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Credit cards to pay bills?

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m3rge
Regular Contributor

Credit cards to pay bills?

Hi everyone!

My wife has a 1,400 CL TjMaxx Mastercard. I currently pay my bills with my my checking account but I'm thinking to use the Mastercard to take care of that.

The bills I'm interested to be paid with the Mastercard are:

Internet - 45.00
Cellphone - 137.00
Alarm - 55.00
Water services - 30.00
Electricity - 130.00

I will not be able to pay monthly in full but I can pay double or triple than the minimum.

Is this a good idea?
Message 1 of 25
24 REPLIES 24
Blurbz
Contributor

Re: Credit cards to pay bills?

Why wouldn't you be able to pay in full if you normally pay them with your checking account?

 

 

Message 2 of 25
Chris123nTx
Established Contributor

Re: Credit cards to pay bills?

Were it me i would not put anything on it you cant pay in full every month. It can be a debt trap that can end up bigger than you plan real quick. A lot of people pay their bills with cc, including me with many of them, but save your future self agony and be only charge what you can pay for that month. Just one guys opinion.
Message 3 of 25
09Lexie
Moderator Emerita

Re: Credit cards to pay bills?

I'm not sure i understand. Are you asking is it a good idea to put your living expenses (that you usually pay from your checking account) on your DWs MC and then not pay that balance in full?
Message 4 of 25
m3rge
Regular Contributor

Re: Credit cards to pay bills?

Correct!
Message 5 of 25
09Lexie
Moderator Emerita

Re: Credit cards to pay bills?

Why? Would you want to pay interest on bills you usually PIF?
Message 6 of 25
svtthis
Frequent Contributor

Re: Credit cards to pay bills?

I agree with everyone else. If you can't pay your bills in full with credit card don't do it. You will be charged interest on top of current bills which will  build up over time. The only thing I can see with paying your bills with a credit card is for the rewards. If you don't have rewards attached to it why bother?

Message 7 of 25
m3rge
Regular Contributor

Re: Credit cards to pay bills?

I was just wondering if it was a good idea, I know I will have to pay interest since I will not pay in full, just thinking a way to not pay at the moment the living expenses (not all of them just the one on the list)
Message 8 of 25
Wolf3
Senior Contributor

Re: Credit cards to pay bills?

If you have a short term cash flow problem, it is an expensive way to do it, but not that big a deal for several months.   Long term it is the path to BK.

Message 9 of 25
Gunnar419
Valued Contributor

Re: Credit cards to pay bills?


@jorgevazquez87 wrote:
I was just wondering if it was a good idea, I know I will have to pay interest since I will not pay in full, just thinking a way to not pay at the moment the living expenses (not all of them just the one on the list)

People are right to be asking why you want to do that, though.

 

Paying bills with a cc can be a good idea if the cc is a rewards card and if you PIF.

 

IMHO, it could also be a good idea if the card has a 0% interest offer and you need to temporarily spread out your regular household expenses, or you need to temporarily spread out your regular expenses and are willing to pay the interest.

 

But unless you have a plan for paying the card off in a month or two, you are, as others have said, getting into a debt trap.

 

So why DO you want to do this? Not asking to be nosy, but because that could make all the difference in whether it's a good idea or not.

 

Message 10 of 25
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