GUIDESCREDIT CARDS
Can I do a Weekly Repayment of my Credit Card Statement?
2 MIN • 
LAST EDITED BY MARIA JOHN ON AUGUST 21, 2024.
LAST EDITED BY MARIA JOHN ON AUGUST 21, 2024.
GUIDES LAST EDITED BY MARIA JOHN ON AUGUST 21, 2024.
Almost everyone uses a credit card these days. It is a necessary financial tool when used wisely and with proper understanding. But on the other hand, overspending or not understanding the billing process and cycle can be disastrous.
There is a credit card payment time limit for every card. If you fail to pay within this period, the interest charged gets hefty. Usually, there is a monthly billing cycle. You need to pay the entire due amount before the scheduled due date. But paying it off in small amounts every week elevates your credit score and improves overall financial planning.
Understanding the credit card repayment time lets you have absolute control over your debts such that your lifestyle never gets hampered by them.
The credit card repayment period is the time needed to pay off the balance as per your billed expenses. The key is to pay off the entire amount within the due date. This prevents late fines and interest that eventually get overwhelming.
It is best to limit credit utilisation as much as possible and pay off the amount in total within the last date. Stick to the credit card payment time limit . It prevents excess interest but also improves your overall credit score.
You can spread the repayment over 2-3 instalments weekly during the credit card repayment time . This way, a lumpsum amount does not get debited at once, possibly at a time when you need to pay other bills too. The pressure of debt gets minimised as a result.
When you are paying off the debt in small amounts every week, it does not affect your balance as much. You still have enough to manage essential expenses. It also lets you break out of the cycle of using a credit card. At the same time, the residue balance becomes much less. You never feel the pressure of debt during credit card repayment time .
Multiple payments also help to reduce the credit utilisation ratio. It measures the amount of available credit that you use at any time. You must keep the usage below 30% to maximise your credit score.
Also, you do not need to wait for the credit card bill generation to pay off the balance. You can make payments at any time. As a result, you can avoid late payment, which incurs a late fee. You can also set up an autopay option for the minimum due and manually pay the rest. This is another way to ensure the entire amount gets paid within credit card repayment time .
The balance on your credit card lowers your credit score. Ideally, you should pay off the debt on time every month and limit the card's balance. Generally, customers who can limit their balance to 10% of the card limit have the highest credit scores. Having a good score reflects you are responsible with your debt and simplifies your chances of getting loans in the future.
A weekly payment schedule minimises your debt considerably and also strengthens your credit. But you can always use the monthly payment schedule if you have strong financial planning. The primary focus should be choosing a strategy where your debt stays under control and your credit score keeps improving. The good news is Fi Money can simplify your credit card repayment and help you lead a debt-free life. However, the catch is you have to sign up for the 5% credit card waitlist.
Fi and Federal Bank are collaborating to launch a co-branded credit card called the 5% Card, which provides rewards for every purchase made. The rewards system is dynamic and will change based on the user's monthly spending habits. Providing the potential of earning up to 5 times the reward points on purchases made at India's top 21 brands. The card's in-built reminder system ensures timely credit card bill repayments. The card also comes with additional features such as Lounge Access, Low Forex Fee, Spend Insights, and Instant Issuance of the Credit Card.
You can make smaller and more frequent payments to clear your credit card debts within the credit card repayment period . This helps you take better control of your finance.
The key is to pay the entire amount within the due date after the bill gets generated. The customer can pay the entire amount or a smaller amount frequently during the credit card repayment time to clear the debts within the due date.
