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Is there really an argument against making multiple monthly payments?

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Anonymous
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Re: Is there really an argument against making multiple monthly payments?


@Anonymous wrote:

I can see how it might look bad to make several payments in one billing cycle so I suppose I should be mindful of it in the future, just to be safe? 


There's no evidence that it looks bad to make multiple payments, and lots of evidence that it looks very good to pay your balances down.  Just be aware of the policies of your creditor, i.e. know if they have a limit on number of monthly payments, or if they hold the availability of funds.  That may impact how you manage your account.    For example, my BofA account only allows four payments per month, so I will group a payment or two if I'd like to make five payments that month.  My Juni may withhold availability of funds after certain payments, so I'm going to keep that in mind.

 

Multiple payments per month has served me and DH very well.  It has allowed us to keep our balances low (zero, actually) while making payments that work well with our budget.  And our creditors seem very happy with the behavior and comment on the "excellent management" of our accounts, so it obviously isn't upsetting them.  Just be aware of the creditor's policies, so you don't find that you can't make that last important payment or that the funds you were planning to use aren't available for two more days.

 

 

 

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