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if you are not paying your credit card like this you're doing it wrong in today's video i will show you exactly how to pay your credit card bill how much you should pay and the best strategies to help boost your credit score in fact everything that i will be teaching today has helped me get to a fairly decent credit score what's up winners my name is nam if you're new to this channel welcome here we talk all things personal finance and credit start now by subscribing so you don't miss out on any future videos so the key to paying your credit card bill the right way is to know your way around a credit card statement so here's a real life example of my navy federal credit card so let's go from the top to the bottom so previously i had a balance of 470 dollars i ended up paying off 721 but i also made an additional 1 400 in purchases the reason why i had a payment of about seven hundred dollars which is higher than my previous balance is by paying my balance due plus extra when a transaction hits my account so when you add all of those numbers together i have a new balance of 1162. so as you move down it will show your current limit so in this example it is 2 500 and also your current credit available now what you really have to pay attention to is the statement closing date right after this date this is when the credit card companies will decide to report your information to the credit bureaus so if you're not already aware there are three major credit bureaus transunion equifax and experian each one of these credit bureaus has a different algorithm that determines your credit score so back to the statement so for this particular bill my statement closing date is february 6. usually your closing date will be exactly the same day every single month so if you take a look at my previous credit statements they all fall onto six this is typically the date that you open your card or around that time so normally you can expect a billing cycle of around 28 to 31 days so in this instance the billing cycle for this credit card is 31 days this means for any transactions i made 31 days before february 6 will be accounted for that includes all of my charges and credits so on this bill since i have a new balance of 1162 i would have to pay it off by march 3rd to avoid interest so between february 6 and march 3rd this is called a grace period hopefully you're still following during this time if you were to pay off this balance up until march 3rd there will be no interest charged to the balance so this brings me on to my next point when exactly should you pay off...