Here is a fabulous link/calculator that helps you see options to pay off your credit card and how much it will actually be costing you in interest over the interim.
Cheers! MQ
http://itools-ioutils.fcac-acfc.gc.c...CCalc-eng.aspx
Printable View
Here is a fabulous link/calculator that helps you see options to pay off your credit card and how much it will actually be costing you in interest over the interim.
Cheers! MQ
http://itools-ioutils.fcac-acfc.gc.c...CCalc-eng.aspx
Brunt's #1 rule of finances....
Don't ever, ever, ever pay interest on a credit card. Seriously, don't do it. Introductory rate, special transfer rate, it does not matter. Never, ever pay. Period.
Hopefully that wasn't too wishy-washy a stand.
My long time past away mother-in-law had what I think is a very interesting concept for credit cards.
"The only people that can afford to have them are the ones that use them for convenience, NOT FOR NECESSITY"
The WM cashier asked me this very question last week in an attempt to peddle the WM MC and I hadn't a clue what she meant. There are so many fees regarding cards, it's hard to pinpoint which "cost" it is now: annual fee, interest payments, transfer fees, ....
In all my life of 39 years, only once did I pay interest on a credit card....that was way back in my university days. Since then I use my credit card like a debit card, and pay off the balance in full every two weeks. I only have the card for the points :)
Quote:
Originally Posted by brunt
I too have my credit card for the points (plus the rental car insurance coverage). It's paid off every month, don't care what the interest rate is. I wasn't always that sensible though.