You should pay off your credit card every week if you find that the extra payments make it easier to keep your statement balance low. Credit card issuers report information to the credit bureaus when your statement period ends, so making extra payments to have a low balance at that point could help improve your credit. However, you only need to pay once per month.
When You Should Pay Off Your Credit Card Every Week
- When you need to improve your credit score. Ideally, your statement balance should be less than 30% of your credit limit. Anything above that is bad for your credit utilization, which is a major factor in determining your credit score.
- When it helps you spend responsibly. Weekly credit card payments are a good way to keep your spending in check. You’ll be less likely to wind up with a big credit card bill that you can’t afford if you pay weekly.
- When it helps you avoid interest. If you pay off your card in full by the due date, you won’t be charged interest on purchases. You can still do this by making only one payment per month, but if you find it easier to split your bill into smaller payments, it’s a good idea to do so.
Unfortunately, you’ll have to manually pay off your credit card if you opt for a weekly frequency. Autopay generally doesn’t support recurring weekly payments, so you’ll need to make one-time payments each week.
You can learn more about the best strategies for paying off your credit card from WalletHub’s full credit card payment guide.
This answer was first published on 12/13/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
