Is it a good idea to get a credit card and have all my other bills automatically paid on that card?

Question

Basically I am looking to get a credit card with about $2000.00 and then have most of my bills automatically paid on that card (utilties, car, mortgage etc.) The reason I am looking to do this is to avoid any late charges or overdraft charges on my bank account when the days fall odd to my payday. Is this a good idea or not?

I do plan on paying them all off. My biggest problem is my wife digging into my money. I give her a budget to get groceries, diapers, fast food but she is always digging into my account. I have her debit card but she is always grabbing some here, some there. At least this way if we are short one week, I can work more the next week to cover. It also emilinates all the late fees and such I pay right now which would add to the bottom line. I know we need to better manage our cash flow but when it is dollar for dollar right now, it is hard to get up on it.

Answer 1

only if you can pay the credit card off every month.
the fact that you think days falling odd is the reason why
your checks don't clear indicates that you are not managing
your money. late payments and bounced checks are not
caused by "odd days" they are caused by spending more than
you have. which you will likely also do with a credit card.
the card can't give you the discipline, which is what you need.

Answer 2

Bad idea.

Unless you can find a credit card where the minimum payment is the total balance, which I don't think Visa offers any more.

Otherwise, you'll fall into the trap that the credit card companies will set for you - fail to pay off the whole thing every month, and you lose your grace period, and you'll be stuck paying interest from then on.

A better alternative is to start saving until you have about $1,000 in the bank. Then that money is not to be touched, except for the reason you wanted to get the credit card in the first place (the bill is due on the 1st and payday is on the 4th)

Answer 3

First verify into refi on autos, credit unions are good, call mastercard businesses and be conscious about reducing your cost. If none of those are plausible and also you've were given a tremendous kind of fairness, communicate with your economic organization about expenditures. keep in recommendations once you employ the fairness you're putting your position on the line in case you default. once you've sufficient fairness to pay the expenditures and make investments in a tax free fund, you will get a verify each month to help pay off the fairness personal loan. do no longer use each of the fairness money as your funds may be better than what you pay now. The plus area is, reckoning on what you employ some the moneys for, you will get a tax deduction on the activity paid.

Answer 4

Get your wife under control. My ex used to spend alot of money every week and then I started using credit cards for the same reason you want to. After about 2 years she left me when I started getting mad at her spending and then I got left with $40,000 in credit card debt. I didn't realize how bad it was because she hid statements on two of the bigger cards. The credit card just allowed her to spend more yet.

Stay on CASH! Credit cards ruined my life so I don't want to see the same thing happen to you. Its your wife who has money issues so if you can't work that out now you'll just be miserable like I am in a few years.

Answer 5

most banks here won't do a credit card under $5,000.00
apart from that, they will probably want to check your finances.
your basic idea is well intentioned, but be aware that credit cards charge interest for cash advances from the day they are made, unlike for purchases with free days.
they also charge a small fee for cash withdrawals even if your account is in credit.

Answer 6

This is an extremely bad idea. The best way is to manage your cash flow better. Get on a written budget and get an emergency fund for months when you get tight.

Sell something or pick-up some part-time work to get you an extra $500 - $1,000 in the bank for a cushion.

Scott.....

Answer 7

it could be a good idea. have you asked your bank if they will automatically cut checks or do an electronic transfer every month? the bank may perform this service. my credit union does this.

if you want to build your credit rating, then you might do the credit card route. i'm not sure if the car, or mortgage would be payable by credit card.????

Answer 8

Do you plan on paying this credit card off each month or pay the minimum?

Answer 9

depending on what's your credit card limit, it's not good to max out or almost max out your limit. it won't be good for your credit even if you pay your bill on time. they will think you live off your credit card.

use 25-50% of your credit limit every month and pay them on time will build you great credit history and credit score

Answer 10

NO. NEVER USE IT UNLESS YOU CAN CONTROL YOURSELF. WHAT COULD HAPPEN IS THAT YOULL PAY THE BILLS, THEN YOULL SPEND THE MONEY 4 THE CREDIT CARDS ON SOMETHING ELSE, THEN YOULL MAX YOUR CREDIT....JUST WHAT THE CREDIT COMPANIES WANT