Penalty for making extra credit card payments?

Discussion in 'Budget Board' started by luvmyboys, Aug 4, 2006.

  1. luvmyboys

    luvmyboys <font color=blue>WoW Widow<br><font color=deeppink

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    I recently got a Disney Visa (my 1st credit card-- DH has 1, but we always pay it off right away) and want to pay it off as fast as possible, but it will still take me a few months.

    I've already made a payment this month, but have some unexpected cash & want to make another payment before this new money "goes" somewhere.

    Do CC companies let you make extra payments, or is there some sort of penalty? I've looked over all the VERY fine print & can't seem to see anything other than late payment & interest rate info. TIA for any help. I don't think I'm meant to be a credit card person-- having the debt, even though it isn't that much & will be paid soon makes me feel queasy!
     
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  3. 3dog2kidmom

    3dog2kidmom DIS Veteran

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    I make extra payments to that card all the time (in fact, every few days whenever I have used it) to keep the balance 0. I have never seen any penalties. I use it like a debit card... put money in and then spend it! You can only make a payment through them every 3 days, I think, though. So if I want to do it more often or pay more than the amount owed, I just pay it electronically through my bank.
     
  4. kbkids

    kbkids <font color=cc0066>Loves the World in February<br>

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    I pay mine in full every Monday morning - just works best for me.
     
  5. shortbun

    shortbun <font color=green>Peacenik<br><font color=purple><

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    I've made extra payments when carrying a balance so I could get it paid off. When I have the money, it's better off applied right then and there or I spend it on something else. No penalties for extra payments, matter of fact it's a good thing.
     
  6. my3kids

    my3kids <font color=blue>Helpful Cruise Board regular!<br>

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    Usually pay a few times during the month. Never a problem. Also, you still get your Disney Rewards on every dollar spent, regardless of whether you pay it immediatley or when due.
     
  7. ducklite

    ducklite <font color=teal>Take the Poly, it's fabulous!<br>

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    I pay off the balance twice a month so it never seems high. It's not saving me any money (in fact probably costing me a few cents in interest I could earn on the money if I kept it in my account) but it's mentally easier to not get a huge bill every month.

    Anne
     
  8. LorieR

    LorieR DIS Veteran

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    I make payments to my Disney Visa online multiple times throughout the month. As a matter of fact, many months the bill is paid off before it even arrives in the snail mail!! :)
     

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