How is it best to pay your Credit Card?

Zoel91

This year my aim is to clear my credit card balance, or at least as much of it as possible.
Last year, I'm ashamed to say but sometimes I didn't even make my minimum payments!
So I'm wondering, how do you find it best to pay, little and often everytime you have something spare or all in bulk?

[Deleted User]

As quickly as you can, but never miss a monthly payment.

Dobbibill

I would say to look at paying at least the minimum or a little more every month and on time, without fail.

On top of that, pay as much as possible as soon as possible - the sooner you pay, the less interest you will incur. Think of it as every pound is saving you a pound plus interest on that pound..... or ten pounds or twenty pounds etc etc

bearcat16

Firstly, never ever miss payments! It will cause you to incur fees, and affect your credit file for years to come.

Secondly, using credit cards as a source of medium or long term borrowing is a very bad idea, because the interest rate is so high.

You should aim to clear the balance in full every month, so that you never pay interest at the 20% odd rate that they charge.

If you cannot afford to pay off the whole balance every month, then something is fundamentally wrong with the way your finances are arranged.

redpete

The best way is to pay the balance in full every month on time. If circumstances make this impossible them make sure you pay the minimum payment every month on time (by direct debit is the safest way) and anything on top of this as early as possible and as much as possible.