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03-14-2011, 10:46 AM | #1 | |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $1816899
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Quote:
And before you ask, yes, I'll be paying the full $4923 when it's due. Right now, it's still earning me interest for another week. Last edited by DaFace; 03-14-2011 at 11:42 AM.. |
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03-14-2011, 01:10 PM | #2 | |
Quit your bullshit
Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
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Quote:
Do you cash out stocks every month to pay your credit card bill, or do you pay out of your checking account? Assuming that you pay out of your checking account, I don't see where you are making any money on the float.
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03-14-2011, 01:26 PM | #3 | |
Veteran
Join Date: Apr 2005
Location: St. Louis :(
Casino cash: $9989900
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Quote:
The $2,364 is the ending balance from last month. That is the amount that must be paid in the grace period (which I think is now legally mandated at 21 days IF the card offers a grace period) to avoid finance charges. You can see he made that payment plus some additional (likely paid off the "current balance" at some point during the month) so he avoided any finance charges. |
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03-14-2011, 01:28 PM | #4 | |
Meow
Join Date: Jun 2005
Casino cash: $10005050
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Quote:
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"Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a t*rd by the clean end" |
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03-14-2011, 01:44 PM | #5 |
Quit your bullshit
Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
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So if someone charges $20,000 per year with an average float of 15 days while earning 1.25% interest, they make $125 per year. It seems like more trouble than it's worth, but that's just me.
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03-14-2011, 01:45 PM | #6 | |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $1816899
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Quote:
As for the nuts and bolts, it doesn't really make a HUGE difference, but I pay out of a 1.5 APY savings account on the due date from the credit card company (and not before). Doing it that way is probably worth maybe $20-$30 in interest over the course of the year. Not a huge deal, but since it's easy to do, why not? |
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03-14-2011, 01:49 PM | #7 | |
Quit your bullshit
Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
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Quote:
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Today is not a good day to be a pussy. |
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03-14-2011, 11:13 AM | #8 |
In Search of a Life
Join Date: Dec 2005
Casino cash: $1807391
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How many CC do you have mikey? Just curious.
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03-14-2011, 11:24 AM | #9 |
Scarlett Johansson's boytoy
Join Date: Nov 2006
Casino cash: $9555998
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including the one I signed up for last night, 8 I believe. I use one primary card for purchases, one for specific purchases that get me a great benefit, and several aren't used at all that are either old primary cards or ones I signed up for bonus offers like I outlined above.
I've also had another 6 or 7 that I have closed over the years. |
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03-14-2011, 11:31 AM | #10 | |
In Search of a Life
Join Date: Dec 2005
Casino cash: $1807391
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Quote:
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03-14-2011, 11:51 AM | #11 | |
Scarlett Johansson's boytoy
Join Date: Nov 2006
Casino cash: $9555998
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Quote:
My credit score today is around 800-820. I totally get the credit card debt trap...in fact I fell into it hard myself years ago and have paid off over 30k in credit card debt. But that doesn't make credit cards evil....any more than a gun is evil. Both are a tool.....how you use it is on you. |
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03-14-2011, 11:59 AM | #12 | |
In Search of a Life
Join Date: Dec 2005
Casino cash: $1807391
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Quote:
Wife & I have a few cards between us. I've been bad about them for awhile and just recently decided it was time to put a stop to it - I've got her card paid down almost to $0 and then going to start on mine. Going to start using them monthly for a few things and then pay them off each month. But it'll be nice to have something to fall back on when the inevitable emergency happens and we need $4000 right now. |
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03-14-2011, 01:01 PM | #13 | |
Quit your bullshit
Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
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Quote:
************************** # Approximately 74.9 percent of the U.S. families surveyed in 2004 had credit cards, and 58 percent of those families carried a balance. In 2001, 76.2 percent of families had credit cards, and 55 percent of those families carried a balance. (Source: Federal Reserve Bulletin, February 2006) # About a quarter have no credit cards, and an additional 30 percent or so pay off their balances every month. (Source: Federal Reserve Board survey of consumer finances, 2004) Average credit card debt per household with credit card debt: $14,750 Average APR on credit card with a balance on it: 13.67 percent, as of November 2010 (Source: Federal Reserve's G.19 report on consumer credit, November 2010) Read more: http://www.creditcards.com/credit-ca...#ixzz1GbNcy6K4 Compare credit cards here - CreditCards.com Read more: http://www.creditcards.com/credit-ca...#ixzz1GbN3nFF9 ************************** So only 30% of the population has credit cards without a balance, and the average debt is pushing $15,000. Given the average rate charged, the average household pays over $2,000 in interest per year or about 5% of their gross income.
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Today is not a good day to be a pussy. Last edited by Saul Good; 03-14-2011 at 01:07 PM.. |
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03-14-2011, 03:24 PM | #14 |
Molôn Labé
Join Date: Sep 2001
Location: North Carolina
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03-14-2011, 11:36 AM | #15 | |
Supporter
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If at first you don't succeed ...skydiving is not for you. |
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