Question - weekly credit card payments

iVillage Member
Registered: 08-11-2003
Question - weekly credit card payments
2
Sat, 11-13-2004 - 9:05am
Hello~

I have a fair amount of credit card debt, thanks to medical bills. I think your board is full of good ideas and supportive people.

I am strongly considering making weekly credit card payments to save on interest (which is already 3.99% for the life of the balance) and more importantly to make it easier on my budget. Surely each of these payments count toward the minimum, right? How would the minimum look on the monthly statement? For example, if my minimum is $400 and I pay $100 per week, would the statement come in showing -0- due for that period?

I would've posted this on the Debt Q&A board but this board is much more *alive* and I figured I'd get more of a response over here.

Thanks in advance for any advice/opinions.

blue

iVillage Member
Registered: 07-06-2003
Sat, 11-13-2004 - 10:47pm
Hi there,

When I was paying off my credit card, I made weekly payments on-line as I wasn't restricted to a certain number of times I could make a payment.

As long as the payments are received/posted to your account before the due date then you won't have a problem and you'll have paid the minimum in due time.

I

found it very effective to pay it weekly and as interest is being accrued on the balance daily then by paying more frequently it will reduce the amount of interest you'll pay.

I'm sure others will post their input.

Kassandra


Kassandra

"It is said that life has its peaks and valleys.  The challenge is to accept them equally and experience them

iVillage Member
Registered: 10-25-1999
Sun, 11-14-2004 - 5:47pm
I used to work for First USA & rules and such are always changing in the credit card industry but I'm pretty sure this rule hasn't changed, as long as you make sure that you've got the minimum there by the due date you should be fine. So if you do the $100 a week payments w/ a $400 minimum you would need to make sure that the fourth payment was there by the due date to avoid late fees & other penalties.

I’d call the Company and check with them just so you don’t get blindsided by some rule they have nested in small print. You may even be able to find details on their website (depending on how helpful they’ve made the site).

One other thing to check is if there’s a limit to how many online payments you can make – a friend of mine can only make 2 payments a month on the website for one of his cards (but he can use the web bill pay from his bank to make extra payments directly from his checking account).

Hope this helps.