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Hey myFico experts,
My financial situation just got a little hectic, as I am expecting a child next week. I might have to carry a balance on my card unintentionally for the first time. I just looked at my recent Wells Fargo CC statement and my purchase interest says 13.9%, is this considered low ? Please everyone advise!!
ummm. 13.9 isn't bad...it isn't great, but it isn't terrible either.
My question would be something along the lines of, "How is it that you're due to be a parent next week and didn't know it?", but I suppose that wouldn't be very helpful...
It depends on the balance size and the length you expect to carry on the balance. I would assume it's a decent APR but I wouldn't carry on the balance for so long. Good luck with you and your soon to come newborn. I seen prime cards with higher APR.
lol O i have being knowing for nine months.
I would be cattying about 1K for a couple of months hopefully.
$1,000.00 times .1399 = $139.90 / 365 times 30 = $11.4986.
In other words, it will cost you $11.50 (per month) to carry a $1,000 balance.
Which, again, isn't bad...it's less than ideal, but not terribly awful either.
@Anonymous wrote:lol O i have being knowing for nine months.
Congrats, and thank you for getting the joke...
@tcbofade wrote:$1,000.00 times .1399 = $139.90 / 365 times 30 = $11.4986.
In other words, it will cost you $11.50 (per month) to carry a $1,000 balance.
Which, again, isn't bad...it's less than ideal, but not terribly awful either.
Best if you don't use the card for other charges as they will be charged interest from day of purchase. If you can, use another card where you PIF, to make use of the grace period.
For the WF card make your payments as you have money available, as the sooner any payment is made the less interest you acrue.
I believe the national average is hovering around 14.54, so it's not bad, but you're also paying money for money.
Just don't go adding more onto that. It can become a vicious cycle and quickly.
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Thank You everyone, the information is great.