I will preface with I have a very bad sense about these sorts of things. When is it a good idea to pay off a credit card balance before the end of a cycle?
For example a statement period is Apr 13 to May 12, 2021 and the minimum payment is due by June 9th. Say I check the balance on April 30 and see its $1500. I always have the money before purchasing something with a credit card. Would it be a good or bad thing to pay the $1500 on April 30? Would it count towards whatever the minimum payment would be at the end of the cycle? In other words could I not have to pay a minimum amount on June 9th if I paid enough on April 30th?
I heard a potential downside is if the money could have been in my savings account it would have been making me interest if I hadn't paid the credit card so soon. Is this valid reasoning?