any problem in paying off smaller regular amounts?

brettcta

i currently have around £900 left to pay on my CC. i have a standing order to go out 4 weekly the day after payday for £45. i normally make a 2nd payment of an equal or smaller amount 2 weeks into the month when i know how my finances are shaping up.

i have been selling a bit on ebay in the last month or so. every time i get a payment into my account, i transfer it from paypal to my bank (handy now that it goes by faster payment).

This month things have been a bit lean with my wages (various bills to pay (car tax, insurance etc)) so what i have been doing is transferring the payments into my natwest account, rounding the amount down to the nearest £5, paying the larger amount into my bills account and paying the remainder onto the CC (i.e. payment in for £23.10, £20 into co-op account and £3.10 to CC).

are there any problems with doing this? i'm trying to work away this CC as quickly as possible because i want rid of it.

if i make more smaller payments by online banking (iphone app), is it likely to cause a problem with natwest? are they likely to get arsey with me making more frequent smaller payments as opposed to the normal 1/2 monthly payments (normal standing order still paid for this months bill + several smaller payments)

ta in advance xx

grumbler

I don't see any problems...

techspec

You can pay what you want when you want - as long as you meet the minimum.

jamesd

No problem at all. The sooner you make the payments, the more interest you save.

_Andy_

Won't affect things at all; makes no odds to them as long as you're making min payments in total

Loubell83

No issues - I do this all the time. I make small payments every other day - sometimes even in the pennies, depending on the odds and ends in my bank account. It all helps!

balmk

In principle it sounds OK, but don't get caught out by shifting payment and statement dates -

You MUST make at least the minimum payment before the due date. If you SO is set 4-weekly, you may find that you cross statement dates which may then register as a missed payment.

A more secure option would be to set up a direct debit to take the minimum payment eacch month, and then make additional payments on top of that. You do need to check the card issuers policy on DD payments - some take the DD regardless of any additional payments made, and some take additional payments into account prior to taking the DD.

Hope that helps.