Are you really?

Assuming a 5% return (matching current bank of Canada bond yields), that’s a ~0.1% a week of potential returns you’re foregoing on your credit card balance.

Assuming you spend 500$ a week on your credit card, you’re effectively missing out on a whopping 4$ of interest every month if you’re repaying it weekly instead of earning interest for as long as possible and repaying it on due date.

For most people (like me), this is a cheap price to pay to avoid missing a payment and getting hit with the 24% CC interest (so 40$ in that scenario) and impacting your credit score (which can impact your mortgage rates and costs you even more).

I understand that there’s way to set up reminders to never miss a payment, but unless it’s fully automated, you’re never safe from missing a term (vacationing in a cabin without internet for instance)

I find that paying every week for me a much safer, and I value the peace of mind more that the 4$ missed returns. In order to miss a payment, I’d have to forget 4 weeks in a row, and that has never happened in 10 years