Using credit card only and paying it every week
 

I typically do not use credit cards. When I do use it, it is always for large purchases and I either pay it off the following month, or pay it off in 2 to 3 payments. 100% of the time, I use my chase debit card for purchases.

I want to take advantage and at lease get some points and benefit, so I was wondering if it is possible to only use my credit card for all my daily spending, but at the end of every week, pay it off. The reason I want to do that is so I can see the money withdrawn from my account, and it'll help me control my spending.

Has anyone been doing this or something similar? Any positives or negatives?

Since I pay off my credit card every week, I should not accrue interest at all correct?

Do credit card companies allow me to make multiple payments in one month? I plan to apply for a chase card

Using credit card only and paying it every week
 

Yes you can use CCs on most purchases

Yes you can pay CCs off weekly and CC companies allow it

Yes their will be no interest charges

And I do this

Using credit card only and paying it every week
 

Of course you can. You can just pay it off monthly, too.

OP, seems you need a crash course on Credit Cards. I suggest googling it, but what mike2200 mentioned above is accurate.

Most credit cards allow payments before they issue a bill. How often you pay doesn't matter.

Back when I only had one credit card, I used to do this before long trips to avoid going over my credit card limit while traveling.

Putting purchases on a credit card and paying it off every week is far better than using a debit card. You get points on your credit card.

I do this kind of thing but instead pay off on the 1st and 15th of every month. It keeps me on budget (freelancer) and gets me points which I use towards traveling.

Assuming you can pay your bill in full each month you're giving up some of the leverage offered by using credit when you pay your bill early.

You can keep your funds in a 1% savings account or something until the statement due date.

I tried to make an online pymt on a Chase card a few days after I just made a pymt and the system would not allow it. I had to call CS and they processed the pymt manually. YMMV.

They don't allow payments within three days of the previous payment.

You can always push a payment from your bank(via online billpay) instead.

You will not accrue interest as long as you pay the full statement balance before the due date. Statements close monthly, so there is really no advantage to paying weekly. If you don't have the discipline to let your money sit in a checking/savings/bill pay account for a month you probably won't do too well at making a profit from credit cards.

Also you should never carry a balance on a rewards card as they typically have horrible interest rates - possibly 29.99%+ even if you have great credit. Paying for a large purchase over two months could easily wipe out the rewards you earned.

For someone starting off with credit, paying more often than once a month can reduce the utilization reported to the CRAs and can result in a slightly higher FICO score as a result. The effect is greater with lower limits though.

OP sounds as if they believe they are the type that can't resist spending a pile of money that is sitting around.

It would be an easy rationalization for someone with a rewards card and pile of money to think "I can take that vacation. Sure I've got $1000 on my CC, but I also earned 2% cash on it so it is no big deal to spend the $2000 in the bank and float the CC for a couple months (at 30%)". Obviously I don't know the OP, but I do know people who think like that.

While having a high utilization can hurt your FICO, that is just a snapshot in time. If you never use your credit lines, or it appears you never use them because you pay before statements close, it appears that you have no experience and will have a tougher time building a higher score.

OP, you may find it useful to track your purchases (a la a checkbook register, there are digital/smartphone apps for this) if you're likely to spend up to your limit without scrutiny.

if you carry a balance for 2 to 3 months from any one purchase you will pay interest on all your other purchases even if you pay them off weekly. You can always use 2 cards, one for large purchase that may take 2-3 months and one for regular purchases that get paid off every week.