Credit Card Thread

I work as a contractor for an IT company. My work is being delayed and I don't have the money to pay my bill in full this month. I have a balance on a Discover card and I just opened a Citi Forward card and was approved a week ago.

I have never missed paying off a balance in full and I would like that to continue. I was thinking about doing a balance transfer onto the Citi so the bill wouldn't be due until my first payment date, October 28th. By then I will have the money, but I was wondering: is there anyway this balance transfer could negatively impact my credit score? Also, the only fee would be Citi's 3% balance transfer fee, right? I think I'm in an introductory 0% APR period, but I d be able to pay it off before my first statement is due, 10/28, anyways.

The reason my first statement isn't due until 10/28 is that I opened the account at the end of August they set statement close dates for the 10th of each month, I called in and changed it to the 28h to correspond with my other bills.



Also, could the balance transfer cover the $650 in purchases?

If you are going to payoff the credit card at the end of the next month, paying the 3% balance transfer fee is probably going to be more expensive than making a minimum payment this month, pay original card interest then paying it off the next month. Unless of course you cannot afford the minimum payment.

Well I'm out of the introductory period on the Discover, have had if for about 18 months, so wouldn't I have some sort of % fee even if I make the minimum payment? I've always paid the full balance and only got a credit card to build up credit, so I don't know much about this.

The balance is a little over $600, so the fee would be about $18 for the transfer. Saving money would be great, but $18 doesn't matter to me if it's going to stop any negative effect on my credit, which may cost me more down the line.

So basically, I want to do the cheapest thing that has no negative effect on my credit.

If I were on that situation, I'd use amazon payments to roll that 600 bucks another month out and promptly cut up the card. Sounds like you just need a bit more time.

Yeah, I'll have the money within a week and a half of the due date. I'll take a look at Amazon payments. I hadn't thought of doing that, but I know what you're saying. Would that $650 for the Citi rewards work if I did that too?

Also, why cut up the card? It's my first card and the Citi is only my second. So my account ages are young and score improves with age and quantity of accounts, to a degree.

Yes. Will work for the city spend. Cut up the card so you don't use it for a while. Keep the acct open.

Call em in 6 months and get a replacement card.

Then only spend what you have money in the bank to pay for.

Alright, thanks for the help, I really appreciate. It's great too that will work with Citi because I wasn't sure I would put that much on it in the 3 months the deal applies to.

Thank you bta15 too.

repped you both, but I'm not sure if I have enough for it to do anything.

I'm not all that familiar with this amazon payments method you guys are talking about.

I assume you use amazon to send urself money off ur credit card. That way you clear your bonus, don't get charged interest, and don't have to pay balance transfer fee?

Then with the money you send yourself on amazon you use that to pay off original cc?

The credit cards don't code amazon payments as a cash advance?

Sounds like a good idea...

payments.amazon.com

You basically got it, except you can't send *yourself* money (wink wink etc).

Amazon eats the transaction fee for you (nice of them, of course I'm sure they've negotiated a great rate with all their volume). $1000/mo limit.

Does PEnFed card (with no foreign transaction fee) require military membership or can just donate to PenFed and qualify? It looks like the best card for my purposes.