Credit card payments?

Question

Will credit card companies let you only pay intrest on your credit card (not the minimum payment) if you ask? Does anyone know if American Express offers this, or is it unheard of?

Answer 1

You can ask but don't be surprised if they say no. Typically the minimum payment covers the interest and maybe 1% of the principal.

You should re-think your spending habits. It sounds like you've run up credit card debt and have now reached the point where you can't cover the minimum payments.

Check this site for free credit counseling services: http://www.nfcc.org/

Answer 2

If you're having to ask this question, it's my guess you've gotten in over your head in CC debt and the only way to keep your head above water is to pay only the interest.

The problem here is, paying 'interest only' in the truest sense only works for a loan structured for that type of payment plan.

Paying only the amount the CC company bills you in finance charges will keep you in debt for untold amounts of time.

Also, I disagree with the poster who stated CC's are for emergencies only. The problem with that train of thought is 'What is an emergency?"

My advice...Cut up the credit card and don't buy anything online or otherwise using it. This will begin to stop the bleeding.

Next, make more than the minimum payment if at all possible. You have to look at your statement each month and make sure your minimum is greater than your finance charges. I had been paying over and above on a card and noticed the minimum they wanted as payment was less than the finance charges they charged me. Be careful there.

If you have finance issues and are not working on a budget, I recommend highly you get on one asap. It will be difficult to stay on it the first couple of months, until you get used to it. Once you're on a budget and can understand how to make your money do what you want instead of it doing whatever you'll find you're gaining ground on your debt and making steps to be debt free.

Don't get me wrong, this isn't an over night deal. It most likely didn't take you a few months to get where you are now, it won't take a few months to get out of this.

If you do decide to go the budget route, take thse steps to help you gain some ground.

1. Get 1000 into an savings account for emergencies. Car problems, appliance problems, etc. This is not for that new outfit or a new TV, this is for emergencies so you don't have to pull out another CC.

2. Get on a budget. this is the only way to truly understand where your money is going and why.

3. Pay your 4 basics, then pay off debt. Make sure the house, food, clothing and car are taken care of, then put everything you can int "Snowball" payments on your CC. Look up snowball debt reduction online, you'll find some good sources.

4. When your debt is paid of (except the house if you own) increase your 1000 account up to 3-6 months of expenses so that if something should happen, you're able to look for a new job with little stress about paying bills. This is not a new boat fund or world cruise fund.

The only way any of this will work is if you learn discipline and also learn to cut out instant gratification. If you can, you'll be the better for it, trust me.

Answer 3

It does not matter, because you are not going to get the student credit card. Most student credit cards are only for students who already have other credit cards. If you applied for a student credit card to be your first credit card, then you will probably be rejected. When you do get your first credit card (which probably won't be a student credit card), you can pay the bill using your checking account, but not using your debit card. You do it online with the checking account number (not the debit card number) or you write an actual check on paper and mail it.

Answer 4

This is the most stupidest idea - don't even think about it.
They suck your blood on interest. Credit cards are for emergencies like unplanned expense only, like a saviour that you have to pay off at the end of the month. That is how credit card is use. Pay off every month - don't charge big amount because you won't be able to pay off.

Credit card companies like this kind of offer - you know why? Because they will make tripple money than your original loan, by extending your loan, your interest is growing like weed buy the seconds. - You will pay from the interest, you will owe them all your life - believe me. Don't do this. it will be hard to get out of it - you are going to mess up your life.

Credit card is use for if you run out of cash and you are grocery shopping - then you charge the groceries.

Or if you are in a restaurant and you have eaten already but find out you are short in cash, then you charge it.

Or if you are in a business matter, you charge it (expenses that is for the business - like travel, hotels, etc..) because you can reimburse it.

That is what credit card is for.

If you are not a businessman, but you do have credit card, use it sparingly to create a credit history for the purpose of car loan, mortgage loan, and commercial loans ONLY.

Answer 5

Well if you can I would try to do a balance transfer to get a credit card with a lower interest rate. If you call your credit care company and tell them you are doing this, sometimes they will lower your rate to keep you.
I called my credit card company with a high rate and told them I was going to do a balance transfer if they didn't lower it... they dropped it to half of what I was paying. Check out the website below... lots of good information

Answer 6

Some will, but the interest will be more every month because the balance won't be going down.

Answer 7

I would not suggest this.

Answer 8

call and ask them