Does Mastercard Allow a Person to Pay Off a Balance Before It Is Due?


Quick Answer

All major credit card companies, including MasterCard, allow cardholders to pay off a card's balance before the closing date in each billing cycle. However, it is not necessary to pay off each transaction in real time, as MasterCard provides detailed billing information and summaries with each statement.

Continue Reading
Related Videos

Full Answer

Credit cards are designed to allow an individual to make purchases against a line of credit, paying the actual amount at a later date. Every credit card features monthly billing cycles that tabulate the amount of credit utilized during a given period, along with the minimum amount due to avoid excess charges and the amount of credit still available on the card. It is important to note that credit card billing cycles do not always line up with the beginning and end of calendar months.

At any point during a billing cycle, the cardholder has the option to pay off his outstanding balance on the card. The credit card company typically presents a minimum payment due, which is a fraction of the overall amount. Cardholders also have the option of paying off larger amounts to reduce the balance to zero. Any time there is an outstanding balance on the card, the cardholder has the option to pay off that balance.

Learn more about Credit & Lending

Related Questions