Question about paying on your credit card....

[maslex]

I have the Disney Chase credit card and just received the infamous letter about the interest rate going up but also having the option of closing out the account and just paying it down using my current interest rate. I chose to close it out since I haven't used it in the past year (I'm just trying to pay it down and get rid of it)

Right now my payment is about $150 a month but I always pay an extra $50 each month, making the total payment $200. Well, I just re-did my budget and I'm hoping that most months I can send in a total of $400. The thing is, is that I get paid every two weeks and I usually put aside this money until it's time to pay it each month. But since I am terrible at keeping my money until then (I always seemed to "need" something at the store OR decide that we need take out for dinner one night )

My question is this...can I pay my bill (online) every two weeks? I know it probably wouldn't be a big deal when I send in $200 every two weeks since the first week would "cover" my actual payment. But what about the months that I'm only able to send in $200? I would want to pay $100 every two weeks. Can I do that? Or would they need atleast the minimum payment on atleast that first payment I make? Am I making myself clear or just confusing everyone? I always know what I want to say but when I actually put it in writing it doesn't always sound so good. LOL

 

[roadtripper]

I have made multiple payments in a month to Chase before--I think as long as you have paid the minimum by the due date, you're all set.

 

[camlace]

You can make online payments every 3 days, so definitely twice per month as long as they are 3 days apart. As long as you pay the minimum by the due date you will be all set, doesn't matter how many payments you split it into.

 

[nunzia]

I do this too. I pay on stuff all through the month every time I get extra somewhere.

 

[DisneyAndRedSox]

Just a tip on how I got rid of my big credit card bill about 8 years ago due to taking some graduate classes part-time.

I used to have 100% of my pay direct deposited into my checking. I opened a new savings acct (NOT linked to my ATM card) at the same bank so I could do on-line transfers. I went to payroll and had $50 bucks a week direct deposited into that account so at the end of the month when I went to pay my bill, I did a transfer that morning back to checking. When I got comfortable with $50 a week taken out, I increased it. When I got comfortable with that, I increased it even more. When I got a raise (I know those are rare now, but the economy was better then), I had any increase in pay put into that savings account. When I got married and went on DH's medical, I put the money I used to pay for medical insurance into the savings account.

I found I got used to $50 less a week pretty fast, and as I increased it I adjusted quickly each time. In a matter of no time I had a ton of money put into that account weekly. By not having access to that money via an ATM card or checkbook, I couldn't spend it!

BTW... I also got the letter in the mail a week ago from Chase Visa about the increase. I always pay off the previous months balance, but I am still furious that I have stellar credit, pay my bills on-time, have been a Chase customer for over 10 years and I am getting a rate increase!