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Can I see my statement online so I can pay prior to receiving my statement

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asked in Red Deer by Gladys

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1 Answer

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If you are asking about paying off your credit card statement before it even arrives on your billing cycle, i would say it is not recommended to do that. Yes, of course you can see your current "Live or Real time" transaction balance, that you owe your credit card company, by logging into your credit card account online, and you can even pay off the current remaining portion of balance, before the monthly statement arrives.

But the problem with this behaviour is that you tend to get confused about how much is actually owing and how much is required to be paid according to the credit card statement for that particular month. 

Lets take an example, your credit card billing cycle starts at 1st January of the month and ends on 31st January end of the month. So you spend money on your credit card until lets say, 25th January of the month. You then logged into your credit card account and after seeing the current "Live or Real Time" balance amount, you decided to pay it off completely.

Now, you think that you have fully paid off your balance and amount owing is zero. However, on 26th January of the month and 27th January of the month, you decided you wanted to purchase more stuff charged to your credit card. 

Then on 4th February of next month, you recieved your credit card monthly bill statement but thinking that you already paid off the balance completely on 25th January of the month, you decided not to check the current credit card statement. You fail to realise that you paid off balance until 25th January of the month, but your 26th and 28th January of the month balance transaction is still unpaid. 

So by not looking at your current credit card statement, you missed paying off the actual required payment amount as stated on your credit card statement. Then by 4th March of the month, you recieved another credit card statement and you are surprised to find that you missed your previous 4th February of the month payment because you thought you fully paid off the balance on 25th January of the month, and you didn't check your February month statement.

This will surely cause a negative deduction of your credit score by a few points and it will be another 1 year before you get back your credit score that you lost. 

My recommendation is to pay at the time you received your credit card statement and only pay the required and mentioned amount balance as stated in your current credit card "Statement". Do not pay the "Live or real time" current owing amount as displayed on your credit card account, as this will leave you with a false sense of having already paid off your credit card balance in full. 
answered by Woolly

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