Consider the following scenario:
A credit card has a balance of $5000 that cannot be paid off at this time. Every week I earn $500 that is deposited to my bank. My monthly minimum payment is $200. I know it is best to pay the debt off as soon as possible. Having a limited understanding of APR and how credit cards work, I'm not sure when the right time to make payments is.
As money is earned, when should it be transferred to the credit card to pay off the balance??
I want to pay off my balance as soon as I can, while the interest is at a minimum.
Since interest isn't applied to a card until the end of each billing cycle, I thought it didn't matter if, say $2000 was transferred to the card vs. $500 every month.