No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Actually, Citi likes receiving more than 1 payment per month. Additionally, Citi also like the monthly total to be more than the minimun per month. With no more than the 4 monthly payments. So you might want to consider once per week.
Citi does look @ the total number of Credit Cards and their lines of credit & outstanding balances. So if these dont increase than you shouldn't have a problem.
@Anonymous wrote:Actually, Citi likes receiving more than 1 payment per month. Additionally, Citi also like the monthly total to be more than the minimun per month. With no more than the 4 monthly payments. So you might want to consider once per week.
@Anonymous does look @ the total number of Credit Cards and their lines of credit & outstanding balances. So if these dont increase than you shouldn't have a problem.
source?
It does not matter how many payments you make. I have 3 Citicards and make several payments on each per month. I've had these cards for years and have a very high FICO score, so it's certainly not being reported negatively.
Common sense must prevail. Banks are happy to be paid at all, and if they get paid earlier than not at all, all the better. They may lose a little in interest for those who carry a balance, but it will not have a negative affect for you as the borrower.
Participant wrote:
Not for them, but for you. First of all, credit cards are one of the worst ways to finance yourself, second to little other than loansharks. Not only do you pay a high %, but you pay it on the average outstanding balance for the month, so your payments every five days might not affect your interest charges as much as you think. So you should pay the cards off entirely and borrow from another source if you must, or better yet, curtail your expenditures to fit within what you can afford. Once you pay off the outstanding debt, it is in your interest to pay off the future monthly bills exactly when due, and not before. Why? Because then YOU make the "float", the value your money can earn while it remains in your hands. So if you have an interest bearing account, and your money sits in it two weeks longer, that is two weeks more interest YOU earn. If you pay Citi early, THEY earn the float instead of you. Now, you don't want to give them any extra money, do you? Didn't think so. : ) Good luck.
I too pay cc payments often during the month. In March I paid off all my debt (except mortgage) in one fell swoop - about $25,000 worth, including my car. I was fed up with the antics of banks/cc companies etc. and decided to go back to the 'good ole days' - if I don't have the money to pay for it, I don't need it.
Now I try to only use cc's that benefit me in some way - usually rewards for buying gas/groceries/etc. Although I also keep my Amex and my credit union VISA - I use them once in awhile to be sure the creditor does not cancel them. Once I paid them all off I did get two new cards - strictly for the rewards - 1 for rewards on gas and the other a Walmart Discover to get the 12 months same as cash deal.
I always have the money for what I spend - or in the case of the 12 months SAC I have that amount in my budget monthly. I frequently go to the grocery store, charge the groceries, come home and send out the check online for the purchase. Not only does this make sure I don't spend the money elsewhere, I'm sure to never miss a payment and always make the minimum, but since all the cards report at different times of the month, my balance/utilization rate stays at zero or close to it. Since not everything I buy has a reward attached, I spread my purchases out among different cards.
Not a single card has complained, nor have I been penalized in any way. And, my credit score has only gone up - I'm currently at around 711 FICO through ScoreWatch.
DebtFreeMD wrote:
I too pay cc payments often during the month. In March I paid off all my debt (except mortgage) in one fell swoop - about $25,000 worth, including my car. I was fed up with the antics of banks/cc companies etc. and decided to go back to the 'good ole days' - if I don't have the money to pay for it, I don't need it.
Now I try to only use cc's that benefit me in some way - usually rewards for buying gas/groceries/etc. Although I also keep my Amex and my credit union VISA - I use them once in awhile to be sure the creditor does not cancel them. Once I paid them all off I did get two new cards - strictly for the rewards - 1 for rewards on gas and the other a Walmart Discover to get the 12 months same as cash deal.
I always have the money for what I spend - or in the case of the 12 months SAC I have that amount in my budget monthly. I frequently go to the grocery store, charge the groceries, come home and send out the check online for the purchase. Not only does this make sure I don't spend the money elsewhere, I'm sure to never miss a payment and always make the minimum, but since all the cards report at different times of the month, my balance/utilization rate stays at zero or close to it. Since not everything I buy has a reward attached, I spread my purchases out among different cards.
Not a single card has complained, nor have I been penalized in any way. And, my credit score has only gone up - I'm currently at around 711 FICO through ScoreWatch.
You misread I do pay online through my checking account. I can't remember the last time I had a checkbook or a register - everything is debit card and online.
One of the side benefits of using online bill paying through my bank - which is BOA - is that if I do and the payment is not received - they take it up with the creditor.
For instance, was having a running dispute with my HOA. I paid my fee, like I have for the last 25 years, but they 'couldn't find the check' and said it had never been received. My guess was it went into 'the circular file' because of the dispute. They sent me notice I was in default, and according to the covenant, they could sue me, put a lein on my house, and ALL the lawyers fees would be on me. Nusiance and intimidation value - or so they thought.
I contacted BOA online about the payment, BOA contacted the HOA and told them unequivocally that I had made the payment, and on time. BOA told them evidently had been lost in the mail and they'd send a fresh check. Your claim that "I sent the check" has a lot more credence when a major bank says you did. They knew they'd have a really hard time if they sued me
I've had a credit card company remove late fees when BOA told them I sent the check - and on time.
It's about the only thing I like about BOA - but it sure comes in handy.