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Credit Card Balances

August 4th, 2015 at 07:32 pm

So for full disclosure I'm putting how much we have currently on credit cards. A whopping $5,161.22! I know. That is a lot. None of it has been charged any interest. We have either paid the balance in full before the due date or let the balance roll over on the one 0% interest card we have, Citi Thank You Premiere. And yes, that card does have the largest balance at $2,585.67.

The good news is I have $3,441 that I have decided I can pull out of savings and start paying these balances down/off. I also have a $100+ reward from US Bank to apply to a balance as well. That leaves $1,620.22 to pay off. Some of that will come from current money in our checking account to cover purchases included in the total that are current purchases and bills. That accounts for at least $300, maybe a little more.

I'm pretty sure I can get the remaining carryover balance paid off in the next month, by the September 1 paycheck. Of course, I could pay the whole thing off and just pay ourselves back too. I am considering that also.

And yes, a big chunk of that balance is our trip. I said I would use some extra Army funds and house proceeds and that's what I'm doing. Off to pay off some more debt! Smile

Posted in Spending, Vacation, Debt, Snowflakes | 7 Comments »

7 Responses to “Credit Card Balances”

  1. ceejay74 Says:
    August 4th, 2015 at 09:55 pm 1438725327
    1438725327

    I'm sure you'll pay it all off without paying a cent in interest! Smile Because of the furniture purchases and road trip we have over $10K in credit card balances right now. (With cash in the bank to pay them off on their due dates, of course.)

  2. snafu Says:
    August 4th, 2015 at 11:07 pm 1438729646
    1438729646

    It's important to manage your resources and I believe making use of CCs to collect rewards and track spending means you can easily track spending. It's easy to see how much you paid for a large ticket item, tally the costs for a trip, or find the date you bought gardening supplies. The point is to pay the sum owed in it's entirety before it accrues any fee or interest. It means I have to take responsibility to pay at least two business days before the due date or expiry of 0% interest period.

    I note a lot of SA participants pay CC balances almost immediately after purchase. I've wondered if that negatively affects their FICO score. The score is important anytime you are negotiating for a major item, seeking employment, or any situation requiring a reference. I was surprised to discover I got a higher interest rate on a CD with one factor being my score. I've been targeted by a couple of new financial companies with a bonus to open an account and I'm guessing it's that high score. Am I wrong?

    I see you as the guru of bank/CC bonuses and it seems obvious to cash flow these charges. Boost your rating in a new community.

  3. FrugalTexan75 Says:
    August 5th, 2015 at 02:10 am 1438740619
    1438740619

    Like Ceejay said, I have great confidence that those balances won't cost you one red cent in interest. Big Grin

  4. ceejay74 Says:
    August 5th, 2015 at 02:19 am 1438741166
    1438741166

    snafu, that's interesting! I keep forgetting to blog about how NT and I both got rejected for Capital One cards that we were going to use for travel rewards. His first time with no debt to his name (I hadn't had non-mortgage debt to my name for a few years) and we both got rejected. But I think it may be because of all the recent activity with buying and refinancing, not our lack of debt. Or maybe a card caught on to the fact that we tend to "churn" cards for the rewards and then pay them off and close them. Smile

  5. livingalmostlarge Says:
    August 5th, 2015 at 03:03 am 1438743811
    1438743811

    I never pay off the credit cards until the cycle closes. I am carrying around $8k in balances because we just paid for the trailer $5k cross country. So that with other stuff. Off to pay it however today or tomorrow.

  6. My English Castle Says:
    August 5th, 2015 at 06:37 am 1438756662
    1438756662

    We all know ccf won't be paying any interest! It's interesting about ceejay; we've been thinking of a BA card for DH--at least long enough to get the miles. His dad's 90th birthday is in January and it would be nice to have that paid.

  7. Thrifty Ray Says:
    August 6th, 2015 at 02:15 am 1438827306
    1438827306

    I was quickly browsing the blog titles and saw this one and thought "no, it cant be!!" and sure enough, it wasn't. I am as confident as the rest that you got this covered...good for you for making the deals work to your family's financial advantage!!!

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