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clear_03 | Should I make more than the minimum payment on a zero interest credit card? |
Here's the deal, I'm in the first few months of a zero interest intro apr on one of my credit cards. The credit card company monitors whether I pay less than (not gonna happen), equal to or more than the minimum payment each month. Does it help build my credit faster if I pay more than the minimum balance each month? Even as little as $1?
The way I see it the credit card company is holding my debt interest free while I earn interest on the extra cash, so spare me the lectures of credit card debt. |
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Stephanie W
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That will not do much for your credit. It's not good, It's not bad. But be careful cause if you don't have a $0 balance when they start charging interest, they add on interest to your balance from all the months it was zero interest, all in one lump sum. Make sure you pay it off right before they start charging interest. |
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JeffyB
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They are hoping you will get comfy with the intro zero rate, and then let the "regular rate" kick in on your outstanding balance, so they can hose you. I suggest you always pay off the full amount owed every month and never pay them a dime in intetrest. |
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Just be you. Go for the stars!
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Usually the zero interest deal is for a finite time period. I'd plan to ride it out during the period by paying the minimum as long as you can zero out the balance by the time the no interest deal expires. Maybe set up a side interest bearing savings account and put a set amount in monthly until you accrue the needed amount within the specified time frame. Paying more isn't going to affect your standing (in a more positive way) as long as you pay the minimum and make sure it gets to them on time. |
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diva
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Always pay more than the minimum |
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Sara
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Well it builds good credit history by showing how you know how to manage debt. And it would behoove you to make sure it's paid off before the zero interest period is up. Some companies will charge you all the interest from the "zero" interest period retro-actively. IE if you have 6 months of interest free time, and carry over a balance from that time, you might be hit with 6 months of interest plus a fee. |
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margiems78
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Well all that gets reported to the credit agencies is whether your payment is on time or late and balance information (credit limit, amount currently owed, etc). If you pay less than the minimum, they consider it a late payment until a full payment of the minimum is made. If you pay more, they don't report it at all. All it does is reduce the outstanding balance shown for that card on your report. |
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iknownothing
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I don't think your credit score builds faster if you pay more than the minimum. The only thing the credit bureaus care about is whether it's on time. |
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hj_psycho
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You have to look at it this way. The zero apr is just that, annual. They will find a way to screw you monthly, and make you pay more money in the long run. If I were you, I would pay as much as I can each month. Or only pay for(with the credit card) what you have the money for in the first place, then set that money asside for the payments. |
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RotundSwede
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I guess there are a number of things that you could look at in respect to what's best. One thing is.. how much longer is the zero interest deal on? I get the idea that you have about earning interest on your savings rather than paying off the card right now, but it would be an extremely good idea to be sure then that the card is paid off (or at least lowered) by the time that the interest rate goes up to a normal one. Otherwise, you'd surely just lose what you saved by having all the interest starting to build up then.
It certainly would help with that particular credit card company if you are paying your bill faster.. because when they see you use the card.. and pay it off, they tend to see that you are a "good risk" and raise your credit limit (if that is what you're looking for). Personally, I had a card for a while.. paid a little more than minimum for like a year.. no changes.. Then, I paid it off completely.. Then charged about 350 a month on it and paid it off entirely each month for about 4 months and suddenly they raised the limit.
As for your credit report itself.. It does help when other creditors see that you aren't 'maxed out' on your credit all the time. If you have say $3000 credit and have a balance of $2800 all the time.. It doesn't do much.. but if you have a lower balance.. they're going to look at that more as a picture of someone that doesn't just live off their cards.. pay a bit.. and charge it up again, etc.. (not saying that's how you are doing things.. just saying that some people do).
I guess all in all.. It really makes the most difference too.. as to how much interest you're earning anyway. If you have quite a bit of money and are earning lots.. it's useful... But if you've just got small amounts, etc.. and you're just earning a few dollars a year.. in all honesty.. It's not going to make enough difference to matter.
Mostly.. as I said.. Be sure that you've paid it off or down some at least by the time the zero interest offer is finished.. otherwise the interest on your savings will just get eaten up anyway. |
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hwolsten
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If you will be doing constructive things with the extra money. Use it while you can at 0%. More than minimum does not build credit, keeping your balance at 50% or lower of what is available to you is what builds it. So, for every $1000 credit limit that you have, try and keep the balance under $500. |
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justagrandma
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The problem comes if you have an emergency and need to tap your credit. Right now its fine to pay the minimum, but be aware that that might change from time to time depending on your company, and they don't advertise that type of change to their clients. Just remember that they will charge you up to 30% on your debt if for some reason you find you can't pay up or change cards at the end of their teaser rate. And you won't be earning more than maybe 3% on the money you hold in an account, so if you fail to pay in full before their rate goes up, you will have wiped out any gain you may have made. No lectures, just a caution, cc companies are sharks worse than anything the Mafia ever dreamed of, and they do it all legally. |
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J - A
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Absolutely! That is the entire basis of reeling you in at zero interest! Pay off as much as you can. The most strategic thing to do with this sort of opportunity is to take your highest interest debt and transfer that to the zero interest product. Now, pay as much of that debt off during the zero interest period as possible. |
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joey322
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personally, if you have the money to pay it off, then make the minimum payment until the 0% is up and then pay it off....
if you don't have the money to wait to do that, then make the biggest payment you can afford to make while you have the 0% that way once the 0% is over, you won't have as high of a balance and therefore will have lower finance charges.
i have used the 0% apr cards to pay off a debt in the past that i couldn't pay off with one payment. so, i made the biggest payments i could until the interest kicked in and then i transferred to another 0% card until i had it paid off.
so, in short....yes, pay more than the minimum if you have a large balance. this will save you from high finance fees once the intro rate is gone.
also, the interest from money in the bank is pretty negligible unless it's a very LARGE amt of money.
take care:) |
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daryllboothe
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OK - no lecture on credit card debt. I have credit card debt and am continually trying to pay it off, so I always pay as much as possible. They continually increase my credit limit. I don't think $1 is going to make any difference, but if you send $100 for a minimum payment of $20 or $400 for a minimum payment of $120, they realize you are not in a pinch and will gladly extend credit to you. (in my opinion until they can get you into the zone where you're in a pinch and wind up paying late fees and over the limit fees which are big money makers for them...in fact, I've heard that people who stay under the limit and never have a late fee are called "deadbeats" in the credit card industry since they are making minimal fees from them. Oh, and another thing, the interest rates right now are AWFUL, so the little bit of interest you are earning on that money now is so going to evaporate when the interest does kick in on the card, so I'd pay more money now on the balance to save MORE money later in interest fees. (unless you have the funds to pay off the credit card when the interest does start accruing.) |
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beauty s
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if u have the money, make more then the min
that will look good on your credit report |
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Ferd
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No you shouldn't.
...but if you have money to pay in the first place, why not. |
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pater47
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It's not going to do much for your credit rating. The only thing that is reported is if the payment was made on time. However, the more you pay back on it now, the less interest you're going to pay when the interest does start.
Is this your only card? If not, pay the minimum on this one and put all you can extra on the interest charging one(s). If it is, pay it off as much as you can each month.
You didn't want the lecture, but here it is anyway: No interest credit card debt is still credit card debt. You mentioned earning interest on the extra cash. And how much of that extra cash do you really have earning interest? I'd bet not a damn cent. Also unless you're getting a huge sum of interest free money, by the time you figure in taxes on the interest and postage and everything else, you've still lost money.
Most "low or no introductory rate" credit cards go to a very high interest rate after the introductory period is over. they know less than 2% of people will pay more than the minumum each month during the introductory period.
Make sure to have enough available cash set aside to pay off the card before the interest begins.
Additionally, read the fine print. Most will retroactively charge you interest from the introductory period at the end of the period. |
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RozPot
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YES -- the more you charge, the more you pay off and the quicker the better. If you are financially able to double, even triple the minimum amount due--highly recommend. Once those 0% rates are gone, they're gone. Note: should you miss a payment or even one day late, the credit card company could raise your percentage up 25%+ and then you will find yourself paying only the interest amount (min. due) every month. READ the fine print. |
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gawd0
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Yes, it builds good credit the faster you pay it. I always add $25.00 to my payments and my credit is out of this world. |
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JAHLOVE
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Heck yeah! |
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Jenny
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Yes pay more it will help you pay it off faster and use it faster. And it does help with your credit alot. |
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jimobasa
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Paying more than the minimum shows responsibility with finances and will improve your credit score. The zero interest deal is strictly short term and when it ends, you will be paying interest on a lower amount. |
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