Paying off CC charges throughout the month?

[StitchesGr8Fan]

Do any of you charge things on your CC and then pay it off as soon as it posts to your account, rather than waiting for the monthly billing cycle? Does the CC company allow this? Do you still get your points or perks for that purchase? Thanks.

 

[bettymae1121]

I don't do it myself (never saw the point?) but some credit cards do limit payments, I think had a card at one time that limited it to 6 payments per month (that's still every 5 days or so, not unreasonable). So I'd check with the credit card in question.

As for still getting reward points, I wouldn't think that paying more often would make any difference.

 

[whoopsiedoodle]

I do this for CCs from specific stores. Like Kohls, you have to use your card to get the % off so I use my card and immediately pay it off. As in right there at the register! I assume you can do this with any CC and it should effect your points or rates since you are using it and wouldn't rack up intereste if you paid it at the end of the month either so it doesn't hurt them but I"m not really sure.

 

[heartsy77]

I do this every two weeks as my DH and I get paid every two weeks ( same day). I still get my points just the same.

 

[piperdown]

Do any of you charge things on your CC and then pay it off as soon as it posts to your account, rather than waiting for the monthly billing cycle? Does the CC company allow this? Do you still get your points or perks for that purchase? Thanks.

I pay my CC off weekly, usually every Monday. I primarily use my Southwest Airlines VISA for the points, which doesn't have a very high credit limit. If I waited until the end of the billing cycle, I would go beyond my credit limit.

Yes, I still get full points for all my purchases. We had a two week vacation to Los Angeles in June, and I racked up over double my credit limit in points because I paid it off every 3-4 days.

 

[nunzia]

I do this all the time, maybe as many as 5 or 6 payments in a month if needed? Never had a problem.

 

[MercoBear]

I like to do this, buy my bank is now limiting the amount of transactions that I can make a month, to six I believe. That includes moving money around and I think online payments, so you might want to consider looking into any restrictions from your bank too.

 

[LJSquishy]

I like to do this, buy my bank is now limiting the amount of transactions that I can make a month, to six I believe. That includes moving money around and I think online payments, so you might want to consider looking into any restrictions from your bank too.

Wow, you should find a new bank if that is the case. It is normal for a bank/credit union to limit the number of times you can transfer money back/forth, but to limit the number of online payments is absolutely rediculous! I hope that isn't the case for your bank. Unless the limit is 30+ online payments, I would be in search of a new institution to do my banking. That isn't to say I make 30+ online payments, I only make maybe 5 which includes our household utilities, cell phones, internet/cable, etc...but if I had multiple credit cards I was paying on or wanted to make multiple payments on something else, that could easily put you over the limit.

 

[BRAVEMERIDA]

ABSOLUTELY!!

I pay all my cc's online.
Rewards are my inticement (Disney Visa)

I do have a cc that is very slow in posting and only allows 3 pymts per month.
I don't like that and I'd drop them but it's a hotel rewards and I need to cash those in before I cancel.

 

[honeylove]

Yep! We do it too! It's great, no interest!

 

[sookie]

I don't do this. Especially for my store cards. If I pay off before the bill cycles, I don't get my reward points - which I always use!

 

[mickeys4]

Just signed up for a Disney Visa. The one requirement in our household was that the balance be paid off once weekly.

 

[C&Apriputin]

first, I am paranoid... I go look at the credit cards daily (we've had 3 CC compromised in the past 2 years)... and I pay them at least once per week, usually twice... Chase Disney card limits me to once every three days, LOL... but I don't ever pay interest and I get full rewards, so everybody is happy

(oops... rum and coke do NOT help with typing, but they do help with long work Monday-itis)

 

[mrodgers]

I do this every two weeks as my DH and I get paid every two weeks ( same day). I still get my points just the same.

I do similar. 2 jobs, 2 different opposite pay weeks, and 2 accounts. My CC allows 5 transactions per month. I track my budget per paycheck and track the CC usage on the budget sheet per "budget account" used. So, for my paycheck date, I send in the previous 2 weeks worth of CC usage from one account and on my wife's pay date, I send in the previous 2 weeks worth of usage from the other account.

Use to do it every week sending a payment from each account. Learned real fast the payment transaction limitation on the 3rd week of the month.

 

[Jedimike]

I pay my Southwest RR Visa every week, but can pay as often as every 3 days. No issues with getting credit for all your points. Not sure why the CC company limits the number of payments you make -- they are not charging you interest if you pay once a month or 10 times a month, so not sure.

 

[matt98378]

We did that when we were in the process of looking for/buying a home. I paid the balance off right before the cut off date for about six months. We still got our points and it helped our credit go up -- apparently, even though we pay off our cards each month, the balance of the card is reported to the credit bureaus. So, for example, if your last balance was $1,000, then your credit report would show that you have $1,000 revolving balance even though you pay it entirely off for that month (if that makes sense). If you pay it off right before the cut off date, it shows a balance of $0, which helps your ratio. At least that's what happened to us in our case.

 

[Karenj2]

I truly don't mean any disrespect, but why do you (general you) pay off the bill more often than once a month? I pay mine in full every month and never get hit with interest. Is it a discipline thing (i.e., that way you don't spend that money on other stuff)? Do you feel you get an added benefit from it? (For the PP who has to pay it off due to a low balance - that I get.)

If I had a balance on my CC that I couldn't pay that month, I can totally see making extra payments, because I'd want to accrue the least amount of interest as possible, but that'd probably be the ONLY reason I'd do that.

Again - no disrespect - just trying to understand...

 

[StitchesGr8Fan]

I just hate seeing the charges add up. Ivan disciplined and don't spend more than I can pay in a month,

 

[crashbb]

I truly don't mean any disrespect, but why do you (general you) pay off the bill more often than once a month? I pay mine in full every month and never get hit with interest. Is it a discipline thing (i.e., that way you don't spend that money on other stuff)? Do you feel you get an added benefit from it? (For the PP who has to pay it off due to a low balance - that I get.)

If I had a balance on my CC that I couldn't pay that month, I can totally see making extra payments, because I'd want to accrue the least amount of interest as possible, but that'd probably be the ONLY reason I'd do that.

Again - no disrespect - just trying to understand...

I have no problem paying off my balance each month and rarely come to even 25% of my credit limit over the totel of the month, but there are certain levels at which I just become "itchy", so I pay it off.

I don't have set rule (i.e. I don't have rule that says I pay it off weekly or every pay day), but I do sometimes/often pay off in pieces. I also often pay more than my "amount due" if I pay in one chunk at the end of the month (or when totally up the chunks I pay all month) - in other words start to pay off part of the purchases made in the new billing cycle (this is mainly because I like round numbers, I think).

 

[Ginny Favers]

I pay my CC bill weekly. I put my childcare expenses on there, to get the points for gift cards. But rather than having that massive bill add up and DH looking at our checking account and thinking "Woohoo, we're rich!" only to be hit with a huge bill a few days later, I'd rather take it out of my account right away. I get the points either way.