topic Re: How often can I pay on my NAVY FEDERAL CC balance per month? in Credit Cards

How often can I pay on my NAVY FEDERAL CC balance per month?

Jabberjaws — Thu, 02 May 2024 13:35:42 GMT

Is it hurting or helping by making several payments a month on my credit card? I have NFCU Secured nRewards, the limit is only $500 and that's just not enough for me so I run it up and pay it down throughout the month. Is this killing my relationship with them or helping?

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

keekers — Thu, 02 May 2024 13:38:31 GMT

You can make as many payments as you'd like. My son is in the exact same spot with his nRewards card and cycles his limit during the month.

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

Horseshoez — Thu, 02 May 2024 13:42:30 GMT

@Jabberjaws wrote:
Is it hurting or helping by making several payments a month on my credit card? I have NFCU Secured nRewards, the limit is only $500 and that's just not enough for me so I run it up and pay it down throughout the month. Is this killing my relationship with them or helping?

Be glad your secured card isn't with CapOne, I had one of their secured cards back in 2020 and multiple payments per month triggered an Anti-Money Laundering (AML) protocol where they'd hold the money for up to 14 days.

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

butterpecan — Thu, 02 May 2024 13:47:30 GMT

@keekers wrote:
You can make as many payments as you'd like. My son is in the exact same spot with his nRewards card and cycles his limit during the month.

@keekers Great, I was not sure if it was frowned upon as I was about to ask this same question LOL. Thx!

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

Jabberjaws — Thu, 02 May 2024 13:51:31 GMT

@Horseshoez wrote:
@Jabberjaws wrote:
Is it hurting or helping by making several payments a month on my credit card? I have NFCU Secured nRewards, the limit is only $500 and that's just not enough for me so I run it up and pay it down throughout the month. Is this killing my relationship with them or helping?
Be glad your secured card isn't with CapOne, I had one of their secured cards back in 2020 and multiple payments per month triggered an Anti-Money Laundering (AML) protocol where they'd hold the money for up to 14 days.

@Horseshoez Oh? OK that's what I was wondering with NFCU if it throwing signs to them in a negative way resulting in harming my relationship with them.

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

Horseshoez — Thu, 02 May 2024 14:10:58 GMT

@Jabberjaws wrote:
@Horseshoez wrote:
@Jabberjaws wrote:
Is it hurting or helping by making several payments a month on my credit card? I have NFCU Secured nRewards, the limit is only $500 and that's just not enough for me so I run it up and pay it down throughout the month. Is this killing my relationship with them or helping?
Be glad your secured card isn't with CapOne, I had one of their secured cards back in 2020 and multiple payments per month triggered an Anti-Money Laundering (AML) protocol where they'd hold the money for up to 14 days.
@Horseshoez Oh? OK that's what I was wondering with NFCU if it throwing signs to them in a negative way resulting in harming my relationship with them.

I'm pretty sure NFCU has no issues with multiple payments in any one statement period.

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

keekers — Thu, 02 May 2024 14:13:09 GMT

@Horseshoez wrote:
@Jabberjaws wrote:
@Horseshoez wrote:
@Jabberjaws wrote:
Is it hurting or helping by making several payments a month on my credit card? I have NFCU Secured nRewards, the limit is only $500 and that's just not enough for me so I run it up and pay it down throughout the month. Is this killing my relationship with them or helping?
Be glad your secured card isn't with CapOne, I had one of their secured cards back in 2020 and multiple payments per month triggered an Anti-Money Laundering (AML) protocol where they'd hold the money for up to 14 days.
@Horseshoez Oh? OK that's what I was wondering with NFCU if it throwing signs to them in a negative way resulting in harming my relationship with them.
I'm pretty sure NFCU has no issues with multiple payments in any one statement period.

Can confirm. I've done it on my cards just to make sure I don't report a balance.

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

SouthJamaica — Thu, 02 May 2024 14:16:11 GMT

@Jabberjaws wrote:
Is it hurting or helping by making several payments a month on my credit card? I have NFCU Secured nRewards, the limit is only $500 and that's just not enough for me so I run it up and pay it down throughout the month. Is this killing my relationship with them or helping?

It doesn't bother them in the least. If I may anthropomorphize them, they like money as much as the next guy.

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

butterpecan — Thu, 02 May 2024 14:33:38 GMT

I am glad I stumbled across this post from @Jabberjaws as I had this question in my head too as I do the same max/pay scenario in between statements. $500 is not a lot to work with but it is my best rewards card.

Thanks to you all also:

@SouthJamaica

@keekers

@Horseshoez

for the replies and helpful knowledge. It does get rewards and it is secured card so I began doubting if I should continue to recycle the balance or not.

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

Horseshoez — Thu, 02 May 2024 14:47:30 GMT

@butterpecan wrote:
I am glad I stumbled across this post from @Jabberjaws as I had this question in my head too as I do the same max/pay scenario in between statements. $500 is not a lot to work with but it is my best rewards card.
Thanks to you all also:

@SouthJamaica
@keekers
@Horseshoez

for the replies and helpful knowledge. It does get rewards and it is secured card so I began doubting if I should continue to recycle the balance or not.

I say hit that card as hard as you can; I expect it will graduate for you relatively quickly.

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

md_rebuild — Thu, 02 May 2024 17:29:58 GMT

I had a NFCU secured card starting my rebuild after my BK7. I also did all my banking with them. I would sometimes post payments 4-5 a week, just to get the churn and to establish a good relationship. I still do it, almost 5 years later.

The more you churn, the faster it will likely be that they'll unsecure it (IMHO).

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

Kforce — Fri, 03 May 2024 21:27:55 GMT

@keekers wrote:
You can make as many payments as you'd like. My son is in the exact same spot with his nRewards card and cycles his limit during the month.

Most card issuers have no problem with 4-6 payments per month.

Someone with low income needs to spend less per month than monthly income. (Average over a few months)

With Bank's and CU's required to look for possible "Anti-Money Laundering",

at some spend level over CL, flags will be thrown.

I am curious as to data point's.

Are you talking 800-1500 thru a 500 CL card or 3000+.

1-3 x CL or 7 x.

I would have recommend <= 5 payments per cycle and the lesser of

monthly income or 3x CL.

Would like any real spend / CL / Issuer info.

Just to have some reference as to how secured cards are treated regarding cycling.

Maybe some info from @Horseshoez with C1, what type of spend before they put you in time out !

What amount has not been an issue with those with Navy, Discover, Etc?

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

Horseshoez — Sat, 04 May 2024 01:13:56 GMT

@Kforce wrote:
@keekers wrote:
You can make as many payments as you'd like. My son is in the exact same spot with his nRewards card and cycles his limit during the month.
Most card issuers have no problem with 4-6 payments per month.
Someone with low income needs to spend less per month than monthly income. (Average over a few months)
With Bank's and CU's required to look for possible "Anti-Money Laundering",
at some spend level over CL, flags will be thrown.
I am curious as to data point's.
Are you talking 800-1500 thru a 500 CL card or 3000+.
1-3 x CL or 7 x.

I would have recommend <= 5 payments per cycle and the lesser of
monthly income or 3x CL.

Would like any real spend / CL / Issuer info.
Just to have some reference as to how secured cards are treated regarding cycling.

Maybe some info from @Horseshoez with C1, what type of spend before they put you in time out !
What amount has not been an issue with those with Navy, Discover, Etc?

I triggered AML on my secured CapOne card; the limit was $1,000 and things went like this:

Week 1: spend $800; pay in full at end of week
Week 2: spend $750; pay in full at end of week
Week 3: spend $0; AML was triggered and my $750 payment was held for 9 days
Week 4: spend $500; only a partial week of spend; pay in full at end of week (no AML)
Week 5: spend $900; pay in full at end of week
Week 6: spend $0; AML was triggered again, this time for 12 days
Week 7: spend $0; I closed the card
Week 20: security deposit returned with zero interest

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

Kforce — Sat, 04 May 2024 03:21:54 GMT

@Horseshoez

Thanks for the info.

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

keekers — Sat, 04 May 2024 04:28:26 GMT

@Kforce wrote:
@keekers wrote:
You can make as many payments as you'd like. My son is in the exact same spot with his nRewards card and cycles his limit during the month.
Most card issuers have no problem with 4-6 payments per month.
Someone with low income needs to spend less per month than monthly income. (Average over a few months)
With Bank's and CU's required to look for possible "Anti-Money Laundering",
at some spend level over CL, flags will be thrown.
I am curious as to data point's.
Are you talking 800-1500 thru a 500 CL card or 3000+.
1-3 x CL or 7 x.

I would have recommend <= 5 payments per cycle and the lesser of
monthly income or 3x CL.

Would like any real spend / CL / Issuer info.
Just to have some reference as to how secured cards are treated regarding cycling.

Maybe some info from @Horseshoez with C1, what type of spend before they put you in time out !
What amount has not been an issue with those with Navy, Discover, Etc?

It's my son's first card so he started with a $200 limit on a secured card...he probably put $600ish through it per month and made 4-5 payments per month. As for me, my CL wasn't the issue (I think my lowest Navy CL at the time was like $39K) but I would make 2-3 payments a month (maybe $500-$1K each) just to ensure that there was $0 reporting each month.

Re: How often can I pay on my NAVY FEDERAL CC balance per month?

Kforce — Sat, 04 May 2024 16:15:38 GMT

@keekers , Thank you

An excellent data point.