If you don't have the 0% intro interest promo, then yes.
ahh, i do have the 0% promo so i might as well pif my statement balances and request a pif myself after 6 months.
Dang!!! I just paid my balance to 0$ before my first statement cut. ugh
I would suggest using Blk8's method starting your second statement. I dont see why you wouldnt get the same results by month 7, ya know?
Always PIF if you can.
As others have stated, they make swipe fees from the transaction. No card issuer will go hungry!
The thing with blk8's method is that it takes away from being able to use the card for everyday purchases. Or am I totally misunderstanding what he means?
I take it like this:
Month 1: I use my card for $400 in total charges. Statement: $400 - ok
Month 2: I pay half of my statement balance and can't use the card. Statement: $200 - pay half but you can still use
Month 3: pay the rest to 0$ balance and don't use the card. Statement: $0 - PIF balance including what you may have used month 2
Month 4: can finally use my card and charge another $400. - ok
Month 5: pay half. No card use. Statement: $200 - pay half but you can still use
Month 6: pay the rest to $0. Don't use card again. Statement: $0 - PIF balance.
Month 7: auto CLI.
Correct? Or am I way off?
Month 1-3 use your card as you would like
Month 4 - use 90% of your CL and PIF
Month 5 - use 90% of your CL and PIF
Month 6 - use 90% of your CL and PIF
Call and ask for a substantial CLI .... let them the rep know you are finding yourself having to use other cards cause the CL on your Chase card is insufficient. :-)
Ideal usage according to several Chase credit card execs I've spoken to is heavy usage (30-40%) but never more than 50% utilization. Pay down the balance every month, but leave 3-10% revolving. Never make minimum payments. I would still advise people to PIF because paying interest just to get that little edge isn't worth it IMO.