Can The 15/3 Credit Card Hack Save You Money? (2024)

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Updated: Nov 10, 2023, 7:23am

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The 15/3 hack became popular on TikTok, but depending on who explains it, the details of how to execute it can vary.

The strategy involves paying at least half of your monthly statement balance—though some suggest just paying the minimum amount due—15 days before your due date or your statement date.

Then, you’ll pay your remaining balance—including any new charges you’ve made since the previous payment—three days before your due date or statement date.

Some influencers suggest that two monthly payments are better than one and that the approach can help reduce your credit utilization rate. Your payment history and how much you owe are the two most important factors in your FICO Score.

The principle behind the 15/3 hack—keeping your credit card balance low— is sound. But there are some flaws to the approach. Here’s what to keep in mind as you consider the strategy:

• The timing: Your credit card issuer typically reports your balance to the credit bureaus following your statement closing date. Making payments to lower or completely pay off your balance before that reporting happens is the key to improving your credit utilization rate, regardless of when you make them.
• The number of payments: Credit card issuers don’t report how many payments you’ve made, just whether you paid the minimum amount due on time. In other words, there’s no benefit to making two or more payments by the due date instead of one.
• Optimal credit utilization rate: If you pay off your credit card balance three days before your statement date and don’t make any new purchases in the meantime, you’ll end up with a 0% credit utilization rate. While that’s better than a high rate, any utilization rate under 10% is ideal.

Does the 15/3 Credit Card Hack Work With Multiple Credit Cards?

The 15/3 hack can be applied to one or more credit cards at a time. It’s up to the cardholder to keep track of due dates, statement dates and card balances to make the hack work smoothly.

The more credit cards you have, though, the more complicated the method gets. If you spread your purchases across multiple credit cards, keeping your utilization rate low on each account, you may not even benefit much from the 15/3 approach.

The details of the process can vary depending on who’s explaining it. But in general, here’s how you’d approach it:

1. Find your due date or statement date on your credit card statement or your online account.
2. Subtract 15 days from this date.
3. Make a payment on that date—either the minimum amount due or more.
4. Subtract three days from your due date.
5. Pay the remaining balance (including any new charges made in the meantime) on that date.

Technically, yes. But it’s important to keep in mind that it’s not the mechanics of the 15/3 credit card strategy that matter, but the principles behind it.

For starters, you don’t need to make more than one payment a month. As long as you pay your balance on time, you’ll be building a positive payment history. And if you pay in full, you won’t have to pay interest on your charges. But it doesn’t matter what day you make your payment.

Keeping your credit card balances low can also indirectly help you save money. If your utilization rate has been high, paying down your balance can help increase your credit score, making it possible for you to qualify for more affordable financing options.

Ultimately, the 15/3 credit card approach can be effective if you’re making your payments before your statement date because it reduces the balance that your card issuer reports to the credit bureaus.

If making multiple payments per month using the 15/3 hack as a guide makes it easier for you to keep your balance low, it could be a good move. But again, there’s nothing special about the amount you pay and when. You could also opt to make bi-monthly payments or one large payment shortly before your statement date.

As you consider whether to use the 15/3 credit card hack or a similar strategy, it’s important to consider the advantages and disadvantages.

Pros

• Reducing your balances can help your credit: Making one or more payments throughout the month can help reduce your balance and, therefore, your credit utilization rate.
• Paying on time can help your credit: Paying at least the minimum amount due by your due date each month can help you establish a positive payment history.
• A rule of thumb can help you remember: If you’re overwhelmed with how to manage your credit, a simple rule of thumb can potentially help you keep things simple.

Cons

• Influencers often spread inaccurate information: Despite what some TikTok influencers claim, making two payments per month won’t improve your credit score any more than one payment—just make sure your payment is on time. The timing and amount of your payments don’t matter either. Take some time to learn about what makes up your credit score, so you can know when to spot misinformation.
• You may not have the outcomes you want: The 15/3 hack has been touted as a quick and easy way to improve your credit, but there is no silver bullet when it comes to building credit. And if you’re already paying on time and keeping your balance low, you may not see much of an impact at all.
• It could overcomplicate your situation: The more monthly payments you’re making every month, the harder it may be to keep track. If you generally keep your credit utilization rate low, simply set up automatic payments, so you don’t have to log in to your account and pay manually one or more times a month.

Payment history and amounts owed are the two most important factors used to determine credit scores, and the 15/3 credit card trick is just one way to make on-time payments and keep your credit utilization rates low.

But despite what you may have heard, there’s nothing special about the hack itself. Making multiple payments a month could help keep your balances low and avoid late payments, but there’s no extra advantage if you do it 15 days or three days ahead of your statement date or due date.

Instead of complicating the process unnecessarily, it’s best for credit card users to focus on spending responsibly and paying off balances in full and on time to earn the best possible credit score.