Here's the scenario, I'm new to credit card and I'm a college student. I need to buy laptop for Fall Semester and my credit card limit is $800. The laptop that I want to buy is $700. If I purchase the laptop using my credit card, can I pay at least $50-$60 dollars a week? or let's say, I'll pay $20 a day, would that work? Plus, I will also pay the bill the issued bill for my credit card at the end of the month. Will that work?

  • 5
    Just keep in mind that if you pay below the total cost of the laptop you will be charged interest as well. If this is just for taking notes at college you may want to consider getting a cheaper laptop so that you have less hassles with interest. Aug 12 '15 at 3:26
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    What is your goal? If you say that you plan to pay the EOM bill I'm assuming that you have the funds to buy the laptop outright and only want to use a credit card for convenience or credit score. If that's the case, do you just want to make early payments to free up funds given your low credit card limit?
    – Lilienthal
    Aug 12 '15 at 9:51
  • 2
    You should add your country, credit card company, and type. E.g. USA Capital One Visa Platinum. I've also updated the title to your question so that it is more accurate (hopefully it gets approved).
    – MonkeyZeus
    Aug 12 '15 at 14:25
  • 1
    My credit card doesn't allow me to make an additional payment while they payment is still pending (which usually takes 3-5 business days), so I would be unable to pay in the scenario you claim you want to pay in. You'll have to check the terms and conditions of your card. The best thing to do is to Never carry a balance. Make sure the full balance is paid off every billing cycle.
    – Triplell89
    Aug 12 '15 at 15:17
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    Incase your daily payments are try to reduce the amount of interest you pay, keep in mind, you dont actually pay any interest until you carry a balance. That is, until your first 'billing cycle' is complete.
    – n00b
    Aug 12 '15 at 18:22
  • Yes, you can pay $50-$60/week
  • Sure, pay $20/day if you wish (but confirm that the terms of service permit such frequent payments)
  • And then make sure you still pay the minimum when the bill comes in. Payments made before the bill is cut may not actually count as 'paying the minimum'. e.g. you pay an extra $25 on the 15th, but the bill is cut on the 16th. Something must be paid between the time the bill is cut and before before it's due, unless the bill shows zero balance.
  • 7
    I don't agree with "sure, pay $20/day if you wish". It depends on the terms and agreement of the bank. I have seen a few cards on which one can make only a maximum of three, two, or even one monthly payment in a billing cycle. And a billing cycle may not necessarily be a calendar month. It could be something like 28 days. So yes you could have a rule like "only one payment every 28 days". Aug 12 '15 at 4:42
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    why on earth you should be prevented from paying your bills? Is it just that credit card company want to charge you more interest? Is that even legal?
    – Ant
    Aug 12 '15 at 7:33
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    @Ant they could easily achieve the same end by having one free payment each month, and charging a handling fee for others if Fixed Point's reported system wasn't allowed. They expect you to get paid monthly and then make a payment, anything else may be treated as an edge case that costs them to suppport so they make it impossible/expensive/hard for you to do it.
    – Chris H
    Aug 12 '15 at 8:19
  • 2
    one of my credit cards allows two payments per day (they must be from two different bank accounts), one limits me to once every 7 days. Aug 12 '15 at 10:11
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    It seemed to me OP has a concern about keeping below his credit limit. $700 would leave just $100 available. Just my thought on this one. Aug 12 '15 at 14:25

Let's run something quickly...

You have a $700 laptop. You want to pay $20 per day to the credit card company?

In theory, it would take 35 days, no interest to pay off that computer. But the credit card is likely accruing interest as well, correct? That's still going to be more than the orginal $700.

Honestly, it's only 35 days. Get a jar, and force yourself to put in $20 every day. If you're paying for everything in cash (like I do), you can also add your change in there, and have your $700 before the 35 days, and still be paying no interest.

If you are looking at buying with a credit card because it's online, or because you get buyer protection, then go and buy the computer, then pay at least that portion of the bill the very next day. Then, start with your next rainy day fund.

  • 5
    This would work, but with the credit card, you get to use the laptop from the beginning.
    – AKS
    Aug 12 '15 at 19:09
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    What @AyeshK said, and if the fall semester/autumn term starts in less than 35 days time, that is potentially a big deal. Aug 23 '17 at 14:14
  • With credit cards that I'm aware of, you wouldn't start paying interest until after the due date of your first bill. If you time your purchase right, you could have around 45 days of interest free laptop enjoyment.
    – JPhi1618
    Aug 23 '17 at 20:07

JoeTaxpayer has it right.

To say it another way, most credit cards (I've never seen one that didn't) allow you to make a manual payment whenever you want.

If there is no payment due at the time, it will not count as satisfying any minimum payment requirement that comes due every month.

  • Some credit cards even allow you to pay well over the minimum Aug 12 '15 at 11:48
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    @staticx are there cards which do not allow you to pay over the minimum? Surely you want to be paying it off in its entirety every month, right?
    – Brad
    Aug 12 '15 at 17:17
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    While credit cards normally allow manual payments at will I have yet to see one that would permit $20 daily--because they work on business days. You can't make a payment on Saturday and a payment on Sunday because that's one day as far as they are concerned and you can have only one outstanding payment (as they'll be processed at night, not immediately.) Aug 13 '15 at 2:51
  • @Brad: If you can afford to Aug 13 '15 at 15:51
  • @Brian If you can't afford to pay the bill in full when it comes due, I would argue that you are using credit the wrong way. Definitely not a good way to plan for a college student particularly!
    – user
    Jul 15 '16 at 11:42

you can send the credit card company as many payments as you want in a month. They'll take 'em.

Just realize though...that if you pay three payments THIS month, and there's still a balance left over into next month, you STILL have to make a payment next month.

Chances are, your minimum monthly payment on $700 will be something like $25.


Since this site aim to help handle your "personal finance & MONEY " I will shortly answer your question and then continue with another aspect : yes you probably can.

Just make sure that you are allowed to make such frequent payments as @JoeTaxpayer mentionned, but based on my personal experience it should not be a problem.

Should you do it ?

Honestly, it seems to me that you are doing a bad investment.

I need to buy laptop for Fall Semester

You did not tell us when does the fall semester starts but if there is still times before, just wait to have the money. I have the feeling that "I need to buy laptop" in your sentence actually hide a "I'd like to buy a new laptop because that would motivate me".

What I'm trying to point is that I don't think you really need a laptop at the point to use your credit card for it and risk high interests rates (19% ?).

What if your plan does not go as it was initially intended to and you ends up paying this bill for a couple of months because you lost your student jobs etc. ?

I studied computer sciences and did not even had a laptop of my whole studies, I used only school's computers. I have no idea what is your field of study, but I'm pretty sure you can wait to really have the money before buying that laptop and avoid the risks.

  • 1
    Please explain the downvote. Aug 12 '15 at 13:55
  • 1
    I did not downvote, but this post is completely off-the-track IMHO. Why do you assume he needs it to motivate? Don't put in the OP's mouth things he did not say!
    – o0'.
    Aug 12 '15 at 18:09
  • @Lohoris I wrote "I have the feeling". Whether this is the real reason or not, the point is that IMHO it is not a good investment as it does not appear OP really need the laptop that fast and can wait to have the money instead of risking high interests rate. Aug 12 '15 at 18:11

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