Credit Card APR Going Up...

[janetvj]

Originally Posted by Sam82

If you have the money, why wait to pay it off? I hope this does not come off as rude. I'm just curious.

I don't mind you asking. I guess I always understood it's better that I earn the interest on the money rather than paying it over and having them earn it. Granted, with the amount banks are paying in interest on savings it's not a whole lot these days, but still. I have a friend who always does this. He is a real tightwad, though. When he does break down and buy something - even a new car - he puts it on a credit card and then pays it off when the bill comes, so he can earn that extra 30 days of interest.

In my case, I had the floor installed in November. I knew I was going to get a tax refund, so I figured rather than pay out of the money I had in the bank, I'd wait and by the time the bill was due I'd have my refund, and wouldn't have to touch the money in the bank. And if for some reason the tax refund didn't come through, I still had the money to pay it, so I didn't really think of it as taking a risk.

[janetvj]

Originally Posted by Donn2390

Correct, if you pay it off by the end of the year, it's no cost, but you still have to fill out a credit application, and when you do that, most of these companies send you a credit card. CC's are not your friend. I don't want anyone's CC.
Sam 82 is correct, if you have the money, just pay it off. Depending on the amount, the interest you will make on the money in a year is not worth it. In my case, a $1000 refrigerator at today's bank interest wouldn't buy a candy bar..!

You're right, but in my case, it was with a large home improvement store, and I was planning on doing some additional work to the house, so I figured once I had saved enough to do the next project, I'd use the credit and do it again - have the work done and then pay it off in 6 months. Unfortunately my next project (new kitchen cabinets) has been put on hold, since my HVAC went up and I had to replace that first.

[Flamingo13]

Originally Posted by taurus430

BOA cut my credit limit almost in half. They said I wasn't using the card much. I don't and I pay in full every month.

Same here, one bank lowered the limit because of "low utilization"