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How to pay off your Credit Card

 

There are a few ways to make Credit repayments. Read on for help understanding what your options are.

Credit Card repayments explained

What are Card repayments?

When your statement arrives, you will have a choice of repayment options. You can pay off the entire Credit Card bill on, or before, the statement due date – in which case you’ll avoid paying more interest – or you can choose to spread your Credit Card repayments out over time by paying at least the minimum monthly repayment amount. This option will mean you will be paying more interest.

 

Log into your account to manage your repayments >

 


Charge Card payments

If you have an American Express Charge Card you are not able to revolve your balance, which means you need to repay the full balance on your statement period.


Pay off your Credit Card bill more efficiently

You have a number of options that will help you effectively manage your Credit Card balance. These include being smart about when you make purchases so that you utilise your interest free period, or using the Amex® mobile app to keep a close eye on your balance. And, of course, paying off your balance in full each month.

 

However, if paying off your Credit Card bill in full isn’t an option, you can always reduce the amount of interest you’ll have to pay by paying more than the minimum monthly repayment amount.

 

Remember, the only way to avoid paying interest is to pay off your total Credit Card balance on or before the statement due date.


Automatic Credit Card payment plans

Automatic payment plans are a great way to ensure that you pay your Credit Card bills on time.

 

If you set up a direct debit to automatically pay a certain amount every month, you’ll always have the peace of mind of knowing you’ve made a payment. You can also create SMS or email alerts to remind you that payment is due.


What exactly is a ‘Credit Card minimum repayment’?

 

The minimum repayment is the very least you have to pay by the payment due date to meet the obligations of your Credit Card contract.

 

The minimum payment amount due on a statement  of account is 3% of the outstanding balance plus the total sum of any overdue minimum payment and late payment charges, and any amount exceeding your credit limit, or S$50, whichever is greater.

 

It is not recommended as a long-term solution because if you make only the minimum monthly repayments, you will pay more interest and it will take you longer to pay off your balance.

 

Your statement will tell you how long it will take to pay off your Credit Card bill if you only pay the minimum amount on your current balance (provided no additional further transactions are made on your Credit Card).

Useful terms

Opening balance

The balance on your account at the beginning of a particular statement period.


Closing balance

The amount you owe at the end of a particular statement period.


Minimum monthly repayment

The minimum you have to pay each statement period. For American Express® Credit Cards, this is set at a minimum of S$50 or 3% of your closing balance – whichever is greater. It is not recommended as a long-term solution because if you make only the minimum monthly repayments, you will pay more interest and it will take you longer to pay off your balance.


Minimum payment due date

The final day by which you have to pay at least the minimum monthly repayment amount to avoid late payment charges.


Credit and Charge Cards explained

 

Has talk of interest, annual fees, rates and percentages left you feeling confused?
 

Our simple Credit and Charge Card Guides are a great place to start.

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