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Message
re: How often do you pay your CC balance?
Posted on 12/12/22 at 4:47 pm to Billy Blanks
Posted on 12/12/22 at 4:47 pm to Billy Blanks
When I hit the lotto
0
Posted on 12/12/22 at 5:04 pm to Billy Blanks
quote:
I think it will help me keep track of spending better than doing like 20-25 payments a month.
Most CC companies give you the option to download your statement as a CSV file.
Paying it off daily or monthly, really has nothing to do with tracking your charges IMO. It's not like I don't go through my statements or know what my average expenditures are monthly even though I make one single automatic payment.
A lot of people in this thread sound like they have 0 self control; in which case, a CC is dangerous business.
But also as an aside, people talking about using debit card instead. Be careful with that, I will NEVER use a debit card to pay for something, you are the one on the hook for fraud when you use a debit card. If my CC gets fraud, it's the CC company's problem; not mine; in my experience with VISA and AMEX and fraud with both companies, it is a very easy process to get it fixed before paying for it. Basically, Debit card takes the money out of your account immediately. CC pays the money in your name, and then you make the CC company whole at payment due date, or pay interest for them to loan the money to you if not paid off. Therefore, fraud or illegitimate charges are much better situations to deal with if on a CC. Debit cards also do nothing for your credit if you need to improve your score.
This post was edited on 12/12/22 at 5:07 pm
Posted on 12/13/22 at 12:13 am to Billy Blanks
quote:
I go in and pay it off daily. Was talking to a buddy and he waits until a month and makes 1 payment. That'd drive me crazy.
Pay one off on the 13th and two off on the 20th. Going in and paying them off daily would drive me crazy.
Posted on 12/13/22 at 9:29 am to Billy Blanks
quote:
How often do you pay your CC balance?
We put everything on the credit card except mortgage & water bill. Then pay it off monthly. Don't see the point or need in paying it more frequently.
Posted on 12/13/22 at 7:50 pm to Billy Blanks
I was always a big saver what I mean is that I’d rather throw an extra $1000 in my poor interest rate savings account than pay off my Cc each month.
I stopped doing this a few years back when I said screw that and pay off my balance each month.
I stopped doing this a few years back when I said screw that and pay off my balance each month.
Posted on 12/13/22 at 9:41 pm to Billy Blanks
quote:
I go in and pay it off daily.
Is that not just a complicated debit card?
A credit card without an interest grace period is like a fountain without water.
Posted on 12/13/22 at 10:08 pm to LSU
quote:
We put everything on the credit card except mortgage & water bill. Then pay it off monthly. Don't see the point or need in paying it more frequently.
Same here. The only reason I can think of to pay off the current balance more than once a month would be if a large purchase has taken you well past 30% utilization (or close to your credit limit) and you only have one card. But if that’s happening frequently, one should apply for a credit limit increase.
With that said, I have a Lowe’s card that I seldom use. I do paperless billing and just so it doesn’t slip my mind, I typically pay that in full a few days after the purchase. But that’s it. I can’t imagine paying a card off daily.
Posted on 12/14/22 at 2:00 pm to Billy Blanks
I just put the statement balance on auto pay. We also budget carefully in every dollar to be sure we aren’t spending funds we don’t have.
Posted on 12/14/22 at 3:01 pm to Jag_Warrior
quote:
Same here. The only reason I can think of to pay off the current balance more than once a month would be if a large purchase has taken you well past 30% utilization (or close to your credit limit) and you only have one card. But if that’s happening frequently, one should apply for a credit limit increase.
I've been making more than my usual once a month payment this month, but it's because both of my boys had ear tube/adenoid removal surgeries in November. That plus making more purchases than usual for Christmas got us close to the credit limit on the 2 cards we use. That's not normal though
Posted on 12/15/22 at 9:46 am to UltimaParadox
quote:
Not sure why you would pay it off daily, seems like a lot of work.
Not with bill pay through your bank. I used to pay mine every Friday. I would keep track of what I charged on it that week and then submit a payment for the full amount. Would go on my bank app and within 45 seconds, have the payment submitted.
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