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@red259 wrote:Will chase freak out if I carry the balance?
No -- credit cards are intended to allow for revolving balances.
@red259 wrote:but I am concerned because I just opened four new accounts in Jan and am worried about how chase may perceive their risk with me
That's an entirely separate matter.
@red259 wrote:
Wow. What a racket these cards frickin are.
Nothing fraudulent about it. Would you be willing to extend thousands in credit to an individual without interest? They're a business, not a charity.
@takeshi74 wrote:
@red259 wrote:Will chase freak out if I carry the balance?
No -- credit cards are intended to allow for revolving balances.
@red259 wrote:but I am concerned because I just opened four new accounts in Jan and am worried about how chase may perceive their risk with me
That's an entirely separate matter.
@red259 wrote:
Wow. What a racket these cards frickin are.Nothing fraudulent about it. Would you be willing to extend thousands in credit to an individual without interest? They're a business, not a charity.
I understand its a business. I'm not expecting charity. What took me aback is that even once you pay off the past due balance you are carrying you need to pay off all the rest and may even have to do so for the following two statements in order to stop the interest from running.
@Anonymous wrote:
I don't understand the refusal to use the "emergency funds" to cover this debt. Isn't this what the fund is for? This IS an emergency, a minor one, but an emergency of sorts. Is that money untouchable until someone goes to the hospital? Plus, you say the money is coming anyway, so more reason to use the emergency funds now and IMMEDIATELY replenish them once the incoming money arrives.
For sure, that emergency money reserve is never going to make you more money in a month that what you would have to pay the credit card... and whatever implications it may have for your current APR offers. It's a no brainer to me.
Not all emergencies must be serious or involve blood. You have one now. Or am I missing something???
Well I really want to avoid using it if possible. Paying $30 in interest isn't reason enough for me to go and touch an emergency fund. That money is set aside. I don't consider $30 interest an emergency. If its between using the emergency fund and risking AA then that would be a totally different calculation, which is more of what I was concerned about initially. The money is kept set aside from my main transaction accounts and its very easy to start dipping into it and before you know it the money is gone. I want to avoid that temptation.
@Anonymous wrote:
@Anonymous wrote:
I don't understand the refusal to use the "emergency funds" to cover this debt. Isn't this what the fund is for? This IS an emergency, a minor one, but an emergency of sorts. Is that money untouchable until someone goes to the hospital? Plus, you say the money is coming anyway, so more reason to use the emergency funds now and IMMEDIATELY replenish them once the incoming money arrives.
For sure, that emergency money reserve is never going to make you more money in a month that what you would have to pay the credit card... and whatever implications it may have for your current APR offers. It's a no brainer to me.
Not all emergencies must be serious or involve blood. You have one now. Or am I missing something???
If it costs you money to keep up an emergency fund by way of paying unnecessary interest....Of what use was the emergency fund.
True, but with the money coming in I am not talking about carrying it for a prolonged period of time. If I was going to have to carry the balance for several months then yes I totally agree with you.
@Anonymous wrote:
I am sort of confused about your hesitation regarding carrying a balance and having emergency funds. When i had a similar dilemma, my thinking was that i will use the emergency funds and pay off the cc. Then, if another emergency came along, i could just charge for whatever using my credit card. There does not seem to be any financial reason to carry the balance
Now, granted there can be psychological reasons. If you just sleep better at night knowing you have some cash, then sure. Or if you know yourself enough to know that you will not be putting the money back.
But otherwise, yeah, i decided to just pay the bill
I'd just rather not over $30. If it was a much larger amount or if I thought it was going to have other profound effects I would do it in a heartbeat. Its a hassle replacing the money in the account, since its not all in the same institution. Basically its a convenice factor. I don't mind paying the $30 for the convenience of carrying the balance for a month at which time vendor payments will come in and I can pay it off. In the end to me its worth the $30 (it will likely be less because that is assuming I carry for the 30 days which I probably won't). I just wanted to understand how much it would cost and if there would be any other consequences is all.
MarineVietVet was absolutely correct to shut this down. OP, by now you've decided what you should do. Let this serve as a message to everyone: we will not allow blatant disrespect of people. (We have taken out all of the posts that are TOS violations.) We all are human beings at the other side of the computer screen, and we should also behave as such. I value every single poster on here, and it's my hope that we might all have a civil conversation on topics that we all find interesting. Humor is fine and GREAT, but sarcasm, personal insults, and downright rudeness is not OK in any way. Revelate said it best when he posted this last February:
Hello folks,
This is an open letter to the entire community.
Recently we've been seeing a decline in general courtesy on this forum; we've strived to make this forum a Friendly, Supportive, and Respectful online resource for credit education and similar topics, and as of late we have been straying from that ideal. We do not want to see this continue to slide into the typical online community where mostly anything goes, and as such, we are going to be taking more active stance when it comes to handling occurrences of inappropriate material.
From our User Guidelines:
Inappropriate material
In the spirit of a healthy and helpful community, profanity, spam, personal attacks, flaming, and other inappropriate postings are not tolerated. Such material may be edited or removed, and egregious or repeat offenders will be banned from future participation in myFICO Forums.
This is a violation in accordance with our Terms of Service, specifically:
- Attacks, including “Flaming” another user or entity in such a way as to incite or perpetuate an argument or conflict; creating usernames to attack other users’ identities; impersonating other individuals or falsely representing one’s identity or qualifications; posts made under secondary user names or other aliases for the purpose of either endorsing or denigrating others; posts that breach any participant’s privacy by including name, address, phone, email address, or any other identifying information.
We don't want to shutdown the discourse of ideas entirely, and some information even when posted perfectly in accordance with our policies will be viewed as negative to certain members: we will continue to apply our admittedly subjective standard of reasonableness in such situations, but we have had recent incidents which have crossed the line, and these we want to eliminate.
For more information, please refer to our User Guidelines and our Terms of Service.
Thank you, and we greatly appreciate everyone's efforts in keeping this forum as a Friendly, Supportive, and Respectful environment!
--Revelate, myFICO moderator
http://ficoforums.myfico.com/t5/Credit-Cards/Friendly-Supportive-and-Respectful/m-p/2797115
We will handle violations in this thread later. For some of you, this might be your last warning. This is said not to be threatening or intimidatory, but to be protective of the community; so that it will remain helpful, healthy, and thriving.
This community has grown over the years and will no doubt continue to grow with all of our great friendly, supportive, respectful, and postive posters we have. Thank you all for your cooperation, and if anyone has any questions at all, please don't hesitate to PM any of us (MarineVietVet, Revelate, 09Lexie, or LIGHTNIN)