Is it bad to make multiple payments on credit card in a month?

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Is it bad to make multiple payments on credit card in a month?

Postby James » Mon Apr 16, 2012 9:53 am

So what I'm curious about is using and paying my credit card multiple times a month. I haven't done it yet but I'm curious if that's an acceptable practice.

I have a Capital One Cash Rewards card with 1% back on everything. The issue is I'm still working on building my credit. My salary is close to 6 figures but I have no credit. That card has a $1000 limit. I spend a lot of money and would like to earn more rewards and such.

So the question is can I spend a couple hundred dollars, pay it off and spend a couple hundred more etc. all in the same month? Or should I just spend a couple hundred, let the card sit for the month, pay it then a couple hundred the next month?

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Postby namvet » Mon Apr 16, 2012 7:03 pm

It is acceptable.

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Postby DavidNY » Mon Apr 16, 2012 7:35 pm

It's your account and you are welcome to pay it whenever you like.

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Postby 2percentPlus » Tue Apr 17, 2012 3:35 am

I max out my cards on average four times a month.

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Postby jeffysdad » Tue Apr 17, 2012 6:45 am

I believe there are some banks that limit the number of payments to three or so per month. Check with your bank to see if they are one of them. There's nothing wrong with paying multiple times per month. However, if you need to do this because your credit limit is too low, the bank should be raising that soon. If they don't, they aren't meeting your needs. If you're paying the balance off every month after maxing the card out, they should respond to that automatically. If they don't, call them and tell them to raise your limit.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Postby dfm990 » Tue Apr 17, 2012 10:56 am

i do this about twice a month (sometimes 3 times), but I've heard capital one wont ever increase the limit.
Amex Gold NPSL (35000 Approved)(11/13)
Discover It $22500 (12/13)
Bank of America Cash Rewards $7000 (3/13)
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Capital One Platinum $2000 (3/11)
Chase Slate $1000 (1/16)

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Postby SWADE23 » Tue Apr 17, 2012 11:06 am

I was also looking to do what James is asking in order to boost my credit score... Is this wise ?

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Postby 2percentPlus » Wed Apr 18, 2012 2:15 am

They will grant a credit increase if you do this for a few months, it's a lot different than somebody who has never approached their limit asking for an increase...for what?

I personally wait 7-10-13 months to make any requests, but that's just me. I like things to settle down and not have too much peering into my accounts because I asked them too, you can get yourself into more trouble than you started with.

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Postby bmw1990Z » Wed Apr 18, 2012 5:54 am

i pay off my purchases every week
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

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Internally, how do card issuers look at paying in full several times a month?

Postby s.jessica » Sun Dec 16, 2012 3:25 pm

I have a question about how to look good to a credit card issuer, in this case Cap1. I know how some folks feel about them, but they did give me a real credit card that reports to the bureaus, so I'm happy. People are going to slam me and I've been told not to do it, but I've been watching Credit Karma every month or so and while it doesn't always give the whole story, it did show that my Cap1 card reported when I opened it, when it got a CLI and every month a balance is due. As a result, the score they give me, while some think it's just a made up fake score, has been going up over the past 6 months or so.

My future goal is to see if they will do something about giving me a better card with higher limits, I know they have them. So while handling the lower limits, I never went over the limit and always paid on time. I know the correct way is to charge something easy to pay for, wait for the bill then pay in full. The problem is, low credit limits are easy to over utilize and one month Credit Karma had me at 96% utilization dragging my score way down.

Years ago I know my parents always talked about the "float" and they used their cards so they might get another 20 days of interest on their checking account, but those days are long gone and the small amount of interest you get on $300 for one month seems to make that argument useless. Now days if it wasn't for rewards, credit cards would seem almost useless. For me, I'm using a couple major credit products to strengthen my credit history and to some extent if you have problems you are using someone Else's money.

Now that brings me to the point of paying in full several times a month. If I wait for the bill to come, I either over utilize or end up sitting on the card for a couple of weeks while looking for another way to pay. Tried a prepaid card but totally got my butt reamed for that idea. So week one I almost had the card maxed out, paid in full, then week 2 did the same thing. I paid my last bill too soon, just a couple days before the card reported and that month it didn't report which as I understand is bad. You want to leave like $10 on the card and let that report, but I didn't think to do it.

Now my question, how does a credit card issuer like Cap1 look at this? That is, paying 3 or 4 times a month in full? Just wondering if they would get upset with me and put a black mark on my file or something (internally). Also, if a credit card remains active and current, but doesn't have a balance for several months, would I still see improvements in my credit or does it need to report a balance every month for best results and fastest credit improvement.

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