Best Way To Pay Off Cards Little Bits Or Bulk

PoorPrincess

Hi everyone,

I currently have 5 cards that i am trying to get rid off. I pay off more than the minimum each month. I have a bar job which i get paid weekly £50 and make about £40 a week in tips. I use this money as extra to throw at my cards.

Is it better to pay bits off every week as i get the money, or save it for the month and pay one lump sum each month??

Any help would be greatly appreciated

Thanks

Princess

xx

YorkshireBoy

Interest is calculated daily, so the sooner you make your payments the less interest you'll pay.

Don't leave yourself short so that you can't pay at least the minimum payment between your statement date and the payment due date shown on your statement.

Are you snowballing (overpaying only the card with the highest APR until that one's cleared), or sharing your additional payments across all your cards? You probably should be doing the former.

PoorPrincess

YorkshireBoy wrote: »

Interest is calculated daily, so the sooner you make your payments the less interest you'll pay.

Don't leave yourself short so that you can't pay at least the minimum payment between your statement date and the payment due date shown on your statement.

Are you snowballing (overpaying only the card with the highest APR until that one's cleared), or sharing your additional payments across all your cards? You probably should be doing the former.

I have 5 cards but 3 are 0% untill next year, a the moment i am splitting my tips between the two cards that i am paying interest on ( one i should be able to close mext week) & when these are done ill split it between the interest free ones.

On my statements it means that i am having quite a few 'payments' a month eg: £12, £16, 21 as the month goes on. I just wanted to check that the credit card companies arent going to see this as unusual/bad action on my part and do something to my limit or interest rate.

Any ideas??

Princess

x

YorkshireBoy

PoorPrincess wrote: »

I just wanted to check that the credit card companies arent going to see this as unusual/bad action on my part and do something to my limit or interest rate.

I wouldn't think so.

PoorPrincess

Thanks, ill keep on making my payment n get these !!!!!!s paid off asap

Princess

x

PoorPrincess

Hi!!

Need to cancel one of my cards but im £4 in crdedit on the balance what happens with this when i cancel??

Thanks

Princess

x

NickX

PoorPrincess wrote: »

Need to cancel one of my cards but im £4 in crdedit on the balance what happens with this when i cancel??

Well they should send you a cheque for £4, but it might be easier just to spend £4 on petrol or some other essential item.