Will paying off extra on cards

Toomuchdebt

throughout the month eg a spare £2.20 left in my bank account at the end of the week,a spare 95p the next, really make a difference to how much interest I am charged at the end of the month? Would it be just as good to save up the odd bits and pieces and pay them all with the minimum payment? Someone here will know I'm sure

SunderlandBlackCat

As faras I know interest is calculated daily on Cards so the earlier you pay anything off the less interest you pay.

lynzpower

its not so much that. I did this, with some minature overpayments ( 45p one day!)
barlaycard expressed great surprise i was making "so many payments". Even though the amount didnt seem to be registering with the staff on the phones, the fact that I was making more payments than once a month was all over my records there. I dont know where this will make the difference, but they certainly knew and I guess it would eventually show up as cumulartive on your experian report

Broken_hearted

I think any overpayment helps

Ali-OK

Toomuchdebt wrote:

throughout the month eg a spare £2.20 left in my bank account at the end of the week,a spare 95p the next, really make a difference to how much interest I am charged at the end of the month? UOTE]

Yes, YES and YES!!!! Do it!

You may only see a tiny difference in the interest coming down, but paying it off is paying it off and it will come off what you owe as a total.

My spreadsheet shows "oddments" like this and cumulative for 2006 so far it totals £56.28. That's £56.28 that I wouldn't have found in one go from anywhere. I do them as online transfers and it takes seconds, so worth it I'd say.

yung

it does not matter how much your are paying it may be small but it is chipping away and it helps, saving it will be a temptation to spend it somewhere.

taxi73

I don't know the answer to this either but would guess anything however small will affect the overall interest

Toomuchdebt

I paid an extra £3 on Monument once somewhere in the middle of the month and I had a letter saying that because I hadn't made my regular payment my account would register a late fee-I did eventually manage to convince them I was making an extra payment not a main one but I guess I am worried that if I pay in odds and ends here they may think that's my main payment-should I maybe ring up and warn them I will be paying extra here and there or just do it and see what happens?

Catseyez

I really believe that every penny helps...hence my signature! Shame I took no notice of it during my crazy spending days!

roswell

As the saying goes you can only spent every £1 once, so its either spend it or pay off the card with it, as for the timing id be tempted to pay of a counple of £1`s but would nt bother with payments of pence.