Title pretty much says it.
I'm sort of anal about paying my Amex relatively quickly once the charges post.
I have to pay it in full every month regardless, however, when I'm sitting around sometimes I'll just open the app and pay the current balance, sometimes twice a week.
I know there probably isn't any benefit in doing this, but could this have any negative effect?
Thanks in advance!
@dragontears wrote:
@SDMarik wrote:Title pretty much says it.
I'm sort of anal about paying my Amex relatively quickly once the charges post.
I have to pay it in full every month regardless, however, when I'm sitting around sometimes I'll just open the app and pay the current balance, sometimes twice a week.
I know there probably isn't any benefit in doing this, but could this have any negative effect?
Thanks in advance!
There is only 2 reasons I can think of to pay that often.
1. To help control your spending
2. Your credit limit is too low for your spend
If neither apply you can just pay once (or twice if micromanaging your profile) per billing cycle.
My spending limit seems plenty high, granted I don't know exactly what it is but I have yet to to hit it.
I know paying once a month is plenty, but I just didn't know if there was any reason not to pay as frequently as I wanted to.
@SDMarik wrote:Title pretty much says it.
I'm sort of anal about paying my Amex relatively quickly once the charges post.
I have to pay it in full every month regardless, however, when I'm sitting around sometimes I'll just open the app and pay the current balance, sometimes twice a week.
I know there probably isn't any benefit in doing this, but could this have any negative effect?
Thanks in advance!
I have the same habit. I pay everything the moment it posts, no matter how many times per month (with the exception of my $10 AZEO balance). I feel more comfortable with $0s. 
@Anonymous wrote:Amex likes getting paid. I think that's probably all you need to consider in this.
This is true of Amex for sure, but I think this kind of applies to all banks and just humankind in general. No one in the entire world in the history of time has ever been mad to be paid money they are owed =D
I also agree with K-Force about all he said. I pay every 2 weeks in full on every card and it has a lot of positive benefits. Most notably is that you don't ever have to worry about due dates. Banks seem to dig it, good for the credit score, never pay interest.
Only realy down side I have ever noticed is that you almost never receive auto-CLI, which K-Force actually mentioned. I also agree 100% that there is almost no practical reason to have total revolving lines that are multiples of your annual income. I understand that some people like to do it for fun and games, but truth is that banks definitely feel better to see lower total avaible credit lines in relation to income than larger.
Annual income is not a part of FICO scoring at all, but it is a big factor in how a bank relates with you and is asked directly when applying for new credit at a new financial institution. For some institutions, total assets are also a factor and how much you are you going to park with them.
@digitek wrote:
@Anonymous wrote:Amex likes getting paid. I think that's probably all you need to consider in this.
This is true of Amex for sure, but I think this kind of applies to all banks and just humankind in general. No one in the entire world in the history of time has ever been mad to be paid money they are owed =D
I would argue the contrary. Last year after my Chapter 13 was discharged, I was approved for a CapitalOne secured credit card; I secured it with the maximum allowable security deposit of $849 which yielded a credit limit of $1,000. While I was well aware of the fact that was well below my typical monthly spend, I reasoned I could pay it every week or two and it would all work out. Bzzzt! I'm sorry, that is incorrect. CapitalOne would accept my first payment per billing period, however, each subsequent payment in the cycle would trigger an AML (Anti Money Laundering) protocol and they'd put a hold on my payments for 12 days before releasing the money to my account.
After several calls to customer service I just got fed up and closed the card only six weeks after I got it. After comparing notes with other folks, it appears had I opted to used CapitalOne's payment facility and "pulled" the money from my checking account, all would have been well, however, I don't like that payment model, I'd rather initiate all of my credit card payments directly from my checking account via their online bill pay facility.
Long story short, for CapitalOne at least, there are instances where they do indeed get "mad" at being paid money which is owed to them. Go figure.
@Horseshoez wrote:
@digitek wrote:
@Anonymous wrote:Amex likes getting paid. I think that's probably all you need to consider in this.
This is true of Amex for sure, but I think this kind of applies to all banks and just humankind in general. No one in the entire world in the history of time has ever been mad to be paid money they are owed =D
I would argue the contrary. Last year after my Chapter 13 was discharged, I was approved for a CapitalOne secured credit card; I secured it with the maximum allowable security deposit of $849 which yielded a credit limit of $1,000. While I was well aware of the fact that was well below my typical monthly spend, I reasoned I could pay it every week or two and it would all work out. Bzzzt! I'm sorry, that is incorrect. CapitalOne would accept my first payment per billing period, however, each subsequent payment in the cycle would trigger an AML (Anti Money Laundering) protocol and they'd put a hold on my payments for 12 days before releasing the money to my account.
After several calls to customer service I just got fed up and closed the card only six weeks after I got it. After comparing notes with other folks, it appears had I opted to used CapitalOne's payment facility and "pulled" the money from my checking account, all would have been well, however, I don't like that payment model, I'd rather initiate all of my credit card payments directly from my checking account via their online bill pay facility.
Long story short, for CapitalOne at least, there are instances where they do indeed get "mad" at being paid money which is owed to them. Go figure.
I got the exact opposite effect.
I paid my cap one cards weekly and used them a ton.
I got a single cli on one for $8k. The card started at $3k.
Then I got several $10k cards and a $30k card from them.
I currentl have $67k avail from Cap One.
YMMV
