Comments on: Bi-Monthly Credit Card Payments

By: Smitty

Smitty — Tue, 25 Aug 2009 01:45:10 +0000

Kristie, Kudos to you ! Pay it off !!! Just stumbled upon this site but read your question. Making more payments than required will ALWAYS reduce your charges, maybe not the first time you do it, but it will be reflected the following pay period. Calculating credit card charges is tricky since credit card companies seem to all use slightly different ways of calculating your interest ( most from the date of purchase but not all ). Bottom line is pay off the debt. The more you throw at the debt the sooner you pay it off, the sooner you pay it off, the less the charges are, the less the charges are, the more you keep in your pocket. Keep it up, soon you’ll be debt free !

By: Kristie Odom

Kristie Odom — Sat, 22 Aug 2009 17:11:52 +0000

I have 2 credit union credit cards with relively low balances, 1700.00 and 2100.00. I have been paying like this: minimum is 46.00 & 65.00, I pay 100.00 plus what the finance charge from the last payment. I want to start making bi-monthly payments, let’s say 100.00 bi-monthly every two weeks. I pay in person and by check in the mail. Will this help reduce my finance charges?
Thank you

By: Kristy

Kristy — Wed, 31 Dec 2008 06:01:11 +0000

@ lhd – The only one that I know of is from TechRepublic and it costs $9.95 to download. I don’t recommend that. Basically, it adds an extra payment a year – like a bi-monthly mortgage – so it reduces the principal amount that you’re paying interest on. I hope that helps! Let me know if you have any other questions about it.

By: lhd

lhd — Mon, 29 Dec 2008 07:21:36 +0000

Do you know of an online calculator that shows the effect of bi-monthly payments on a credit card (not a mortgage)?