Credit Card Help

[BillyZaned]

Hey, I know credit cards are evil... but I need some help with this...

I got a sears card, and a Home depot card

Home Depot - 12 months, no interest, no payments, 12 months is up this October 28th.

Amount owed $1652.56


Sears Card - 10% all purchases... bought a dishwasher for $652.45 two weeks ago

Amount owed - $652.45



so, anyways, I logged onto Home Depot, signed up for online access. Entered my bank info, went to "make payment", clicked on "statement balance", and paid it


then did the same at Sears, EXCEPT, the statement balance was like $630.00.... not what I paid? But, I went to "make payment" clicked on "statement balance" and paid it

the only reason i did the credit cards was the 10% off and I got a gift card through home depot... I had the money for it, but figured I would use the cards for my own ends.

Now, that's it right? Both cards have NO annaul fee or anything? So that should be it... no interest on both, i'm in the clear? I only ask, becuase I paid off a student loan earlier this year, I paid the amount I owed, it was like around $2000... then, the next month, it showed I owed like 3 bucks or something.... paid that off, then it was like a dollar the next month....

I only worry about this because I don't want to pay interesst.... specially home depot because of your accrued interest... and also, why was my sears amount less then what's on my receipt... my recepit? confused there, and of course, both CA lines are super busy...

 

[Shuley]

Cards only give you intrest if you keep a balance on there, if you pay it in full every month you won't get hit with intrest..need more info contact your credit card company.

 

[black_dust]

Maybe its a trap and they still have the $20 on the card from the dishwasher!

 

[enterthemadness]

Credit Cards are evil. ONly good for if you have the money and really need something off the internet that is hard to find in person.

But even then that's what paypal or debit cards are for.

 

[Figs]

Although credit cards are evil(believe I know from experience) it's one of the few actual ways to establish and build up your credit to get a car or home loan, preferably without someone like your parents co-signing.

Just keep it to one and only one card. Even then, don't ever max it out.

Once again only reason I would get one is to establish credit if you're younger and don't have any yet. Other than that reason, I think it's best in life to only buy things you have the money for instead of charging them.

This is someone with experience in that world of hell called debt telling you this.

 

[wiegeabo]

Cards only give you intrest if you keep a balance on there, if you pay it in full every month you won't get hit with intrest..need more info contact your credit card company.

It depends on the grace period for the card. Some cards start charging interest after two weeks.


There's nothing wrong with credit cards if you're only using the instead of cash. I use my cards instead of cash or ATM because I get cash back. As long as they're paid off before the grace period expires (or at least the older charges are paid off) there's no penalties and I get 'free' money. And having a number of cards can quickly build up your credit score.

But having a number of cards can also hurt your credit score. If you have a number of empty cards, it can negatively hit your score. The easy fix is to keep a small constant balance that you pay off before any interest hits.


Credit cards are fine if you don't build any interest, you always make more than the minimum payments when you do have to carry a balance, and when it's an emergency where a lot of cash is necessary, but you don't have it on you.

And if you can't trust yourself with more than one card, then don't have more than one card, if any. And always try to only have cards that give you something in return. And if you're only getting cards for a one time deal, make sure it's worth it because every credit check for a card hurts your credit score. Always be on the lookout for good balance transfer deals between your cards (making sure the transfer chargers are worth the savings). And don't be afraid to call your card company and ask them to reduce your interest rate, even if you have to threaten closing your account (it's a competitive market, and in such a bad economy they'd rather lose money by lowering your rate than lose you as a customer).

 

[Anita18]

Now, that's it right? Both cards have NO annaul fee or anything? So that should be it... no interest on both, i'm in the clear? I only ask, becuase I paid off a student loan earlier this year, I paid the amount I owed, it was like around $2000... then, the next month, it showed I owed like 3 bucks or something.... paid that off, then it was like a dollar the next month....

I only worry about this because I don't want to pay interesst.... specially home depot because of your accrued interest... and also, why was my sears amount less then what's on my receipt... my recepit? confused there, and of course, both CA lines are super busy...

Sometimes they'll try and sneak a finance charge in there or do some weird counting of days to accrue interest, which is why when I had to do a cash advance to my checking account (was just very bad timing regarding online car payment and online transferring of funds), I paid it off as soon as the money showed up in my checking account to do so. It was literally 3 days afterwards, and no charges besides the cash advance fee, which I anticipated. Phew. (When I discovered the timing mistake, I immediately went to my terms and conditions and calculated which would be worse - paying a fee for the cash advance or paying a fee for a bounced car payment. Bounced car payment was A LOT worse so the cash advance fee was a hit I took and learned a lesson from.)

Be sure to save the statement and the confirmation of the amount you paid, so if you see something fishy, you can call them up and argue. But it probably won't show up for a few days, so just be vigilant but don't worry about it.

I'm also doing a 12-month interest free payment plan, and I made sure to get it in writing when I signed. So far so good, and the account shows the amount I have left to pay and it adds up correctly.

I actually have 4 credit cards, but I only use 1 on a regular basis. One is only there for overdraft protection for my checking account (as well as aforementioned cash advance), one takes automatic charity payments, one used to be my main one but they ended the rewards program so it's just my gym membership automatically taken every month, and the last is the one I actually use because I get active rewards and the limit is high. My credit score was high enough to surprise even the folks at the car dealership when I got my new car, and I was able to secure the lowest APR they were offering at the time, even though they expressed some doubt that someone my age would qualify. My always-lecturing dad was sitting there with me and I just shot him a look of "See? I can take care of my finances! t:"

 

[Mace Dolex]

If only I'd read this thread first I wouldn't up racked up $16,000.00 on my credit cards.