Question about PRG Payment Options

[Anonymous]

I just got my new Amex gold card and it's my first charge card so I have a question:

Can I pay multiple times throughout the billing cycle like I can with all my revolvers, or do I have to wait for the statement to cut and pay the full balance?

If I can pay on it multiple times I'm going to use it heavily. I get paid more than once per month because I'm not salaried, so that's why I like to PIF over a span of time and not just wait for the statement and pay a lump sum.

Thank you for your time!

Dustin

[Anonymous]

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@Anonymous wrote:
I just got my new Amex gold card and it's my first charge card so I have a question:

Can I pay multiple times throughout the billing cycle like I can with all my revolvers, or do I have to wait for the statement to cut and pay the full balance?

If I can pay on it multiple times I'm going to use it heavily. I get paid more than once per month because I'm not salaried, so that's why I like to PIF over a span of time and not just wait for the statement and pay a lump sum.

Thank you for your time!

Dustin

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Congrats on the card.  Yes you can pay multiple times throughout the month but often when you are a new American Express customer they limit how many payments you can make during a month until they verify your payment source.  This usually last for 2-3 months. You'll only find out if that applies to you as you try to make multiple payments in the initial months of being a customer.

[Anonymous]

even if you are geting paid salary, i hope everyone gets paid more than once a month

[Anonymous]

Lots of people get paid once a month. Nothing wrong with that.

[Anonymous]

I would suggest paying it off before the statement cuts. Making multiple payments is pointless, since you'll be PIF anyways. Paying multiple times a month is only needed if you've a low limit revolver. Charge cards are different.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
I just got my new Amex gold card and it's my first charge card so I have a question:

Can I pay multiple times throughout the billing cycle like I can with all my revolvers, or do I have to wait for the statement to cut and pay the full balance?

If I can pay on it multiple times I'm going to use it heavily. I get paid more than once per month because I'm not salaried, so that's why I like to PIF over a span of time and not just wait for the statement and pay a lump sum.

Thank you for your time!

Dustin

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Congrats on the card.  Yes you can pay multiple times throughout the month but often when you are a new American Express customer they limit how many payments you can make during a month until they verify your payment source.  This usually last for 2-3 months. You'll only find out if that applies to you as you try to make multiple payments in the initial months of being a customer.

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Thanks Irish! 

I did indeed learn that the hard way when I first became a card member. I thought I had it all figured out to make sure I didn't report over 9% and then they told me they couldn't yet accept multiple payments from me because they had to completely verify my bank. I was not very happy!

[Anonymous]

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@Anonymous wrote:

I would suggest paying it off before the statement cuts. Making multiple payments is pointless, since you'll be PIF anyways. Paying multiple times a month is only needed if you've a low limit revolver. Charge cards are different.

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That is not always possible which was the entire premise of the thread but I do appreciate your input!

Dustin

[takeshi74]

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@Anonymous wrote:

I would suggest paying it off before the statement cuts. Making multiple payments is pointless, since you'll be PIF anyways. Paying multiple times a month is only needed if you've a low limit revolver. Charge cards are different.

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Worrying over revolving utilization on a charge card is pointless if a recent scoring model is involved as charge cards do not factor into revolving utilization for newer models.

Whether or not to pay off a balance before an account reports is up to the individual to determine based on what the individual is looking to accomplish.  We pay ours on the last payment date avaiable.

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@Anonymous wrote:
If I can pay on it multiple times I'm going to use it heavily. I get paid more than once per month because I'm not salaried, so that's why I like to PIF over a span of time and not just wait for the statement and pay a lump sum.

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You can't allocate the funds you would have used for multiple smaller payments to make a single payment?

[Anonymous]

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@takeshi74 wrote:

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@Anonymous wrote:

I would suggest paying it off before the statement cuts. Making multiple payments is pointless, since you'll be PIF anyways. Paying multiple times a month is only needed if you've a low limit revolver. Charge cards are different.

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Worrying over revolving utilization on a charge card is pointless if a recent scoring model is involved as charge cards do not factor into revolving utilization for newer models.

Whether or not to pay off a balance before an account reports is up to the individual to determine based on what the individual is looking to accomplish.  We pay ours on the last payment date avaiable.

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@Anonymous wrote:
If I can pay on it multiple times I'm going to use it heavily. I get paid more than once per month because I'm not salaried, so that's why I like to PIF over a span of time and not just wait for the statement and pay a lump sum.

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You can't allocate the funds you would have used for multiple smaller payments to make a single payment?

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I could do that but I really don't like waiting to pay things off. I like to pay everything off as fast as is comfortably possible.  Since I'm paid a variable amount twice a month, it is much easier and less stressful to pay things as the pay checks come in, rather than afterward. Maybe it's just me. I don't know. 

[Anonymous]

This is a charge card, so paying in between really not going to help, BUT keep in mind that you do have an internal limit with AMEX, so I guess charge away until you get an email or text from AMEX that you are getting close to something something..and give them a call, at that time pay some down. I was able to project my Internal Limit by using the link "Spending Power" so I know how much I can charge on my charge card without getting embarass if it gets decline.

Your charge card will not be used against UTI but it will be for DTI when it gets reported. 

I for one like to pay off things - but I realize that my cash can still make some money in the bank so just keep it there when I need to pay it off anyway.

Also, if this is your first AMEX, you are restricted to only pay ONCE in a month for the first time, so if you want to make multiple payments within that first month, you need to set up AMEX on your bank account's bill pay and use that to force payment until AMEX lets you make multiple payments.