multiple payments to credit card

anna42hmr

just checking, is there any problem with making mutiple payments to a credit card, as i have realised that i will have paid 5 lots off my credit card this month .

i want to clear it asap, and a few friends have owed me money so as soon as i receive it i am paying it off the credit card so i dont leave it in my purse and spend it also used my quidco earnings this month towards it as well.

Is there any negative effects in paying off bits and pieces at a time over the month or am i best in future to keep hold of the cash and then pay it in one lump

CannyJock

Nope, infact you're better paying it off the way you are. So long as you always cover at least the minimum payment, there's no down-side and only up-sides.

Interest is calculated daily, so let's say you're being charged 16.9% APR, that works out at 0.04367% per day. If you have 1000 and paid £20 off that every week, the interest would be calculated as:

£1000 x 0.04367% x 7 days
+£980 x 0.04367% x 7 days
+£960 x 0.04367% x 7 days
+£940 x 0.04367% x 7 days

The rule is pay as much as you can as often as you can. Don't try and save it up in a current account paying 0.1% AER to make a big lump sum payment.

brightonman123

might be easier to save ££ and pay in one go, unless you have large balance o/s, than get it on asap, to reduce interest charges..

if its a regular sum, may be worth doing a standing order?

remember to keep the receipts, and check they show up on the statements!

Paulgonnabedebtfree

anna42hmr wrote: »

just checking, is there any problem with making mutiple payments to a credit card, as i have realised that i will have paid 5 lots off my credit card this month .

i want to clear it asap, and a few friends have owed me money so as soon as i receive it i am paying it off the credit card so i dont leave it in my purse and spend it also used my quidco earnings this month towards it as well.

Is there any negative effects in paying off bits and pieces at a time over the month or am i best in future to keep hold of the cash and then pay it in one lump

I do it a lot and have never experienced any hassle from them. Sometimes the amounts are very tiny.

flutterbyuk25

I do it lots too. I buy almost everything on my Tesco CC to get the Clubcard points then as soon as I'm home I transfer the money over from my current account. I could do 15-20 payments to the CC a month, never had a problem

HTH

x

CannyJock

Although no problem making multiple payments, and advantages in doing it if you've got a revolving balance, remember that if you've got a DD set up then with some cards, making a payment will cancel the DD, with others they will take the DD anyway.

moonrakerz

flutterbyuk25 wrote: »

I do it lots too. I buy almost everything on my Tesco CC to get the Clubcard points then as soon as I'm home I transfer the money over from my current account. I could do 15-20 payments to the CC a month, never had a problem

HTH

x

Do exactly the same for the cash back on my card - no nasty surprises at the end of the month !

anna42hmr

thanks for the replies everyone