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August 2011 Weddings

NWR: Credit Cards

So as many of you may have read, I've been having some dental issues lately. I have really, really great dental insurance, but due to the timing (end of the month, rent due, etc.) and some other surprise bills, I've been having to put some stuff on my credit cards. I know I'll be able to pay them off after the holidays, but it still makes me nervous to have over 200 on each card (I have 2 cards).

I could take the money out of savings and pay them off, but I have a pretty ok interest rate. I think one is like 10 and the other is 15. The monthly interest charges are usually only like 3ish dollars, so I don't feel like I'm losing a ton of money on interest charges by not paying it all off at once.

I was just wondering other's feelings.

Also, a poll
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Re: NWR: Credit Cards

  • The interest is only the beginning of the impact not paying your credit cards off every month can have.  I realize your interest rate is fairly low, by why do you want to pay more $ for something if you have that cash in savings?  By not paying your card off you're also risking your credit score, an the more months you go carrying a balance, especially a balance on more than 1 card, the greater the impact.  Bottom line - if you can afford to do so, pay it off!

  • I don't even have a credit card. FI does, but it has a $500 limit.
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  • In Response to Re: NWR: Credit Cards:
    [QUOTE]I don't even have a credit card. FI does, but it has a $500 limit.
    Posted by drama1308[/QUOTE]

    I'm jealous. I had one that was an emergency card I never used. Then I started a job doing outside medical sales and I had to have one to put lunches on and it got me "ok" with using it.
    August 2011: E-Pic! Photobucket
    229 image Invited to celebrate!
    191 image Remembered to RSVP!
    26 image Can't make it
    7 image Got lost on the way to the mailbox

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  • the way i look at it; credit cards are for emergency-type situations, and that sounds like what this is.  i wouldnt worry about it -- its not like you are just getting into bad spending habits. 
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  • edited October 2010
    I had a bunch of credit card debt during college -- it took me years to pay it off, so now I'm very careful.

    I have a Victoria's Secret card and a Banana Republic card, but I never carry a balance on them.  I use them only to get the discounts and rewards at those stores.

    FI and I have, together, a "wedding credit card" that has a 0% interest rate (for a year) and provides points that are redeemable for airfare.  We charge all wedding expenses (deposits, etc.) and pay them off within 3 months of charging them.  Once the 0% interest rate period is over, we will pay off all charges immediately, so as not to incur any finance charges.  Our hope is that we'll be able to use the points for at least one of the tickets to our honeymoon.

    Jonchrissy, you seem to have a cautious attitude towards credit cards, which is good!  But don't stress about it -- you'll be fine as long as you pay off the balance as you've planned.
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  • I have just recently started putting more on my credit cards and less with my debit card, but I pay off my balances every month.  For emergancies like yours, credit cards are really helpful.  And if you are only paying a small amount in interest you'll be fine!

    My FI has a lot of credit card debt that we've been paying off so that we can start our married life in no debt (other than student loans and our mortgage!) It made me never want to be in that situation!
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  • I don't have one either but I am considering getting one for gas or something so I can start building up credit. 
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  • Credit cards are evil. lol. I don't like them at all. I wracked up some major debt in college (what was I thinking?!) and I am still working to pay that off. I am MUCH more careful than I was even just three or four years ago. It sounds like you're very responsible with credit cards and I wouldn't worry about not completely paying off the balance until after the holidays. I have one credit card that I keep in my lock box for emergencies only.  It has a 300 limit on it. My FI has a couple but he is very responsible with $ and pays off the balance as soon as he can. Credit card companies take advantage of young college students who don't completely understand how credit cards work (I wish I had listened to my mother AND read the small print. Sigh.) I am not a big fan of credit cards. lol. I have a sister in college now who has one and I've warned her over and over to be very careful, but of course she doesn't listen to me!
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  • i use my credit cards like my debit card if i know i wont have the money by the time the bill is due i don't buy it. so all my credit cards are paid in full each time. only had to do a monthly payment once and paid it all off the second month :)
  • I use my credit card the same way fairygirl does, as a debit card. I had to build my credit up some how so I have it set to automatically pay itself off completely every month but it has done great things for my credit score. I have never had to carry a balance over, that is one nice thing about setting it up on the bank's side to pay off every month... I don't know how to not make it pay off every month so that forces me to not spend more than I can afford. I think if you are going to carry a balance then have a plan to pay it off and be very diciplined about it because you don't want to pay more interest than you need to.
  • edited October 2010
    I have several cards....(whoops!) I'm so strict with money. In college when I was only working weekends, I decided to pay all bills on one card to save me money. BAD MISTAKE!!! It took me a few months before I was good to go and had the card paid off. I even took some out of savings! (d'oh!) to pay it off. Now I just watch my spending.

    veritasatori the "wedding" card, is that just one of the major ones that the both of you use just for wedding things?

    I'm confused on the Poll-is it how much av. credit on there or is it the balance?
  • Credit cards are good to have, IF you have restraint. They are used by credit bureaus to determine your credit worthiness for things like cars and mortgages.
    Having them and using them are good things, as long as you pay on time, and don't carry huge debt.

    My ex came into my house 16 years ago with over $10K in debt on cards. He had to sell his beloved Z28 Camaro convertible to pay them off. Needless to say I never put his name on the deed to the house, so my credit is still good.

    I have dept store cards (Macy's, Lord & Taylor, JC Penney), and an American Express through Costco that earns me rewards (a voucher each year to use for Costco purchases based on usage). I only use the Amex for work travel though, not for anything else. I use my checking account debit card for online purchases, and balance my checking account 2-3 times a month. If I don't have it in my account, I don't buy it, LOL.

    We also opened a wedding savings account, and I try to transfer funds into it each month, maybe $100-$200. I've deposited work bonuses plus consulting fees I've earned privately into it as well. As I write checks for deposits, I transfer the funds into my checking account from the wedding account. Right now, 10 months before the wedding, the account only has enough in it for the caterer's quote. I'll need to put in enough to cover the rest of the vendors (DJ balance, DOC, photographer, limo, hair & makeup) before then. However, I have more than enough items for all my DIY projects, except the fresh flowers I'll order from Costco right before the wedding. So I need another $1500 or so (ugh!).
  • I have 2, one connected to my mom's account that I have used through high school if I needed to buy something for her (like when I ran errands) but it had my name on it so that it helped build my credit. Now, I have my own. I have had some troubles with it, but it is probably a $200 max now. I pay it off each month. I use it instead of my debit card because I get better rewards with it.
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  • I pull the poll as how much you owe on it.

    I honestly thought the minimum credit balance was like 1500...I have a total of like
    4k and FI has like 10k
    August 2011: E-Pic! Photobucket
    229 image Invited to celebrate!
    191 image Remembered to RSVP!
    26 image Can't make it
    7 image Got lost on the way to the mailbox

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  • They're fine as long as you pay off the balance every month and don't let it run up. I had that problem in college and let me tell you its not fun :( Mine is paid off now and I don't plan on using it unless there is an emergency. But, with my student loan payments I only had enough money left over to pay the minimum balance on my CC for a long time and that does nothing except pay off interest and a little more and it'll take forever to pay off the card! Just be smart with them and you'll have no problems, but it doesn't take long to rack up a huge balance :)
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  • I was bad in my early 20s and racked up serious debt so no cards for me except my work one. I only buy what I can afford with my pay checks
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  • i use my credit card for everything.  After living in a big city and not wanting to carry cash I got into that habbit.  I pay it in full every month.  I like the idea of seeing were I have spent my money.  FI hates credit cards and doesn't use them.  Right now we have bet going on.  I can not use my credit card for a whole month.  If I win he has to take me to dinner and a movie of my choice.  If I use my credit at any time during the month I have to take out for dinner, drinks and dessert.  So far so good.
  • I think I have like $80 on mine. I actually just got it earlier this year, my first cc.

    I don't use it that often, esp. since there is a balance. I want to get it lower before I use it again.

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  • well, mu capitol one has $750
    but u have several store cards
    dressbarn $1100 (can you tell i work there lol)
    The Avenue $500
    Old navy $75
    Lane Bryant $100
    College loans $2500 left.

    3 years ago I was about $25000 in debt so Im very proud of myself all of that will be done with by the time we're married.
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