Friday Jul 01, 2022

Why you should make multiple credit card payments in a single month

Many people are getting tired of controlling their finances with their credit card balances. They are adopting a new practise of making multiple monthly credit card payments. Their financial picture can be improved by making minimum monthly payments to their credit cards. This is what you can expect when you make multiple monthly credit card payments:

No more late payments.

Although it may seem obvious, if you make regular payments every month, you will avoid being late, which means you will pay fewer late fees. Your credit score will be maintained by not having to pay late fees on your credit report.

You can pay off your debt faster.

The same principle can be used to pay down your mortgage faster, which applies to your credit card obligation.

A mortgage allows you to split your monthly payment into two payments and make it payable every two weeks. This results in 26 monthly half-payments, or 13 monthly payments. One extra payment per year will reduce the time required to pay off a 30-year loan by seven years. The same can be done by splitting your monthly credit card payment into two payments and paying it every other week.

You pay less monthly finance fees if you pay off your debt faster. How much could you be saving? To find out, check out our Debt Payment Calculator.

It’s easier to pay more than the minimum payment.

It is easier to budget for larger amounts by making multiple credit card payments. It won’t make a huge difference to your balance if you split your minimum payment into two payments and pay it twice per month. You will be able to pay off your debt faster if you make minimum payments twice per month. Multiple payments, especially when they are made in conjunction with your paychecks, can smoothen your cash flow and allow you to increase your monthly payment amount.

No Interest Charges

You won’t be charged additional finance fees if you pay off your credit card debt. Multiple monthly payments on your current balance will ensure that you don’t have a month-ending debt that will result in a finance charge.

Increase your credit score

Although multiple monthly payments won’t negatively impact your credit score (it will only show as one payment per year), it will help you manage your credit utilization ratio. Credit card companies usually wait until the end to report credit card activity if you don’t make your credit card payments on the due date. For example, the due date is the 15 th month. You could have accrued additional credit card debts by then, increasing your credit utilization. This can help you improve your credit score.

Stays you on track with your budget

You can track your monthly spending with your credit card by tracking your budget every time you make payment. Your credit card payments should not exceed the cost of the item purchased. If they exceed your budget, you may be overspending.

You can align your credit card payments and your paycheck if paid twice per week. This will allow you to control your monthly cash flow and keep your budget in line.

Pay as you go keeps you in the black.

Paying multiple times if you use your credit card to make non-budgeted purchases can help you ensure that you pay the balance off. To pay off a larger balance quickly, increase your biweekly payments.

It is easy to make multiple credit card payments.

Multiple payments can be made to your credit card accounts easily. While most credit card companies allow only one auto-pay per calendar month, you can make manual payments online at any time.

Some card companies allow you to make unlimited payments per month. However, you may have to limit the number of payments you can make within 24 hours. You can also set up your second automatic pay via bill pay online if your bank allows it.


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