Does anyone pay their credit card(s) weekly?

[fryjack2]

Just curious.  Ours ( we have 2 cards) are on autopay so the balance is paid in full every month on the due date.

I was thinking of just paying the balance each week and don't see a down side from what I can tell.  

[chpmnk1015]

I don't know if it's good or bad but I do and have done since I was 22... ... I hate seeing a balance in quicken lol...

[AdaraMarie]

I don't because I like to keep the money in my savings account where it is getting 4.5% interest for as long as possible.

[simpsongal]

I tend to pay them weekly or every other week (the latter bc that’s how I get paid). When finances get tight I let them go until they’re due, which is usually 6 week or so cushion from when I’m used to paying them.

[heygrey]

I pay mine really randomly, but always in full by the end of the month.

I know what my monthly spending allotment is for all of our usual expenses so I can compare that to the balance over the month and know if I'm on track. I pay that off at the end of the month.

Today I paid my yearly homeowner's insurance with my cc, then paid that amount right away from savings. If I book hotels or flights for travel I pay those off right away. I don't let random expenses linger because it confuses my monthly spending balance.

I have excellent credit so I don't think it's making a negative difference?

[mofongo]

In full when H gets paid, every other week.

[sarahsays]

I pay mine monthly because I get paid monthly.

[wanderingback]

I really have randomness to paying, ha. Sometimes weekly, sometimes just randomly like twice in a week and sometimes monthly. Both me and my partner don’t get paid the same amounts monthly so if I have a lot of money come in I often like to pay down my card instead of waiting until the due date. Totally a mental thing!

[sadlebred]

I pay weekly. I hate seeing a balance.

[Susie]

Jul 24, 2024 17:45:10 GMT -5 AdaraMarie said:

I don't because I like to keep the money in my savings account where it is getting 4.5% interest for as long as possible.

+1

Even if it's just in a checking account, there's value in the flexibility of having it in hand vs. handing it over to the card issuer early.  I usually sit down to pay bills about twice a month, and I schedule the payment in the amount of the statement balance and for the actual due date every time.

[fortnightlily]

Mine's on monthly autopay for the full balance. I don't really think about it or see what the benefit for me would be to pay it more often.

[midwestmama]

I pay it monthly, when it is due. As others have said, I'd rather keep my money as long as I can and I don't see a benefit in paying it off sooner. I think there have been a few times we've paid a portion of the balance sooner, such as if we've had a big purchase or purchases (i.e., booking a trip) and need to ensure we have enough credit for normal purchases.

[livinitup]

No, we pay the statement balance monthly, before the due date. For big purchases, we’ll pull the money from saving to checking before we send the payment.

Once in a while (like once a year or almost never), if it’s a very big purchase, H mentioned he pulled the money from savings and make an extra payment (of that amount) to the credit card. Just to keep the flow of money into check and out more even/as expected.

[mactastic]

We pay every time we get paid - biweekly for my husband, and twice a month for myself. This started when we were broke as a joke as a way to pay down our credit card balances. Even though things aren't as tight now, we've kept up the pattern, both to stay on top of the balances, and because there's something easier about pulling the trigger on 1/4 of the number instead of the whole thing all at once. It's not for everyone, but it works for us!

[wildrice]

Jul 25, 2024 6:45:43 GMT -5 fortnightlily said:

Mine's on monthly autopay for the full balance. I don't really think about it or see what the benefit for me would be to pay it more often.

this. I don't think any balance is ever 100% correct due to pending charges, refunds, etc and our paychecks don't always align exactly with when money is being spent, so I think it would be a losing battle to pay more frequently to try to mimic a checking account.

I do keep a spreadsheet of what we spent in Excel, though, so that I can be sure we are not overspending. 

[aprilsails]

I pay a week ahead of the due date in full. I don't ever bother to knock it down otherwise.

I was speaking with a friend recently and she mentioned that she pays it weekly in order to maintain a much lower limit since she's scared of fraud. I always thought that the credit card company takes the loss in the event of fraud so it doesn't concern me.