Should i pay all the balance on my credit card or just pay double whatever the minimum is...i want to get good credit
2007-10-12 17:22:34 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
If you can afford to pay the amount you owe completely then pay it. When you pay the minimum balance all the time you are basically only paying the interest rates. You need to pay on the premium, at least pay more than the minimum but my advice would be pay the total amount due.
2007-10-12 17:27:29 · answer #1 · answered by Meggie Smalls 5 · 0⤊ 0⤋
Credit card companies make money on the interest that is left on your account. So you should never have a balance on your credit card if you can afford it. Next time you get a credit card read the fine print on the back of the paper that says 0% apr. The cards apr is usually around 19-30, that is awful that means if you have a balance of 100 dollars they will add an additional 19-30 dollars on your balance every period. So pay it all off in the long run it is much cheaper.
2007-10-12 17:28:33 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Jo, you gotta keep the balance as minimum as possible.
keeping a balance more than the interest free period (e.g 20 days per purchase) will cause you to lose money.
therefore better pay up the full amount if you can!
Cheers..
2007-10-12 17:35:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Pay the entire balance. Don't give the bloodsuckers a single dime you don't have to.
Also, watch the documentary, "Maxed Out". It'll open your eyes to the modern slavery the credit industry perpetrates on all of us.
2007-10-12 17:26:32 · answer #4 · answered by wld_jkr 4 · 1⤊ 0⤋
If you are trying to ESTABLISH credit, you should make double the payments. You credit score is based (in part) on your payment history. If you pay it off every month, you never establish a payment history.
For more info on credit, go directly to the source:
http://www.myfico.com
2007-10-12 19:34:45 · answer #5 · answered by Shawna Marie 3 · 0⤊ 0⤋
The best and cheapest is to pay the full charge amount monthly. even if you don't make any interest they make money from the seller through seller fees.
2007-10-12 17:38:12 · answer #6 · answered by Robert F 7 · 0⤊ 0⤋
If you can afford to pay it off for every time you use just do that.
2007-10-12 17:24:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If you can afford it, pay it all off at once. Otherwise, you will have interest coming at you.
2007-10-12 17:27:56 · answer #8 · answered by Saltwater Pirate 3 · 0⤊ 0⤋