Paying credit card off completely

[lolcantturn]

Hey R3v,


Took on a credit card about two years ago, my interest-free period is about to come to an end and I'm going to be hit with massive interest. I've been paying off the credit card on time since two years ago, but I don't like the idea of a credit card anymore and I don't like thinking about the monthly payments anymore, I don't even use the thing. I've got about $650 left to pay on it, should I just pay it off completely? Or is it better for my credit to just keep doing the monthly payments?

[Nick_S]

Pay it off. Put the money you've been paying on into savings every month. I hate that I have a credit card and have a decent balance on it.

[delatlanta1281]

https://www.clarkhoward.com

[Exodus_2pt0]

Pay that bitch off if you can.

I'm slowly returning to a debt free lifestyle myself, it feels great to only have to pay the essentials each month.

[M-technik-3]

How is your credit score? Pay majority off keep a small balance and work your credit score up if you have a poor one. But if you know 26% is coming pay it down.

[mr.vang]

Pay it off and leave it at home, that way you don't use it.

[slammin.e28]

Pay it off, but leave it open, as long as they don't charge some fee just for having the card dormant. They are nice to have in a pinch. I'm working on mine as we speak. Once I finally get stable and through this house buying bullshit I'm going to pay it off. Debt sucks.

[Jorgen]

Pay it off, avoid paying those SOB's interest.

I haven't paid interest on my CC in years and use it daily. You can still build up credit very well and not pay the CC company interest, Just pay it off every month. I actually get about $1000-1500 cash back from them a year in addition to not paying them interest. You still get the protection of a credit card that you don't get with a debit card and can utilize cash flow more efficiently.

[Todd Black 88]

I use mine for everything, and I mean everything, to collect "points" for travel. I pay ot off 100% every month. The key is to not buy what you don't already have the money for. If you can't afford it, don't buy it!
This is how my family goes to Europe every summer......on points.

[Swanny]

[QUOTE=slammin.e28;3793615]Pay it off, but leave it open, as long as they don't charge some fee just for having the card dormant. They are nice to have in a pinch. /QUOTE]

Exactly. One of the things that counts towards your credit score is available credit and a paid off card thats still open is a helpful thing. But like slammin said, make sure there no yearly fee and keep an eye on it. My card decided to introduce a fee a year or two ago. Surprise surprise when I saw an extra $45 charge.

[z31maniac]

Ditch it and get a rewards card.

Then charge your normal expenses to said rewards card. Pay rewards card off every month.

Enjoy rewards and increasing credit scores and credit availability. Credit is a great thing if you use it responsibly.

[s14pwd]

Why would you not have a credit card? Get a no annual fee cash back card, use it for all your purchases and just pay your bill each month in the interest free period. BOOM, get like 3% back just for buying what you would anyways, don't having to fiddle with cash and build your credit score.

Just don't get into the whole only paying the minimum, then your fucked.

[eskimo810]

I can only talk about a credit card in theory, because I'm young and have never had one. But why not, if you can build credit score? My understanding is that it really only costs money if you don't pay the balance off entirely every month.

[eduTechnic]

I can only talk about a credit card in theory, because I'm young and have never had one. But why not, if you can build credit score? My understanding is that it really only costs money if you don't pay the balance off entirely every month.

I pay on it weekly or daily-- if you use it for everything. It's easier to overspend if you're not watching your checking actually go down.

[Jon325i]

Definitely payoff the balance right away to avoid any applicable interest. However, keep the card open and use it occassionally for things you need (not impulse buying) and pay off the balance ASAP. Having a track record of responsible use of a CC will enhance your credit score.....and that will be very helpful when you're considering financing a car or a house someday.


Jon