Paying off credit cards all the business people please help

[Plain & Simple]

ok so i have a credit limit of $1000, i already used $350 and the due date to start payin back should be within a week.
Now the problem is that i have to borrown like another $500 before this transaction period ends which would leave me with $850 to payback on this period, is there anyway that i can make 2 payments in 3 weeks and pay everything off which is what benefits me the best since i get paid every 2 weeks.
Also how long the cc companies give you to pay the full amount back? on the website i see that there is a minimum payment option, but the amount is not posted yet, since this period hasnt end yet until another couple of days.


anybody have any experience in payng cc's back and how long u have normally?

Also i could pay what i owe now, if i do that, and then borrow the amount of money that i need will that extend the time that i have to pay the money back?

 

[spider_007]

wait till you get the bill, once you get the bill, they give you the minimum you can pay, or you can pay as much as you can.....if you don't pay it off by the time the NEXT bill comes in, you get charged interast (18%????? - depends on the card)

I prefer using the debit card....no hassle of paying the bill, and worrying about interast.

The only reason i use credit card, is for online purchases....it's insured.

 

[Docs]

As long as you make the minimum payment every month (I believe 3% OR a minimum amount (some crap like $10)), the credit card company would love for you to indulge in racking up your limit.

Credit cards should be used as either;
a) A backfall for emergencies;
b) In accordance with planning, where you'll buy something when you have saved up 75% of the cost persay
c) To invest in something that will pay out more to you then you will pay back in the end.
d) To build up a credit HISTORY though use (ie: For future loans, mortrages...cars..)

The extra side-effect of a credit card. Depending on the bank (but usually), if you started with a inital zero balance, put some amount on the card, they bank will give you 21 days to pay it back, unincumbered by interest. Thus, you'd be borrowing for free (and REALLY DAMN IMPORTANT in INVESTMENT).

 

[Francisco d'Anconia]

Paying off credit cards sooner than later is best. The speed in which you should pay them off should be a direct correlation to the interest rate on the card. The higher the rate, the sooner you should pay them off. This holds especially true with credit cards with low introductory rates.

Also, you can make several payments per month. The main thing is that the total amount of payments must meet or exceed the minimum payment amount that is needed by the monthly due date. Online banking using automatic payments makes this process much more manageable especially if you have multiple cards.

 

[Docs]

^ Hence the idea of re-financing. You have so much money outstanding on high rate cards that companies slap a 4% rate for 6 months and consolidate your money. And what do some idiots do? They rack this card up too....

Great idea, poorly used = Anal Rape.

 

[Plain & Simple]

I would be able to make 2 $500 payments within 22 days and pay everything off. as long as the time they give me to pay them back is at least 21 days, since i get paid every 2 weeks and already have some funds saved.

 

[Docs]

There's planning at work. You know you can pay it off circa 22 days later. Now, the question is. Can you justify to yourself (not us) that whatever purchase you have to make is required, whether you'll use it right away, whether you'd classify it as a need or want, and lastly, does it have investment potential.

Ask yourself those questions and fire away.

 

[Bible_Belt]

Paying off credit cards sooner than later is best.

Generally, yes. But let me add one exception - it's actually quite ok to carry a balance for a month or two, and then pay it off. Although the annual rate is high, a couple of months of interest is not much money, and carrying a balance and later paying it off will help your credit rating. After you are back down to zero, call the company and ask them to raise your limit. If you do this a few times, you will have a significantly higher credit score, for which it's worth paying a few dollars of interest.

 

[Francisco d'Anconia]

Paying off credit cards sooner than later is best.

Generally, yes. But let me add one exception - it's actually quite ok to carry a balance for a month or two, and then pay it off. Although the annual rate is high, a couple of months of interest is not much money, and carrying a balance and later paying it off will help your credit rating. After you are back down to zero, call the company and ask them to raise your limit. If you do this a few times, you will have a significantly higher credit score, for which it's worth paying a few dollars of interest.

All of this is good if you are diligent enough to

• not max out the card
• pay more than the minimum balance

By doing these things you can also build your credit rating.

 

[Oxide]

How important is time to you? I hold my cash in savings and drop payments on the card when I feel like it, that way Im liquid, i have cash and what little interest CC company is charging me doesn't hurt me much.


But can you handle that, can you handle having enough credit to buy cars and not do it?

 

[Francisco d'Anconia]

How important is time to you? I hold my cash in savings and drop payments on the card when I feel like it, that way Im liquid, i have cash and what little interest CC company is charging me doesn't hurt me much....

What's the interest rate on your card(s)?

 

[Oxide]

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