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Yes leave your savings alone. It does not hurt to carry a balance. You have your plan set and stone, leave your savings alone. Yes make the monthly payments per month to the credit card company.
@Anonymous wrote:
Im in kind of the same situation. Considered using a portion of my savings but decided Id rather open a card with a long 0% intro and pay it over time. Not sure if you'll end up paying interest on this expense but if so take that into consideration. If I was facing high interest fees I might have made a different decision.
Yeah, wish I could do that. But I'm in the garden, and I just got 2 new accounts.
Lol, yeah that's my biggest concern, my credit score is still weak, and I don't want to be denied and have another inq.
@Anonymous wrote:
Got it. In that case garden strong. Which card would you be using and whats the interest rate if any?
Unfortunately my CSP at 15.99 is my lowest Apr.
@Nova5041 wrote:
@Anonymous wrote:
Got it. In that case garden strong. Which card would you be using and whats the interest rate if any?Unfortunately my CSP at 15.99 is my lowest Apr.
What is your savings invested in ?
If it's a low or no interest account, I would use the savings and pay it back
rather than let it sit on a card at 15.99%. If you have been PIF on that card
and use it for monthly spending, the out of pocket cost will actually be more
than just 15.99% on the one large purchase. You'll loose the grace period and be
paying interest on your monthly spending charges from the day of each swipe.
@bada_bing wrote:
@Nova5041 wrote:
@Anonymous wrote:
Got it. In that case garden strong. Which card would you be using and whats the interest rate if any?Unfortunately my CSP at 15.99 is my lowest Apr.
What is your savings invested in ?
If it's a low or no interest account, I would use the savings and pay it back
rather than let it sit on a card at 15.99%. If you have been PIF on that card
and use it for monthly spending, the out of pocket cost will actually be more
than just 15.99% on the one large purchase. You'll loose the grace period and be
paying interest on your monthly spending charges from the day of each swipe.
I agree with the above. But I'll also throw something else in here. If it's not your only card and you'll not have to use the card for other things during this time, then I'd really think hard about what else could be coming down the road. Is this definitely a one-time expense? Is it the sign something has changed and there might be other expenses/emergencies that will bring about the same dilemma? Also, if you carry a balance for a bit, maybe you'll get a CLI (though this IS Chase so I'd have said until recently it would be impossible, now I just say it's still highly likely with or without carrying a balance.) How large is the expense vs. your savings? Would it wipe out your savings entirely? How about splitting it so you're not taking your savings to zero and are minimizing the interest damage? (I'm much better at questions than answers.)