Since credit card bills are due monthly, most people pay theirs once a month. This isn't the only option, though. You can technically pay your credit card as often as you want. Some consumers prefer to pay more often, such as every two weeks or even on a weekly basis. It might seem pointless, but there are actually a couple of benefits to paying your credit card every week.
It keeps your credit utilization lower, which is good for your credit score
Weekly credit card payments are one of the easier ways to boost your credit score. That's because of an important scoring criteria called your credit utilization ratio. It's a measurement of how much of your credit you're using. Card issuers report your balances and credit limits once per month, and these are used to calculate your current credit utilization.
Paying weekly keeps your balances and your credit utilization lower, which is better for your credit score. Here's an example to explain how this can be beneficial.
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Let's say you have one credit card with a $10,000 credit limit and a $5,000 balance. Your bill is due on the 28th, but the card issuer reports your balance on the 24th. You could do either of the following:
- Pay monthly. You pay $5,000 on the 28th. Your card issuer already reported a $5,000 balance on the 24th. Because your credit limit is $10,000, your credit utilization is 50% and will negatively impact your credit score.
- Pay weekly. You pay $1,250 on the 7th, 14th, 21st, and 28th. Your card issuer reports a balance of $1,250 on the 24th. Your credit utilization is 12.5%, which is excellent and will positively impact your credit score.
How much this matters will depend on your typical credit utilization. If it's on the high side (under 30% is recommended), paying weekly can lower it.
It could help you budget
As a general rule, the more you monitor your spending, the easier it is to stick to a budget. So, if you review and pay your credit card bill weekly, that could work better for budgeting than doing so monthly.
Imagine that you've decided to spend no more than $500 per week and $2,000 per month on your credit card. The first week, you spend $650. If you pay your credit card every week, you'll see that you went over your limit. You can then figure out where to cut back and adjust your weekly spending the rest of the month so you don't exceed $2,000 total.
If you pay your credit card monthly, you might not notice you're overspending. Maybe you end up spending about $650 per week. By the time you get to the end of the month, you have a $2,600 bill, putting you $600 over budget.
There are plenty of other ways to monitor your spending. Lots of consumers like to use budgeting apps that connect to their financial accounts. But paying your credit card every week also works well.
It might be inconvenient
The drawback to paying credit cards weekly is that it's more time-consuming. You can set up autopay for your monthly credit card payment. No credit card company that I know of has the option of setting up automatic weekly payments.
That means you'll need to log in and make a manual payment every week. If you have multiple credit cards, then it's even more to manage.
Should you pay your credit card bill every week?
The only rule about paying your credit card is to always make your payment by the due date. Ideally, you should pay the entire statement balance. If you do that, the card issuer won't charge you interest on your purchases.
As long as you're making at least your monthly payment, the frequency is up to you. Paying weekly could be a good idea if your credit utilization has been hurting your credit score, or if you want to better stay on top of your spending. But making weekly payments can be inconvenient, so it's fine if you'd rather stick to paying monthly.
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FAQs
Paying your balance more than once per month makes it more likely that you'll have a lower credit utilization rate when the bureaus receive your information. And paying multiple times can also help you keep track of your spending and cut back on any overspending before you fall into debt.
Is it OK to pay off credit card every week? ›
Paying weekly could be a good idea if your credit utilization has been hurting your credit score, or if you want to better stay on top of your spending. But making weekly payments can be inconvenient, so it's fine if you'd rather stick to paying monthly.
Is it bad to make multiple credit card payments in a week? ›
Making all your payments on time is the most important factor in credit scores. Second, by making multiple payments, you are likely paying more than the minimum due, which means your balances will decrease faster. Keeping your credit card balances low will result in a low utilization rate, which is good for your score.
Does paying credit card twice a month help credit score? ›
That said, making two payments per month actually can help your score—but for a different reason. This strategy makes your credit utilization ratio appear lower, which can boost your credit score in the long run.
What happens when you pay your credit card bills on time every time? ›
Consistently paying off your credit card on time every month is one step toward improving your credit scores. However, credit scores are calculated at different times, so if your score is calculated on a day you have a high balance, this could affect your score even if you pay off the balance in full the next day.
What is the 15 3 rule for credit cards? ›
When you have a credit card, most people usually make one payment each month, when their statement is due. With the 15/3 credit card rule, you instead make two payments. The first payment comes 15 days before the statement's due date, and you make the second payment three days before your credit card due date.
What is the 15 3 rule? ›
The 15/3 hack claims you can help your credit score dramatically by making half your credit card payment 15 days before your account statement due date and the other half-payment three days before.
Is it better to pay off a credit card weekly or monthly? ›
Weekly payments could strengthen your credit, but consider that as an added bonus. If one full monthly payment seems more manageable, you'll still see a positive credit impact, and you'll keep debt under control—perhaps the best outcome of all.
What is the double payment trick on credit cards? ›
The 15/3 credit hack gets its name from the practice of making your monthly payment in two installments: the first half 15 days before your due date and the second half three days before your due date. This hack, popular on various social media platforms, claims to be a shortcut to good credit.
Is it better to pay bills weekly or monthly? ›
While nobody really looks forward to doing their bills monthly, much less even more frequently, experts agree that making weekly time for bills is a smarter way to go. Reviewing and paying bills on a weekly basis can save you headaches, hassles and keep you ahead of your financial goals.
It's possible that you could see your credit scores drop after fulfilling your payment obligations on a loan or credit card debt. Paying off debt might lower your credit scores if removing the debt affects certain factors like your credit mix, the length of your credit history or your credit utilization ratio.
How do I get my credit score to 800? ›
Making on-time payments to creditors, keeping your credit utilization low, having a long credit history, maintaining a good mix of credit types, and occasionally applying for new credit lines are the factors that can get you into the 800 credit score club.
What happens when you make 2 payments a month on credit card? ›
By making multiple credit card payments, it becomes easier to budget for larger payments. If you simply split your minimum payment in two and pay it twice a month, it won't have a big impact on your balance. But if you make the minimum payment twice a month, you will pay down your debt much more quickly.
What is the minimum payment on a $3000 credit card? ›
The minimum payment on a $3,000 credit card balance is at least $30, plus any fees, interest, and past-due amounts, if applicable. If you were late making a payment for the previous billing period, the credit card company may also add a late fee on top of your standard minimum payment.
How can I raise my credit score 100 points overnight? ›
10 Ways to Boost Your Credit Score
- Review Your Credit Report. ...
- Pay Your Bills on Time. ...
- Ask for Late Payment Forgiveness. ...
- Keep Credit Card Balances Low. ...
- Keep Old Credit Cards Active. ...
- Become an Authorized User. ...
- Consider a Credit Builder Loan. ...
- Take Out a Secured Credit Card.
Try paying debts and maintaining your credit utilisation ratio of 30% or below. There are two ways through which you can pay off your debts, which are as follows: Start paying off older accounts from lowest to highest outstanding balances. Start paying off based on the highest to lowest rate of interest.
How frequently should you pay off credit card? ›
When to pay off your credit card to increase your credit score? Paying off your credit card debt each month is one of the most consistent ways to help improve your credit scores.
Is it bad to pay off credit card too often? ›
While frequent card payments have a few small risks you should be aware of, it's generally a harmless and positive habit. If you like to pay your card often, rest easy knowing you're keeping your credit score strong and reducing your interest payments.
Is it better to pay off one credit card or pay down several? ›
If one card has a significantly higher interest rate, it may be more beneficial to focus on paying off that card first. By eliminating the high-interest debt, you can save money on interest payments in the long run.
