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jonson

American Express & multiple payments

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As some of you may have seen in another thread, I was approved yesterday for an American Express Gold!!!! :yahoo:

 

This is going to be my first revolver card. Unfortunately, I've been in the (bad) habit of charging everything, assuming I can pay it in full at the end of the month. Admittedly, I sometimes have to carry a balance. This card will be good exercise to stop doing that.

 

Can someone tell me how Amex is with multiple payments during a billing cycle? Can I make several throughout the month without any problems?

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My SO and I make 3-4 payments each per month, sometimes 2 or 3 payments in the same day. Never had a problem unless it was the day of closing or if I was trying to pay more than Amex thought I owed them

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I believe you can only make a single payment your first month prior to the statement running.

 

At least that's what happened to me on my JetBlue card.

 

Subsequent months I have had no issue making weekly payments.

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OK Great, so it looks like I should be able to make at least one payment a week. Hopefully that becomes a habit!

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I just got a PRG and tried pushing a payment through my bank yesterday to get around the fact that AMEX's website won't let you make a payment before the 1st statement closes.

 

I'll know by tomorrow whether it posts...

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I just got a PRG and tried pushing a payment through my bank yesterday to get around the fact that AMEX's website won't let you make a payment before the 1st statement closes.

 

I'll know by tomorrow whether it posts...

 

It's a strange rule, but I'm sure I can make it through the first month.

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they are quirky before the first statement. I think I was only able to pay once and then it locked me out until a payment was due.

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It's better to make multiple payments than no payments.

 

With my Citibank American Airlines Master Card I always do it. I use it a bunch and occasionally I don't have enough money in my checking account to pay the bill in full. Instead of transferring the money from somewhere else, I might make a partial payment and pay the rest later before any finance charge can happen. I've done this for a decade and they still like me.

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I use check.me. Payments usually post the next day and I've never had any issues paying multiple times a month.

Edited by ceemee

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first month one payment on using the web-site. if you do banking on-line with your bank you can call AMEX and make payments like that till your on-line account is set up. I make multiple payments a week on my card. just to keep the % down and it hit my credit report today with a $ 89.00 balance. this is my first month to ever carry a balance on a few cards. very low balances. for years i have been paying them off.. lets see what happens to the credit score.

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An alternate: I have a "credit card payments" savings account. For my rarely used cards that I only charge a couple dollars to and PIF before the statement cut- I just pay those out of my regular checking account. For my one card that I charge all other purchases to, I keep an eye on the balance and once a week I send the difference to my "CCP" savings account. Before the statement cuts I transfer that back to checking and pay that amount.

 

I tend to do this will all my accounts though, and I like things weekly rather than monthly- I divide my mortgage amount by 4 and transfer that from checking to "house" savings each week. I have my mortgage company set up to auto draft straight from that savings account, so I don't have to move it back to checking. The months that have 5 paychecks mean that I have 1 extra weeks worth sitting in the house account, which is nice to have that there in case I have a week that I take off of work and don't have the money in my checking to transfer to "house" savings.

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An alternate: I have a "credit card payments" savings account. For my rarely used cards that I only charge a couple dollars to and PIF before the statement cut- I just pay those out of my regular checking account. For my one card that I charge all other purchases to, I keep an eye on the balance and once a week I send the difference to my "CCP" savings account. Before the statement cuts I transfer that back to checking and pay that amount.

 

I tend to do this will all my accounts though, and I like things weekly rather than monthly- I divide my mortgage amount by 4 and transfer that from checking to "house" savings each week. I have my mortgage company set up to auto draft straight from that savings account, so I don't have to move it back to checking. The months that have 5 paychecks mean that I have 1 extra weeks worth sitting in the house account, which is nice to have that there in case I have a week that I take off of work and don't have the money in my checking to transfer to "house" savings.

 

That's not a bad idea... I've found that sometimes I'm sending random payments, but don't really keep track of them. It's possible they aren't being posted and I don't notice it. Your method would prevent that, as there would only be one payment.

 

The only downside.... I might be tempted to use that money!

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See, that's why it works for me! When I log in, I look at the money in my checking account and know what I can spend. I know that the money in my CCP and house savings aren't really mine anymore.

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Within your first 30 days of setting up your account or switching bank accounts you can make one payment from that account.

 

After your first statement you can make up to five payments in one day (that same day) and schedule one payment in advance at a time.

Edited by almostanonymous

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Within your first 30 days of setting up your account or switching bank accounts you can make one payment from that account.

 

After your first statement you can make up to five payments in one day (that same day) and schedule one payment in advance at a time.

 

Thank you! That actually make sense now... they are probably trying to prevent fraud.

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An alternate: I have a "credit card payments" savings account. For my rarely used cards that I only charge a couple dollars to and PIF before the statement cut- I just pay those out of my regular checking account. For my one card that I charge all other purchases to, I keep an eye on the balance and once a week I send the difference to my "CCP" savings account. Before the statement cuts I transfer that back to checking and pay that amount.

 

I tend to do this will all my accounts though, and I like things weekly rather than monthly- I divide my mortgage amount by 4 and transfer that from checking to "house" savings each week. I have my mortgage company set up to auto draft straight from that savings account, so I don't have to move it back to checking. The months that have 5 paychecks mean that I have 1 extra weeks worth sitting in the house account, which is nice to have that there in case I have a week that I take off of work and don't have the money in my checking to transfer to "house" savings.

 

I'm really liking this idea, I think I'm going to do it. I have several bank accounts that I do not use and can give them a new function.

 

1st payment pushed through posted with no problem within two days. This should work out okay then...

 

Thanks for the update.

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An alternate: I have a "credit card payments" savings account. For my rarely used cards that I only charge a couple dollars to and PIF before the statement cut- I just pay those out of my regular checking account. For my one card that I charge all other purchases to, I keep an eye on the balance and once a week I send the difference to my "CCP" savings account. Before the statement cuts I transfer that back to checking and pay that amount.

 

 

 

:good: This is the exact way that I account for all my CC spending. I've only recently made the transition to entirely credit-based transactions and this seems to be working pretty well.

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