topic Re: Should I pay off new PRG weekly or once every month? in Credit Cards

Should I pay off new PRG weekly or once every month?

Anonymous — Sun, 12 Feb 2017 20:50:31 GMT

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".

Re: Should I pay off new PRG weekly or once every month?

plastic_man — Sun, 12 Feb 2017 21:06:15 GMT

I pay all my credit cards every Monday. I've been doing this for a long time. I don't think they care , as long as they get their money.

Re: Should I pay off new PRG weekly or once every month?

redpat — Sun, 12 Feb 2017 21:31:25 GMT

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.

Re: Should I pay off new PRG weekly or once every month?

plastic_man — Sun, 12 Feb 2017 22:11:58 GMT

For me , it's just a matter of habit. I think it's just easier to remember paying once a week , than once a month, specially in my case with a lot of payments to make.

Re: Should I pay off new PRG weekly or once every month?

NRB525 — Mon, 13 Feb 2017 03:33:43 GMT

@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.

Re: Should I pay off new PRG weekly or once every month?

Anonymous — Mon, 13 Feb 2017 04:59:00 GMT

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!

Re: Should I pay off new PRG weekly or once every month?

Anonymous — Mon, 13 Feb 2017 16:35:41 GMT

'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.

Re: Should I pay off new PRG weekly or once every month?

wasCB14 — Mon, 13 Feb 2017 17:18:55 GMT

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.

Re: Should I pay off new PRG weekly or once every month?

Anonymous — Mon, 13 Feb 2017 18:57:24 GMT

I paid lot of my accounts bi-weekly when i was carrying balances because that is how I get paid. since American Express change the rules on charge cards a little bit to make the due date just like a revolver that's how I do mine when I'm using it. The household has three and a half incomes so it's a constant flow of money not a lot of money hehe let's be honest but it is constant.

I don't think paying at goofy times is OCD or dumb because so many different credit cards report different times you might be able to time it for an icrease early on someones SP. Ifyou want some OCD scoring increases of a point or two… I don't know what the OP's angle is… if this is a budgeting thing or internal scoring with a certain lender or for FICO