Question about snowflaking

Avatar for boboluver
iVillage Member
Registered: 03-31-2003
Question about snowflaking
7
Mon, 12-29-2008 - 9:30am

OK, so from what I've read, snowflaking is putting any extra money towards my debt, even if it is small amounts. My question is, can I be charged by either my credit card or bank for making too many payments in a month?


I'd appreciate any advice on this snowflaking idea!


Thanks,


Chris

Chris

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Mon, 12-29-2008 - 9:43am

Not that I know of.


Some credit cards do have restrictions on how many on-line payments you can do.

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 12-29-2008 - 9:48am

I agree with Becky.

All my best,
Danni

iVillage Member
Registered: 12-29-2008
Mon, 12-29-2008 - 10:16am

New here!

Avatar for boboluver
iVillage Member
Registered: 03-31-2003
Mon, 12-29-2008 - 10:25am

Thanks everyone!

Chris

iVillage Member
Registered: 01-25-2006
Mon, 12-29-2008 - 10:46am

Chris,
The only other thing to watch is if your funds are in a SAVINGS account, there are limits to the number of transactions you can do out of a savings account each month. This is a federal law and applies to both banks and credit unions. It doesn't apply to a checking account however. If you need more information, let me know and I'll go dig up the details.

Peg

iVillage Member
Registered: 04-10-2003
Mon, 12-29-2008 - 10:53am
I pay through my bank account and there is no limit to what I can send (well, it has to be greater then $1). I've made a "mental" deal with myself. The first $10 of any extra money (or if its less then $10 the whole amount) gets transferred into my emergency fund. Any remainder, even if its $1.21 goes to my CC. This has helped me painlessly build up my efund and pay down debt at the same time!

Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 12-29-2008
Mon, 12-29-2008 - 11:02am

When you make your on-line payment, there should be a "terms of payment" link...that is where the information on limitations is embedded.