topic Re: Curious how many make multiple payments on one credit card each month... in Credit Cards

Curious how many make multiple payments on one credit card each month...

crys12065 — Wed, 30 Jan 2019 03:54:21 GMT

I am just curious how many make mutiple payments instead of one large payment and why? (I'm nosy).

Since I started using CC's for everything instead of my debit card I make 2-3 payments on each card to keep balances in check every month and PIF before statement cuts on all but my 0% cards.

I find it helps me budget better because I am so used to just checking my account and knowing what I have left to spend.

But spreading spending across several cards for rewards makes that harder for me. I have a budget worked out but I am a visual person and also could probably use better budgeting skills lol but this works for me for now.

And from what I read there seems to be conflicting info as to whether or not certain lenders prefer larger payments over several small ones for CLI's. I guess I will find out with Amex and Discover soon enough.

Thanks for the feedback

Re: Curious how many make multiple payments on one credit card each month...

MrDisco99 — Wed, 30 Jan 2019 04:13:44 GMT

I usually pay all my cards down as much as I can right before statement closing. Some will report a balance due to pending transactions or whatver, and I pay those down ASAP. And then midway through the cycle when I get paid I usually make a payment then as well. So that's 2 to 3 payments per month.

As for spreading out spend to maximize rewards, I had to put a limit on that or I'd be more likely to miss a payment and I can't allow that. Right now I'm only using Amex (Gold, BBP, BCP) for most of my spend with Chase Freedom for quarterly (gas) and Citi DC for stuff that doesn't accept Amex. All the rest are sock drawered. I could probably make a case for bringing the BoA and Synovus cards into the rotation for 3% categories, but I'd rather keep things simple. Now that I get 2x MR on everything with the BBP, I don't feel like I'm missing out as much.

Re: Curious how many make multiple payments on one credit card each month...

SouthJamaica — Wed, 30 Jan 2019 04:22:18 GMT

@crys12065 wrote:
I am just curious how many make mutiple payments instead of one large payment and why? (I'm nosy).
Since I started using CC's for everything instead of my debit card I make 2-3 payments on each card to keep balances in check every month and PIF before statement cuts on all but my 0% cards.

I find it helps me budget better because I am so used to just checking my account and knowing what I have left to spend.
But spreading spending across several cards for rewards makes that harder for me. I have a budget worked out but I am a visual person and also could probably use better budgeting skills lol but this works for me for now.

And from what I read there seems to be conflicting info as to whether or not certain lenders prefer larger payments over several small ones for CLI's. I guess I will find out with Amex and Discover soon enough.

Thanks for the feedback

IMHO they could really care less about whether payments are small or large, or frequent or infrequent, just so long as they are getting paid on time.

Re: Curious how many make multiple payments on one credit card each month...

crys12065 — Wed, 30 Jan 2019 04:27:21 GMT

@MrDisco99 wrote:
I usually pay all my cards down as much as I can right before statement closing. Some will report a balance due to pending transactions or whatver, and I pay those down ASAP. And then midway through the cycle when I get paid I usually make a payment then as well. So that's 2 to 3 payments per month.

As for spreading out spend to maximize rewards, I had to put a limit on that or I'd be more likely to miss a payment and I can't allow that. Right now I'm only using Amex (Gold, BBP, BCP) for most of my spend with Chase Freedom for quarterly (gas) and Citi DC for stuff that doesn't accept Amex. All the rest are sock drawered. I could probably make a case for bringing the BoA and Synovus cards into the rotation for 3% categories, but I'd rather keep things simple. Now that I get 2x MR on everything with the BBP, I don't feel like I'm missing out as much.

Yeah I think the spreading out rewards is where I am afraid I will get in trouble and over spend since it's on different cards. I use my Amazon card for all things Amazon, Discover for the 5% rotating category, PP2 % for everything else. Although right now I am using my Amex for most things I would use the 2% card for to get my SUB. But I just added the Uber card for 4% dining and 3% travel. Oy vey what have I gotten myself into, lol. How do people juggle 10 cards?? At the end of the year I guess we'll see if it was worth it, this will be my first year utilize CC's for rewards.

Re: Curious how many make multiple payments on one credit card each month...

wasCB14 — Wed, 30 Jan 2019 04:39:42 GMT

When I had a $600 card and a $2,000 card, I made multiple payments out of necessity. Forget about scores or what lenders wanted to see, I had to clear CL for upcoming transactions!

Fortunately, higher CLs (and a soft CL on BBP that doesn't even report) mean that's no longer a constraint.

Re: Curious how many make multiple payments on one credit card each month...

Anonymous — Wed, 30 Jan 2019 04:40:11 GMT

I’m not working on any SUBs, but I do have many cards for many purposes and don’t carry balances. I tend to pay multiple times per month on those I use more frequently and 1-2 times per month on those I use less frequently. I agree with those that believe lenders don’t care how many payments you make as long as you pay. I also pay from different accounts depending on whether the spend was work related reimbursement, a purchase made from my “fun for me” account, or my regular account. I am constantly checking balances just because I’m OCD that way. I have auto-pay set on each card, but I manually pay 99% of the time. To each his/her own, and whatever works best for you!

Re: Curious how many make multiple payments on one credit card each month...

Pikaboo-icu — Wed, 30 Jan 2019 05:02:03 GMT

@Anonymous wrote:
I’m not working on any SUBs, but I do have many cards for many purposes and don’t carry balances. I tend to pay multiple times per month on those I use more frequently and 1-2 times per month on those I use less frequently. I agree with those that believe lenders don’t care how many payments you make as long as you pay. I also pay from different accounts depending on whether the spend was work related reimbursement, a purchase made from my “fun for me” account, or my regular account. I am constantly checking balances just because I’m OCD that way. I have auto-pay set on each card, but I manually pay 99% of the time. To each his/her own, and whatever works best for you!

That's me too!

Re: Curious how many make multiple payments on one credit card each month...

Anonymous — Wed, 30 Jan 2019 05:09:50 GMT

One payment, autopay full statement balance on or near due date, so much free time on my hands.

Re: Curious how many make multiple payments on one credit card each month...

SBR249 — Wed, 30 Jan 2019 05:17:42 GMT

I make multiple payments on most of my cards because it helps me keep track of spending. I have a spreadsheet for detailed metadata info on transactions but there's no better psychological motivation for me personally to keep my spending in check than seeing the checking account balance tick down over the course of the month.

I'm one of those people that like to end the month with a checking account balance of zero (kind of like how some government end each day with their operations account zeroed out), so doing this helps me walk that tightrope.

Re: Curious how many make multiple payments on one credit card each month...

crys12065 — Wed, 30 Jan 2019 05:20:13 GMT

@Anonymous wrote:
One payment, autopay full statement balance on or near due date, so much free time on my hands.

LOL!! True story and I don't disagree! but I would be so afraid autopay would fail, I have them all set to autopay statement balance as default but 95% of the time I manually pay them anyway because I am paranoid. And having a high balance gives me anxiety even if it will be PIF. After my credit was so bad for years I am micromanaging everything but I know that will get old fast, however until it does...

Re: Curious how many make multiple payments on one credit card each month...

Anonymous — Wed, 30 Jan 2019 05:29:32 GMT

@crys12065 wrote:
@Anonymous wrote:
One payment, autopay full statement balance on or near due date, so much free time on my hands.
LOL!! True story and I don't disagree! but I would be so afraid autopay would fail, I have them all set to autopay statement balance as default but 95% of the time I manually pay them anyway because I am paranoid. And having a high balance gives me anxiety even if it will be PIF. After my credit was so bad for years I am micromanaging everything but I know that will get old fast, however until it does...

You said it, it's just paranoia, trust but verify. I sleep very well at night knowing every single one of my bills, from water/sewer to CCs, are on autopay.

Re: Curious how many make multiple payments on one credit card each month...

Anonymous — Wed, 30 Jan 2019 06:10:58 GMT

@Anonymous wrote:
@crys12065 wrote:
@Anonymous wrote:
One payment, autopay full statement balance on or near due date, so much free time on my hands.
LOL!! True story and I don't disagree! but I would be so afraid autopay would fail, I have them all set to autopay statement balance as default but 95% of the time I manually pay them anyway because I am paranoid. And having a high balance gives me anxiety even if it will be PIF. After my credit was so bad for years I am micromanaging everything but I know that will get old fast, however until it does...
You said it, it's just paranoia, trust but verify. I sleep very well at night knowing every single one of my bills, from water/sewer to CCs, are on autopay.

Right. In general, there are very few circumstances where you SHOULD pay early, basically in those situations where you need to exceed your CL during that billing period. And emotional reasons also count, but people need to be aware of the opportunity costs involved in paying early, as in AZEO etc. One of the (many) benefits of credit cards is the credit part, the issuers allow you use their money for a period of time. If you are paying off nearly every card early every month, you are giving up a lot of interest that you could have earned. Up to each person to determine what is more important!

Re: Curious how many make multiple payments on one credit card each month...

Andypanda — Wed, 30 Jan 2019 06:17:06 GMT

I pay a couple times a month on some accounts because of low cl. I pay early just for peace of mind. Intrest on my checking acounts amounts to barley anything. I keep money that I want to earn intrest in different accounts.

Re: Curious how many make multiple payments on one credit card each month...

UpperNwGuy — Wed, 30 Jan 2019 10:29:44 GMT

For me, no multiple payments and no autopayments. I pay the current balance on my credit cards once a month, always on the 30th or 31st. That way I begin each new month with zero balances on all cards. This system works well for me no matter what the due date might be. (And I don't do AZEO.)

Re: Curious how many make multiple payments on one credit card each month...

Anonymous — Wed, 30 Jan 2019 11:05:00 GMT

I usually pay at the beginning of each month, if the closing date is close to beginning of the month, I make a minimun payment way ahead, then pay more at the beginning of the month.

Re: Curious how many make multiple payments on one credit card each month...

GApeachy — Wed, 30 Jan 2019 11:05:12 GMT

I pay every payday (Friday) but I have to...low cl. I called Discover and CapOne and asked if that is okay or does it look crazy to pif every week and each csr said they love to see frequent pymts. and pif regularly. I have asked both ccc twice just to make sure one csr wasn't saying one thing and the other was saying differently. Once I can build up our cl's I'm sure I will let it ride a little longer....perhaps, it's a whole lot easier to keep track of spending and keep it in check doing it weekly though.

Re: Curious how many make multiple payments on one credit card each month...

AverageJoesCredit — Wed, 30 Jan 2019 12:06:57 GMT

I try to pay once my charges post. Its just a new habit i picked up to try and pif. If i cant right away, when i get paid i do. If i made mad money, i would probably just do it once a month but unfortunatrly i cant.

Re: Curious how many make multiple payments on one credit card each month...

Anonymous — Wed, 30 Jan 2019 13:07:30 GMT

For me it depends on the card. Typically I pay once or twice a month as my pay checks roll in unless I'm on a 0% Apr then I pay once a month. I keep UTI Under 9% across the board.

However, I use my Chase CF like a debit card. I don't even wait until the charges post I pay them as soon as I get to a computer. They are fine with it so far. I have a love hate relationship with Chase. I burnt them in the past 2007/2009 and it took me 9 yrs to get back in. They are a nervous nelly creditor and will shut down all your accounts at the slightest whiff of trouble or anything out of your norm. For that reason they are not my primary bank and I only hold one CC card with them. They also report your bal to the CRA's asap when you zero out your acct.

Re: Curious how many make multiple payments on one credit card each month...

Anonymous — Wed, 30 Jan 2019 13:44:24 GMT

Call me weird, but I have a morning ritual. Each morning I get my cup of coffee, and while it's cooling down to a reasonable temperature for a mere mortal like myself, I sit at my desk and go through all of my accounts online. I generally already know what's there, but since when do rituals have to make sense?

If I see anything above around $50, I know that card is going to sit idle for the rest of the cycle, or if it is getting close to the end of the month (all my cycles end on or near the 2nd), I go ahead and pay it. This sometimes means that I can have 3-4 payments a month on one card. This is for all but one card. The BCP gets used so much I would be paying it down constantly, so that one I generally just make 1-2 payments a month depending on what the usage looks like.

Re: Curious how many make multiple payments on one credit card each month...

xaximus — Wed, 30 Jan 2019 14:05:17 GMT

Generally, I make multiple payments a month. Usually once a week for the most used cards and 1-2 times a month for the less used cards. All my cards are on auto-pay as well.