@Anonymous wrote:
@JSS3 wrote:
Is that your only card with a balance?
What's your minimum payment?
@JSS3 I have a Navy card with a $4,000 balance.on a $36,000 credit limit. My minimum payment on the BofA card is usually 1% of the balance but I've always paid much more than that.
I also have the BofA Premium Rewards card which is currently at zero balance on a $21,000 limit. I read to the end of the thread and my situation is different. I have an Advantage Plus Banking and a Merill Edge account; the total deposits in those two accounts are substantially more than my credit card balance. In fact the current balance was due to a balance transfer where I withdrew nearly $40,000 from the card last August. But I actually recycled those funds back into the Merrill Edge account so I could qualify for BofA Preferred Rewards Platinum status. The only reason I haven't paid it back is because I used the funds to buy shares of stock and if I sell the stock now I'll be required to pay income taxes at the ordinary income rate. But if I wait until September or later to sell, I'd then be taxed at the capital gains rate which is substantially lower than ordinary income rates.
Wow, using credit card cash to buy stock. I couldn't do it. Although I think you're safe for a little while anyway. I've used cash from cards for much safer investments in the past, but I just couldn't do stocks. Even the 30K I got from Citi in early 2009. Had I done it then though, I would have made out like a bandit.
I've used 10s of thousands of margin on my brokerage account doing day trading, which is just as bad. I did well for a while, then got tired of losing my money and other people's money.
