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High store card balances.....what to do??

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icyhot
Valued Contributor

High store card balances.....what to do??

I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much

Ch 7 BK discharged 12/2018
Bank Cards: NFCU Flagship Rewards $25K | NFCU Cash Rewards $20K |NFCU More Rewards Amex $17K | PenFed Power Cash $12.5K | PenFed Platinum Rewards $12.5K | PenFed Pathfinder Rewards $10K | PenFed Gold Card $7.5K | PayPal Cashback Mastercard $5K | Apple Card $3.5K
Store Cards: Bergdorf Goodman $10.5K | Neiman Marcus $7.5K | Care Credit $7K |
Scores: EX 656 | EQ 667 | TU 680


Goal Card: Amex Platinum (Amex IIB, waiting for 5 year mark)
Message 1 of 48
47 REPLIES 47
JSS3
Valued Contributor

Re: High store card balances.....what to do??


@icyhot wrote:

I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much


I'm confused about something. You did a BT onto your Venture card first? From my understanding, a BT onto that card would not have a zero APR. Am I wrong?

Message 2 of 48
Anonymous
Not applicable

Re: High store card balances.....what to do??

Do another balance transfer after you pay your venture off or pay off your store cards instead of your venture and then pay what's left to the venture
Message 3 of 48
icyhot
Valued Contributor

Re: High store card balances.....what to do??


@JSS3 wrote:

@icyhot wrote:

I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much


I'm confused about something. You did a BT onto your Venture card first? From my understanding, a BT onto that card would not have a zero APR. Am I wrong?


Well I used to tutor and provide other services on the side so I have a Square Card reader in my name. I swiped the Venture to my bank account and used the money to pay off the other cards. 0% APR plus got the points. I'll probably do the same thing this time.

Ch 7 BK discharged 12/2018
Bank Cards: NFCU Flagship Rewards $25K | NFCU Cash Rewards $20K |NFCU More Rewards Amex $17K | PenFed Power Cash $12.5K | PenFed Platinum Rewards $12.5K | PenFed Pathfinder Rewards $10K | PenFed Gold Card $7.5K | PayPal Cashback Mastercard $5K | Apple Card $3.5K
Store Cards: Bergdorf Goodman $10.5K | Neiman Marcus $7.5K | Care Credit $7K |
Scores: EX 656 | EQ 667 | TU 680


Goal Card: Amex Platinum (Amex IIB, waiting for 5 year mark)
Message 4 of 48
JSS3
Valued Contributor

Re: High store card balances.....what to do??


@icyhot wrote:

@JSS3 wrote:

@icyhot wrote:

I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much


I'm confused about something. You did a BT onto your Venture card first? From my understanding, a BT onto that card would not have a zero APR. Am I wrong?


Well I used to tutor and provide other services on the side so I have a Square Card reader in my name. I swiped the Venture to my bank account and used the money to pay off the other cards. 0% APR plus got the points. I'll probably do the same thing this time.


It's then treated as a purchase and has a 0% APR until next year. No need to rush to pay that off. Tackle your high interest store cards first. They more than likely have lower limits than the VentureOne. 

Message 5 of 48
Berk
Established Contributor

Re: High store card balances.....what to do??


@icyhot wrote:

I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much


I would get rid of both store cards immediately. You can cut them up and close the accounts when you pay them off. If you only use a regular credit card to buy clothes for fun you might be less inclined to spend needlesly so as not to use up your trade line for things you really need. And, if you do happen to carry a balance the interest rate won't hurt so much.

Message 6 of 48
icyhot
Valued Contributor

Re: High store card balances.....what to do??


@JSS3 wrote:

@icyhot wrote:

@JSS3 wrote:

@icyhot wrote:

I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much


I'm confused about something. You did a BT onto your Venture card first? From my understanding, a BT onto that card would not have a zero APR. Am I wrong?


Well I used to tutor and provide other services on the side so I have a Square Card reader in my name. I swiped the Venture to my bank account and used the money to pay off the other cards. 0% APR plus got the points. I'll probably do the same thing this time.


It's then treated as a purchase and has a 0% APR until next year. No need to rush to pay that off. Tackle your high interest store cards first. They more than likely have lower limits than the VentureOne. 


Yes but if I keep the balance lingering or use the money to pay the store cards instead, wouldn't that hurt me in trying to get an increase? I want to still have some room to make purcahses while also paying off the tranferred balances. The limit is $3000 Macys is $2500 Kohls is $1500

Ch 7 BK discharged 12/2018
Bank Cards: NFCU Flagship Rewards $25K | NFCU Cash Rewards $20K |NFCU More Rewards Amex $17K | PenFed Power Cash $12.5K | PenFed Platinum Rewards $12.5K | PenFed Pathfinder Rewards $10K | PenFed Gold Card $7.5K | PayPal Cashback Mastercard $5K | Apple Card $3.5K
Store Cards: Bergdorf Goodman $10.5K | Neiman Marcus $7.5K | Care Credit $7K |
Scores: EX 656 | EQ 667 | TU 680


Goal Card: Amex Platinum (Amex IIB, waiting for 5 year mark)
Message 7 of 48
FinStar
Moderator Emeritus

Re: High store card balances.....what to do??

Use the funds you're about to receive to pay off the highest interest on those store cards (since you appear to be carrying a 0% promotion on Venture).  Don't accumulate more debt.

 

However, that being said, you don't need to cut up the cards if you plan on using them in the future (rewards/points, etc).  Just stay disciplined about your finances and only buy what you can afford (i.e, living within your means).

 

So, if that cute little jacket at the Macys coat rack or those hot little sassy pants at Kohls are of no necessity but you're itching to buy them, just ask yourself - can I afford to pay cash for them now?  If so, you can charge them on your Macy's/Kohls, get your points/rewards, go to the service desk and pay those cards off!

Message 8 of 48
icyhot
Valued Contributor

Re: High store card balances.....what to do??


@Berk wrote:

@icyhot wrote:

I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much


I would get rid of both store cards immediately. You can cut them up and close the accounts when you pay them off. If you only use a regular credit card to buy clothes for fun you might be less inclined to spend needlesly so as not to use up your trade line for things you really need. And, if you do happen to carry a balance the interest rate won't hurt so much.


OMG I couldn't imagine closing them. I love both stores and get good cardholder discounts. I'll just charge what I know I can pay off immediately. 

Ch 7 BK discharged 12/2018
Bank Cards: NFCU Flagship Rewards $25K | NFCU Cash Rewards $20K |NFCU More Rewards Amex $17K | PenFed Power Cash $12.5K | PenFed Platinum Rewards $12.5K | PenFed Pathfinder Rewards $10K | PenFed Gold Card $7.5K | PayPal Cashback Mastercard $5K | Apple Card $3.5K
Store Cards: Bergdorf Goodman $10.5K | Neiman Marcus $7.5K | Care Credit $7K |
Scores: EX 656 | EQ 667 | TU 680


Goal Card: Amex Platinum (Amex IIB, waiting for 5 year mark)
Message 9 of 48
icyhot
Valued Contributor

Re: High store card balances.....what to do??


@FinStar wrote:

Use the funds you're about to receive to pay off the highest interest on those store cards (since you appear to be carrying a 0% promotion on Venture).  Don't accumulate more debt.

 

However, that being said, you don't need to cut up the cards if you plan on using them in the future (rewards/points, etc).  Just stay disciplined about your finances and only buy what you can afford (i.e, living within your means).

 

So, if that cute little jacket at the Macys coat rack or those hot little sassy pants at Kohls are of no necessity but you're itching to buy them, just ask yourself - can I afford to pay cash for them now?  If so, you can charge them on your Macy's/Kohls, get your points/rewards, go to the service desk and pay those cards off!


I know right. Most of the balances came from holiday spending. Its so easy to swipe swipe swipe and get great gifts and worry about it later. Never again

Ch 7 BK discharged 12/2018
Bank Cards: NFCU Flagship Rewards $25K | NFCU Cash Rewards $20K |NFCU More Rewards Amex $17K | PenFed Power Cash $12.5K | PenFed Platinum Rewards $12.5K | PenFed Pathfinder Rewards $10K | PenFed Gold Card $7.5K | PayPal Cashback Mastercard $5K | Apple Card $3.5K
Store Cards: Bergdorf Goodman $10.5K | Neiman Marcus $7.5K | Care Credit $7K |
Scores: EX 656 | EQ 667 | TU 680


Goal Card: Amex Platinum (Amex IIB, waiting for 5 year mark)
Message 10 of 48
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