Credit Card Distribution

[pokerpro]

Hello everyone

I have a question and hoping for some insight

i have about 1,500 dollars that i can use towards my credit cards

i picked three

Walmart, Chase Marriot which are about 1,500 each

plus Amex gold which has a 3,500 balance

i was thinking, 500 each

but some are advising me to just pay off either Walmart or Marriott

any thought?

thank you

[Anonymous]

I hate paying interest so I would pay the highest interest card first and if there's anything left, pay the next highest interest rate card, etc.

[K-in-Boston]

Agreed.  Generally paying the one with the highest interest off first is the best bet.  If you're usually struggling to meet the minimum payments, however, you may want to consider paying one of the cards off in full so that you can then apply that extra money to the payment on the next smallest one, then when it's paid off you'd be able to apply what you were previously paying on all 3 to just one card.  I can't remember if that's the snowball or the avalanche method.

[wasCB14]

You mean an Amex Gold charge card?

Unless you're enrolled in some sort of extended payment option/select and pay later/pay over time program, things will go south quickly on that card unless you pay in full.

[K-in-Boston]

I thought that at first with the Amex Gold, then I saw the scores in the 840s and yeah that's gotta be Pay Over Time balance.

[pokerpro]

sorry guys

I meant Amex delta (the card is gold sorry

yes i have been fortunate to build a good score, (low APR on all of them really) and i pay over the minimum anyway

just figured lower all balances, but i see the logic of getting rid of one card and apply what i would of typically paid on it a month to one of the other two

appreciate the insight