. Standard purchase APR: 12.99% - 21.99% variable, based on your creditworthiness. Cash APR: 24.99% variable. Variable APRs will vary with the market based on the Prime Rate. Minimum interest charge: If you are charged interest, the charge will be no less than $.50. Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 3% Intro fee on balances transferred by and up to 5% fee for future balance transfers will apply. Annual Fee: None. Rates as of . We will apply payments at our discretion, including in a manner most favorable or convenient for us. Each billing period, we will generally apply amounts you pay that exceed the Minimum Payment Due to balances with higher APRs before balances with lower APRs as of the date we credit your payment.
Secured Credit Card
22.99% standard variable purchase APR. Intro Balance Transfer APR is 10.99% for 6 months from date of first transfer, for transfers under this offer that post to your account by then the standard purchase APR applies. Cash APR: 24.99% variable. Variable APRs will vary with the market based on the Prime Rate. Minimum interest charge: If you are charged interest, the charge will be no less than $.50. Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 3% Intro fee on balances transferred by and up to 5% fee for future balance transfers will apply. Annual Fee: None. Rates as of . We will apply payments at our discretion, including in a manner most favorable or convenient for us. Each billing period, we will generally apply amounts you pay that exceed the Minimum Payment Due to balances with higher APRs before balances with lower APRs as of the date we credit your payment.
Business Credit Card
Intro purchase APR is 0% for 12 months from date of account opening then the standard purchase APR applies. Standard purchase APR: 12.99% variable to 20.99% variable, based on your creditworthiness. Cash APR: 24.99% variable. Variable APRs will vary with the market based on the Prime Rate. Minimum interest charge: If you are charged interest, the charge will be no less than $.50. Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 5% of the amount of each transfer. Annual Fee: None. Rates as of . We will apply payments at our discretion, including in a manner most favorable or convenient for us. Each billing period, we will generally apply amounts you pay that exceed the Minimum Payment Due to balances with higher APRs before balances with lower APRs as of the date we credit your payment.
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Should You Use One Credit Card To Pay Off Another?
If you’re looking to pay off one credit balance using another card, this generally isn’t possible. Banks don’t allow you to pay your credit card balance using another credit card. Typically, payments via check, electronic bank transfer or money order are the only acceptable methods of payment.
There is one loophole: A balance transfer credit card. Read on to learn more about this exception to the you-can’t-use-a-card-to-pay-off-a-card rule.
Find The Best Credit Cards For 2021
No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
How to Use a Balance Transfer to Pay Off a Credit Card
A balance transfer is the only time you can use one credit card to pay off another. And the only scenario where it makes good financial sense to pay off a credit card bill this way is if you’re shifting a credit card balance to one with a lower interest rate, especially to a card that has an introductory 0% APR offer.
When you transfer a balance from a card that’s being charged interest to one that has no interest for a limited period of time, you can save money. Here’s why.
Say you have a $10,000 balance on a card that carries an 18% APR. If you do nothing for a year, you’ll have added an additional $1,800 to your debt. If you transfer that balance to a card with an introductory 12-month 0% APR offer instead, you won’t be charged any interest for that year. But there are some nuances to the process.
What to Consider Before Paying Off a Card With a Balance Transfer
A balance transfer offer is not a one-size-fits-all solution to paying off a credit card. There are considerations to keep in mind.
There’s Often a Balance Transfer Fee
Balance transfer fees typically range from 3% to 5% of the amount being transferred. If you transfer $10,000 to a card with a 0% APR offer but has a 3% balance transfer fee, you’ll add another $300 onto your debt. If possible, choose a card without any balance transfer fees.
That said, even if you must pay a balance transfer fee, it could still help you save money overall depending on how much debt you have, what your card’s interest rate is and how long you need to pay off your debt. It always makes sense to do the math for your personal situation before making a decision.
You Can’t Pay Off One Card Using Another Card From the Same Bank
Banks make money when you pay interest and other fees and generally won’t allow you to pay off one card using another card from the same bank. If you’re interested in a balance transfer offer, your best bet is to shift the balance from one bank-issued card to one with a 0% APR offer from a different issuing bank.
You can get around this restriction by using the balance transfer offer as a deposit to your checking account, then using that money to pay your credit card bill.
Your Credit Score Matters
Although a balance transfer offer can give you a leg up on paying down your existing debt, the best balance transfer offers are typically reserved for those with the best credit scores. If you’re new to credit or have a less-than-stellar credit history you might not qualify for a balance transfer card. Even those with excellent credit should be aware that every time you apply for a new line of credit, it can ding your credit score.
The 0% Period Will End
Eventually, that promotional interest-free period will come to an end. If you haven’t made much progress in paying off your debt, you could find yourself stuck paying an even higher ongoing interest rate. Before you transfer a balance to a new card, make sure that you’ll be able to pay it off within the 0% APR period.
You Don’t Know How Much Credit You’ll Get
If you’re looking to transfer $10,000 in debt, there’s no guarantee you’ll be approved for that amount on a new card. If you’re looking for the longest runway possible to pay down your debt, and the amount you’re approved for falls short of what you’re looking to transfer, then you’re stuck with two card balances to keep track of and make payments on.
Credit Card Cash Advances: Just Don’t
Technically you can pay off a credit card by taking out a cash advance on another card, but this is a bad idea. When you borrow money against your line of credit, it’s typically at a much higher interest rate than the APR on your credit card purchases. Some cards may also charge a service fee of anywhere from 3% to 5% of the amount you’re withdrawing. Plus, if you withdraw the cash from an ATM, you’ll likely get socked with fees for that as well.
What to Do If You Can’t Pay Your Bill
If you’re looking for a solution to help pay off a credit card, in addition to balance transfer cards, there are other options to consider.
- A personal loan. The interest rates on personal loans are often lower than that on credit cards, which could help you save money in the long-run. Try our personal loan calculator to see how much you could save.
- A retirement fund loan. As part of the Coronavirus Aid, Relief and Economic Security Act (CARES) it’s now possible to withdraw up to a limit of $100,000 from their qualified retirement accounts without the 10% penalty that’s usually levied on early withdrawals. Qualified accounts include 401k, 403b, IRA, Roth IRA plans and certain types of annuities.
- Contact your issuer. Before you miss or skip a payment, contact your issuer. They may be able to work out an alternate payment plan or enroll you in a credit card hardship program.
- Cut back elsewhere. It’s not easy, but you might be able to find ways to trim your budget so you can make payments on your debts.
Find the Best Balance Transfer Credit Cards Of 2021
Although you can’t simply just use one credit card to pay off another, you might be able to take advantage of a balance transfer offer to lighten your debt load. But don’t rush to sign up for a new card with an introductory 0% APR offer before you weigh the pros and cons. If you don’t think a balance transfer is right for you, there are other options, but a cash advance on your credit card shouldn’t be one of them.
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When Is My Credit Card Bill Due?
One of the most important credit card rules to follow is to make your credit card payment on time each month. Timely payments not only help you avoid late payment penalties, they also help you build a good credit score. But to make your credit card payment on time, you have to know when the credit card bill is due.
Three Ways to Figure Out Your Credit Card's Due Date
The best way to figure out when your credit card bill is due is to read your credit card billing statement. Information about your credit card payment, including the minimum payment amount and the due date, will appear at the top of your statement and on the coupon that you include with your mailed credit card payment.
Your credit card statement must be mailed to you 21 days before your due date to give you a chance to take advantage of the grace period if it applies.
If you’ve created an online account to access your credit card account, you can also check your due date by logging in to verify the next payment's due date. Once you've logged on, you can also schedule a future payment or make an immediate payment to be applied to your account right away.
Your third option is to call the customer service number on the back of your credit card to confirm your due date. Your credit card issuer’s automated menu may have an option to give your due date without you how can i pay my discover bill to speak to a representative. Similar to checking your due date online, you may have the option to schedule or make a payment by phone, using your checking account and routing number.
Be Sure to Make Your Due Date
In general, your payment must be made by 5 p.m. on the due date to be considered on time. Some credit card issuers may consider your payment on time if it's made by phone or internet after 5 p.m. on the due date, but the exact cutoff time varies by credit card issuer. Check with your credit card issuer for the exact cutoff time.
Avoid waiting until the last minute to make your payment. The payment cutoff time may be based on your credit card issuer's time zone.
What If You Pay Late?
If your payment is received after the cutoff time on the due date, it’s considered late and you’ll have to deal with the late payment penalties, including late payment fees and possible interest rate increases, even if your due date falls on a holiday or Sunday. That means you need to send your payment ahead of time to be sure your credit card issuer receives it by the cutoff.
Online payments can sometimes be made one day in advance (and possibly even on the due date, up until the minute before the cutoff time), depending on processing times. That helps if you know that you'll be busy on your bill's due date.
Checks and money orders should be mailed several days in advance so they will arrive and can be processed before the cutoff time. You could be charged a late fee if your credit card issuer receives your payment after the due date, even if you mailed it before the due date.
Thanks to the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, your credit card bill is due on the same date every month. So, if your bill is due on January 5th, it will also be due on the same day of every month. That makes it much easier to keep up with your due date. Make a list of payment due dates, or set a reminder on your phone so you won’t forget to pay your bill each month.
If you have credit cards with several credit card issuers, you’ll probably have varying due dates. You can typically call to have your due date changed if you’d like to have your payments all due on the same day. Some banks allow you to change your due date online. That could make it easier to meet all your payments, but be aware of how it will affect your other bills and leftover spending money.
Paying Before the Due Date
You don't have to wait until the due date to make your payment. In fact, you should make your credit card payment before the due date, as paying your bill early can improve your credit score. It also gives you time to confirm your payment has posted to your account. If there's an issue with your credit card payment, you'll how can i pay my discover bill time to make it up and avoid late payment penalties.
Frequently Asked Questions (FAQs)
How do you change your credit card's due date?
To change your credit card's due date, you'll need to call your credit card's customer service department. Some card issuers also allow you to change your due date online or by using their mobile app. If you have a past due balance, you may need to pay that before you can change your card's due date.
What happens if you pay your credit card before the due date?
If you pay your credit card bill before the due date, you could lower your card's utilization percentage before the issuer reports to the credit bureaus. That could give your credit score a boost. Credit utilization is the amount of your available credit that's being used. For example, if you have a $3,000 balance on a card with a $10,000 limit, you're using 30% of your available credit. It's recommended to keep your balance below 30% of your card's borrowing limit. A utilization of over 30% can bring your credit score down.