How Much is Your Credit Card REALLY Costing You??. . .

[MortgageQueen]

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]

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.

[Thatdone]

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"

[sweet sparrow]

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, ....

[mulock]

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

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.

[Zonny]

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.