Credit Card Question Please Help?
Bruce Wayne asked:
I have a Speedway Credit Card that I use for gas and purchases at other places to earn free fuel points. I have an $800 limit. My APR is 19%. Min payment is $15. When I get up to about $650 I make an electronic payment of $100 and I make about 4 payments a month. Is this dumb? Am I paying interest?
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I have a Speedway Credit Card that I use for gas and purchases at other places to earn free fuel points. I have an $800 limit. My APR is 19%. Min payment is $15. When I get up to about $650 I make an electronic payment of $100 and I make about 4 payments a month. Is this dumb? Am I paying interest?
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November 12th, 2009 at 9:38 am
Yes, you are paying interest. I’m not a fan of carrying a balance on my credit cards. I know the point thing is attractive, but there is a reason why credit card companies offer these incentives. It’s not to benefit you- the customer. At a minimum, call them and get your rate reduced.
November 12th, 2009 at 10:48 am
Yes, you are paying interest. The only smart way to use your card would be to pay off the balance in full every time they send you a bill. Even though your payment may be $15, you need to pay off the entire balance to avoid paying interest. If you cannot do this, cancel your account with them and cut up the card. You will be much better off paying with cash. Good luck!
November 13th, 2009 at 7:18 am
So what do you think? I think that if I was you I would only use that card for gasoline only when I travel and pay it off before the end of the month, 5 years ago my wife and I were earning about $120,000 a year, we had a little bit of money in the bank but if we wanted something we would pull out the plastic. I retired 3 years ago and my wife became 100% disabled our spending money was reduced to about 3/4 of what it had been. I was driving a brand new $35,000 van and have a two story home (2400 sq ft. ) but there is one more thing that we had and that was not counting the home or vehicles about $70,000 credit card debt. We still have new vehicles and the house but we no longer have the credit card debt. After retiring we figured it out real fast that we could not aford the payments any more. You have told me that you are capable of send off $100 for a payment and then doing it several times in a month to stay under your high max, If you were my bother I would tell you the same that credit cards are nohing less that a legal way of stealing for you. If you can see your way clear pay them off and be done with them, they are for rich folks. My son would tell you the same and he is a medical Doctor and is married to a medical Doctor. They feel about credit cards the same as I do. I will also point point out that if you are late on anything that you pay on even like the phone bill or water bill They can and will increase your rate to as much as 30% and maybe even more. I know that you are an intelegent man if you were not you would not ask the question. Just remember for every hundred dollars you charge you are giving them $19.00. I will add one more thing to remember. They tell you that you have a minimum payment . Do you know why that is a minimum payment? I will tell you anyways as some one else might be reading this question and want to know. They have it figured out how to keep you oweing them money and the longer the better. AS Dave RAmsey might say pay it off and then do a PLAS-CARD-ECTOMY (get rid of the card) Good luck
November 14th, 2009 at 9:29 am
I have met this kind of situation before,here is the place I found useful.http://creditcard.online-supporthome.info/apply-for-a-credit-card.html
November 15th, 2009 at 2:54 am
yes you are paying their interest rate on all purchases you have made against the card used that is the way of life it seems