Getting the ball rolling...

iVillage Member
Registered: 02-18-2004
Getting the ball rolling...
2
Sat, 09-18-2004 - 12:42am
Well I'm back. I had a mini-vacation from my computer. I just wanted to say that I paid off my Bank One card today. Some mystery money came in that we weren't expecting and without much thought decided to pay off one of the lower balance cards. I figured well at least I would see one balance disappear rather than just see a little off another one.

Does anybody know what the repercussions are by making more than one payment on a credit card in a month? I was wondering about that and couldn't find anything on the website (I do online payments) that tells me I can't make more than one payment a month. I know that on one of my other bills I tried making a second payment 2 weeks after the first one and it wouldn't let me. But with others I have made double payments and nothing was done...at least not yet anyway.

Trisha

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Sat, 09-18-2004 - 9:59am

As far as I know there are no repercussions, other than you paying less interest :)

iVillage Member
Registered: 06-18-2004
Sat, 09-18-2004 - 10:51am
The only thing I know of with making more than one payment a month is anytime your account is opened to credit the payment, the cc's add up the interest at that point, so you may pay a couple $ more in interest a month.

I had one cc with a low balance ($2000--I think) and to get it paid off faster, everytime we got a paycheck (2 x month) we sent in a payment. The intrest was a little higher than what my debt reduction planner on quicken had figured, but it was much less than if it took me twice as long to pay it off, if you know what I mean.

I am still in that habit, however, I now make online payments with every paycheck. I will until I get my Visa paid off and it is never a problem with making two or three or even four payments a month.

Maybe the cc company just wants you to pay more interest, so they limit you to one payment a month and if they do, then they are wrong, wrong, wrong, wrong. You would think they would be happy to get their money, but then again, they do want that interest.

Kellie