Using US Bank PLOC for all expenses?

[Anonymous]

Friends,

I had an idea, and I realize it may be a bad idea, but I'm unsure, so I decided to post to this board.

I have a US Bank PLOC (which comes with a card and has the ability to request checks). Rarely, I use cash, but I would say I withdraw twice per month, approx $400 ($200/time).

In the past five years or so, I've gotten my finances organized. I can offer more details to anyone who wishes, but it's a long, long story. Scores in the mid-high 700s.

How expensive would it be to use the US Bank PLOC for everything? Is this a terrible idea? I realize I'd pay (relatively) lots to take out cash.

Goal is to centralize all expenses in one spot. Because the PLOC offers a card and checks and atm access, it seems possible. Does anyone do this? Should I do it?

Would welcome experiences.

Peter

EDIT to add PS:

I could also, instead, pull the amount I receive each pay period from the PLOC into a checking account and effectively do the same thing. I realize that I would pay daily interest on it until I paid it off. (Interest rate is 10%). Would this option be more or less expensive? More or less advisable?

[Anonymous]

This is not a good idea

 Sounds like paying 10% extra a year... for your own money

[Anonymous]

Thank you

[Anonymous]

I realize I could also put almost everything on a credit card. Looking for a one stop option to account for the odd cash payment or check

[Anonymous]

I wouldn't voluntarily pay interest for convenience.

[AzCreditGuy]

Having had access to a PLOC and putting $15k on that account, taught me a hard lesson. Its one of the worst products out there, especially when used for long term pay off, which I made that mistake. I ended up putting the balance on 2 cards with 0% APR for 12 months and ended up paying off the balance and never again will I use or own a PLOC. 

[Anonymous]

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@Anonymous wrote:

Friends,

I had an idea, and I realize it may be a bad idea, but I'm unsure, so I decided to post to this board.

I have a US Bank PLOC (which comes with a card and has the ability to request checks). Rarely, I use cash, but I would say I withdraw twice per month, approx $400 ($200/time).

In the past five years or so, I've gotten my finances organized. I can offer more details to anyone who wishes, but it's a long, long story. Scores in the mid-high 700s.

How expensive would it be to use the US Bank PLOC for everything? Is this a terrible idea? I realize I'd pay (relatively) lots to take out cash.

Goal is to centralize all expenses in one spot. Because the PLOC offers a card and checks and atm access, it seems possible. Does anyone do this? Should I do it?

Would welcome experiences.

Peter

EDIT to add PS:

I could also, instead, pull the amount I receive each pay period from the PLOC into a checking account and effectively do the same thing. I realize that I would pay daily interest on it until I paid it off. (Interest rate is 10%). Would this option be more or less expensive? More or less advisable?

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Please don't do this.  Some would say it borders on lunacy to even post the idea on these boards, but we're learning and rebuilding.  Get your budget in place.  Look at your cashflow. Make adjustments. Set up emergency fund.  Stop giving away money.  Earn interest, don't pay it.  

[Anonymous]

Thank you all. I appreciate the feedback and the explanation.

I'll do as you suggest, and not pursue this option.

Fondly, Peter

[Anonymous]

I think it's a much better idea to pick the right rewards card for your spend and use it for everything, then just PIF. Seems more rewarding than paying a fee to use your own Money. 

[Anonymous]

This makes good sense. At the risk of asking too broad a question, how do I know the best rewards card for me?