Re: Help Needed
<b>One question (for anyone) is it smart to pay your credit card daily or weekly (whatever is possible) since interest is accumulated daily? I was thinking about trying. I use homebanking which allows an unlimited amount of transactions. For example if my minimum payment is $60 I would pay $2 everyday of the month. Will this reduce my interest charges?</b>
It would have very little effect. BUT paying an extra $5 (or $65 in this case) would have a big effect. I can see the frequent payments having a positive effect if they would otherwise be wasted in other areas if they weren't placed toward the credit cards on a regular basis. What I'm trying to say is that if you make the daily or weekely payments and this will increase the chance that you can pay more than the minimum payment toward your credit cards, then you should do it.
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