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Hello, new to the charge card world. I will prob put 1500 or so spend a month on my PRG- maybe more. I tend to pay off my charges within a few days fo racking them up. For a new PRG account, should I just pay once a month? I read somewherre that AmEx will typically take the spend average over 3 months and se that as your "limit".
Pay it once a month, it really doesn't make a difference but why pay more times than you have to.
I'm not a big fan of paying cards before the statement dates or making multiple payments, on time and in full is all that matters to me.
Remember Amex charge cards don't count towards your utilization.
@redpat wrote:Pay it once a month, it really doesn't make a difference but why pay more times than you have to.
I'm not a big fan of paying cards before the statement dates or making multiple payments, on time and in full is all that matters to me.
Remember Amex charge cards don't count towards your utilization.
This.
OP there is no reason to pay more than once per month on a charge card. It just does not make any difference in your FICO score.
Exactly what I was about to say, it doesnt count towards your utilzation so this can work to your advantage in terms of credit scoring if you run up a balance. To answer your question, it's personal preference I guess theres no right or wrong way unless someone can chime in if AMEX frowns uppon multiple payments or not. Also, I am always intrigued how people pay off their card after every charge or every couple of charges lol as I think once a month in full is sufficient enough, but hey to each their own!
'3 month average limit' thing is just a myth, but as for paying it off... it don't really matter. As long as it's on time and doesn't make you deliquent all is good.
Some people say that making mid-month payments in the first few months of having a charge card can help increase spending power more quickly, especially if a person intends to spend several thousand in the first month. Not sure how much clear evidence supports this.