Here’s a little-known tactic for helping you get out of debt: biweekly credit card payments. A quick and easy way to get out of credit card debt and make sure you never miss a payment is to pay your bill every two weeks.
Say you owe $5,000 on a credit card with a 17% interest rate and a 3% minimum payment. If you only send in the minimum amount every month, by the time you’ve paid off that $5,000, your interest bite would be $4,119. It would take 14 years to pay off your total tab of $9,119!.
You can pay off your debt faster and with less interest if you only send in half of your minimum payment every 14 days. In the example above, you would cut your interest bill by $2,521 and could be debt-free in three years and 18 weeks instead of 14 years.
You can use our credit card interest calculator to find out how much you could save by making payments every two weeks on your credit card debt.
Paying your credit card bill twice in one month may seem unnecessary but there are some potential benefits to consider. In this comprehensive guide we’ll explore whether you can make multiple credit card payments per month, the advantages and disadvantages, and steps for implementing bi-weekly payments.
Is It Possible to Pay a Credit Card Twice Per Billing Cycle?
Yes, it is completely possible to pay your credit card bill more than once during your monthly billing period. There are no rules against making multiple payments before the due date.
Most credit card companies allow cardholders to pay however often they want, whether weekly, bi-weekly, or even daily As long as the full minimum payment is received by the due date, the timing of additional payments is flexible
How Making Bi-Weekly Payments Works
Paying bi-weekly means dividing your monthly payment in half and paying that amount every two weeks. Here is a simple example:
- Your monthly minimum payment is $120
- Instead of paying $120 once per month, you pay $60 every two weeks
- This results in 26 half-payments annually rather than 12 monthly payments
By making bi-weekly payments, you end up making 13 monthly payments per year rather than 12. This extra payment goes entirely towards reducing your principal balance.
Potential Benefits of Bi-Weekly Payments
Here are some of the best reasons to pay your credit card bill twice a month:
Pays Down Balances Faster
The main benefit is that bi-weekly payments accelerate debt repayment. The extra payment each year cuts down your principal faster, helping you save on interest charges.
Lowers Credit Utilization
Your credit utilization ratio goes up because your balance is lower between statement cycles. This can boost your credit score over time.
Enhances Budgeting Habits
Checking your balance and making a payment each paycheck keeps your spending habits top of mind. It encourages better monitoring of your budget.
Reduces Interest Fees
As mentioned, the faster debt repayment results in less interest paid overall. This saves you money compared to just one monthly payment.
No Credit Card Company Fees
Most card issuers allow bi-weekly payments at no additional cost. Just verify that no fees apply for your specific card and account.
Potential Drawbacks of Bi-Weekly Payments
While often beneficial, there are a couple potential downsides to consider:
Can Increase Chance of Late Payments
You essentially double the number of payment dates to remember, which could increase the risk of a late payment if you lose track.
Requires Close Budget Monitoring
Every two weeks, you should keep a close eye on your spending and available balance so that you don’t go over your budget between payments. For those without consistent budgets, this can be challenging.
Possible Bank Fees
Your bank may charge fees for electronic transfers or multiple online payments from a checking account. Verify any costs before setting up automatic bi-weekly payments.
How to Set Up Bi-Weekly Credit Card Payments
If you want to split your monthly payment in half and pay every two weeks, follow these steps:
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Contact your credit card company to check if bi-weekly payments are allowed for free. Verify no additional fees will be charged.
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Review your budget to ensure you can comfortably afford two payments per month rather than just one.
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Calculate your monthly minimum payment, divide by two, and set calendar reminders for those amounts every 14 days.
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Pay the first half by the monthly due date, then pay the second half 14 days later. Repeat this cycle each month.
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Consider setting up automatic payments through your credit card company or bank account for convenience.
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Closely monitor your credit card balance and adjust spending habits as needed in between payments.
The Bottom Line – Can I Pay My Credit Card Twice in One Month?
Paying bi-weekly instead of monthly is an easy and effective strategy for accelerating debt repayment. Most card issuers allow multiple payments without fees or hassle.
However, carefully consider whether the benefits outweigh any potential drawbacks based on your budgeting style and payment history. Used responsibly, bi-weekly payments can help you save on interest and reach credit card freedom faster.
How to make biweekly credit card payments
Making biweekly credit card payments is easy. To pay your credit card bill twice a month, simply:
- Pick out the credit card that charges the most interest and stop making payments on it.
- By the due date, make the full minimum payment for this month.
- Split the minimum payment in half.
- Send in the half payment every 14 days.
- In months with 31 days, make sure that payments still get to the creditor by the due date.
Card issuers are required by law to credit payments when they’re received. You can also ask your card issuer if you can authorize electronic transfers every 14 days. Most companies provide this service for free.
Also, consider the electronic bill-paying service where you bank. If the bank doesn’t charge extra for this service and will transfer the money automatically every 14 days, this could be a great choice.
It can help you watch your budget
Surprise expenses can pop up that you didn’t anticipate when you created your budget. Unfortunately, it’s easy to charge these to your card and then forget to adjust your budget accordingly. This can cause an unexpectedly large credit card bill at the end of the month.
Biweekly credit card payments can help counter this problem. If you’re signing in to your account every 14 days to make a payment, you can check your balance to ensure you’re on track with your budget. This awareness can help you make better decisions with your purchases for the rest of the month.
➤ LEARN MORE:How to pay off debt and use your credit card at the same time
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FAQ
Should I pay my credit card multiple times a month?
Second, by making multiple payments, you are likely paying more than the minimum due, which means your balances will decrease faster. A low utilization rate is good for your credit score, so keep your credit card balances low. How many times a month can I pay my credit card?.
Should I make multiple payments on my credit card?
If you usually carry a balance from one month to the next on your credit card, making more than one payment during each billing cycle can lower your interest rates over time. That’s because interest accrues based on your average daily balance during the billing period. The lower you can keep the balance day by day, the less interest you pay.
Does paying credit card twice a month reduce interest?
Making multiple payments helps lower your credit utilization, potentially boosting your credit score. It can also reduce the amount of interest you pay by decreasing your average daily balance. Overall, more frequent payments contribute to better credit management and can save you money.
How often should I pay my credit card?
You don’t have to make that full payment every month. Making several small payments toward your balance may be better for your budget and credit score, as long as they add up to the full amount you owe. Is it better to pay credit card weekly or monthly?.
What happens if you make multiple payments in a month?
When you make multiple payments in a month, you reduce the amount of credit you’re using compared with your credit limits — a favorable factor in scores. Credit card information is usually reported to credit bureaus around your statement date.
Does making two credit card payments a month improve your credit score?
Yes, making two credit card payments monthly can improve your credit score mainly by lowering your credit utilization ratio. Multiple payments lead to a faster reduction in your outstanding balance, resulting in a lower reported utilization rate to credit bureaus. This lower utilization is viewed positively and can boost your score.
Is it good to pay a credit card twice a month?
Key takeaways. Paying your credit card twice a month is good because it allows you to check in with your spending and get ahead of your bills. If you’re carrying credit card debt, making a credit card payment every other week could also save you money on interest.Mar 31, 2025
Is it okay to pay a credit card twice before the due date?
Yes. You can pay your outstanding in multiple amounts. If the statement balance is paid by due date no penalty is charged.
What happens if you pay your credit card bill twice?
Paying more than what’s due on your credit card bills won’t negatively affect your account, and you won’t lose the money.
Can I make 2 payments on my credit card in one month?
You can absolutely make more than one payment on your credit card a given month. By accomplishing this, you able to pay more on your principal and less on interest.