designerista
 |
Typically credit cards only allow a payment every 14 business days. If you do not use the credit card, then paying frequently will definately help you out, because if you owe $1000.00 and you pay $100 every two weeks, then your interest is going down each time you pay rather than every 30 days or so. Your smaller payments would need to equal a little more than your big payment each month in order for you to really see a difference. |
|
tennessee
|
depends what your balance and interest are,
if you pay off balance in 25 days for not being charged interest |
|
Vivian D
|
As soon as you make a payment that is enough to pay not only the interest due, but some of the principal, your interest accrual will be reduced... so, yes, if you make payments more often, it will reduce the interest - BUT the first payment of that billing period has to be enough to pay the interest due for that bill, or you are not doing anything worthwhile.
So, if your bill says that interest accrued for the period is $75, and your minimum payment is $50, and you only pay $50, you are not paying enough to do anything.
You would have to pay the $75 (or more). Then, any other payments you send in later that month, in the same billing period would go towards paying down your principal. |
|
Todd S
 |
If you're paying finance charges, it's best to do a balance transfer to a new credit card with 0% financing. If you have good credit it's very easy to do this. Don't make small or large payments if you're stuck paying interest.
Just apply for a Citi card or an Amex credit card. Make sure they do not charge a balance transfer and offer 0% APR for up to 12 months. That way you can slowly pay off your credit card bills, paying only principal and no interest.
Learn more at http://www.thetruthaboutcreditcards.com |
|
rebelhell71
|
It will make very little difference unless you owe hundreds of thousands or have a 30 or 40% interest rate. |
|
skcs69
 |
weekly will save you money. Do the same thing with home mortgage. |
|
Ang
|
Yes, most credit card charge an interest rate on a daily basis, so, if you can reduce it whenever you can, you will save some of the $ you'd have to pay on the interest on that amount. |
|
Baby
 |
pay win you can i pay little ones. |
|
CRYSTAL S
|
cc cards suck, the companies get rich off of us.....why not just deposit your own hard earned money in the bank and use your bank card for purchases.....save your self some money! |
|
golferwhoworks
 |
interest is only the time value of money. How long are you usining it and at what rate. any payments over the minimum are better than just the payment required |
|
links305
 |
dont make really small payments say you owe $500 on your credit card you should pay about $100 every month creditors like to see that and never try to play it off in one shot |
|
zippythejessi
|
Smaller more frequent payments are better than one lump payment a month - interest is compounded monthly, so if there's a smaller balance over the month, you pay less interest. |
|
bzqqsq
|
The interest is calculated by the balance that you are carrying at the end of the billing cycle.
So paying weekly or monthly really does not have an effect on the interest charges. |
|
The Big Achiever
|
You must ALWAYS pay more than the minimum payment required...If you ask a pro to calculate, it will take most of us over 30 years to clear a credit card. |
|
sonisa
|
Won't affect the interest...it depends on your billing cycle...you should talk to your bank and ask them how the cycle works and what is best for you |
|
helplessromatic2000
|
Your interest will be the same, and you'll pay interest if you have a balance after the payment date. As long as you make the minimum payments youre ok. Go to your bank and speak to one of their associates for futher details. |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
