If you find it difficult to make monthly payments on your credit card bills or you need a way to make your payments on time to boost your credit score, you should try out the 15/3 credit card payment method. The 15/3 credit card payment is a credit card optimization hack that includes making two credit card payments per month.
Through this hack, you can make one payment 15 days before your statement date and the second payment three days before it, then you pay any remaining balance the day before or the day of the due date. Your statement day is the day your billing cycle ends. Billing cycles do not follow calendar months, they last for about 30 days. It can be from June 12 to July 12 and the second date is the statement date.
This hack will help you improve your credit because when you pay down part of your monthly balance in smaller increments before the statement date, it reduces the amount you owe. Therefore, your credit utilization rate will be lower and it will boost your credit score.
About 15/3 Credit Card Payment
The 15/3 Credit Card Payment is a payment hack that helps users make payments on time and keep their credit utilization rates below 30%. Amounts owed and payment history are two important factors used to determine a credit score, so cardholders who find it hard to make payments on time can follow the 15/3 hack for six months.
However, if the credit card issuers continuously report low balances against a maximum credit limit, the cardholder will need to see a credit score boost. Therefore, every cardholder needs to spend responsibly and pay off their balances in full and at the right time so they can earn a good credit score.
How to Make The 15/3 Credit Card Payment
The 15/3 credit card payment strategy is a personal finance hack intended to reduce the total balance on your credit card statement each month. Through this method, you will make three payments:
- One payment will be 15 days before your statement date.
- Another payment will be made three days before your statement date.
- And the remaining balance by your payment due date.
Listed below are the steps you need to follow to make the 15/3 credit card payment method.
- First, you need to review your credit card statement to find out the date your minimum payment will be due. You can check your statement online or you can check the one sent to your mail.
- Then you remove 15 days from your due date.
- Pen down the date and pay at least half of the balance, not the minimum payment on that day.
- Also, you remove three days from your due date.
- Then you write down the date from the fourth step and pay the remaining balance on that date. This also includes any new charges made.
Benefits Of 15/3 Credit Card Payment
What are the benefits of using the 15/3 credit card payment method? When you use this card, you;
Reduce your chances of making late Payments
Through the 25/3 payment method, you will have a backup if you forget to make the second monthly payment because you already made the first payment.
Pay Your Debts Faster
This credit card helps you to pay your debt faster and when you do so, you reduce your account’s average daily balance, which implies that you will be charged less interest.
Decreases Your Credit Utilization Ratio
When you pay half of your credit balance early through this payment method, your card issuer will report a lower balance on your next statement thereby decreasing your credit utilization ratio.
Frequently Asked Questions About 15/3 Credit Card Payment
Does The 15/3 Credit Card Work for Multiple Credit Cards?
This card works for one or more credit cards at a time, but the cardholder has to keep track of due dates, statement dates, and card balances to make it work. To avoid late payments or confusion that may arise due to multiple balances and cards, you will have to set up a simple spreadsheet to keep track of all the details. You can also set up the auto-payment mode so that the payments will be made automatically if you forget.
How Does This 15/3 Credit Payment Method Work?
The 15/3 credit card method lowers your next month’s statement balance, which in turn reduces your credit utilization ratio.
How Does Paying Early Impact My Credit Score?
When you make your payment before the statement closing date, you reduce your outstanding balance on the statement. Your outstanding balance is conveyed to the major consumer credit bureaus as debt and the less debt you have reported, the lower your credit utilization ratio will be.
Will Paying Half of My Credit Card Bill 15 Days Before the Due Date Have Any Effect?
Paying half your credit card bill 15 days before the due date will help you lower your credit utilization ratio. This is also beneficial to you as your credit card utilization ratio is an important factor in your credit score.
How Many Days Before the Due Date Should I Make My Payment?
When using the 15/3 credit card payment method, you will have to make the first half of your payment 15 days before the due date and the other half three days before the due date.