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Sofche V | Which are the adventages of paing bills with credit cards? |
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Dr. Education
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Am I the only one understading your question? You're asking what are the advantages of paying bills(other credit cards, utilities) with credit cards?
there are NO advantages to paying bills with credit cards. when you do that you're accumlating INTEREST on an already set amount bill. Also depending on the contract, that money may fall under CASH ADVANCEMENT and interest is compounded the day it is withdrawn. Some people answered saying it will accumulate your points, but most cases paying other bills with their credit card voids the points.
work something out with your lenders, most are willing to work with you. for example, with the electric company you might be able to do LEVELIZED BILLING. Your cost for past electric bills are averaged over the past year(s) and then you pay that amount each month.
Paying the late fee would be better than the high interest rate on the credit card. Check with local churches, community organizations to see if they will help pay some of your bills. |
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iheartfashion
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there is none |
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mr3dphd
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Advantage: Points, air miles, cash back, all sorts of stuff! Also builds up your credit score (if you pay it all off)
Disadvantage: Temptation NOT to pay off the bill each month. Temptation to spend "just a little bit more" than what you actually have in the bank. "I'll pay it off next month" quickly translates to "I have $8,000 in credit card debt". I know you don't believe me now...but it WILL happen...MARK MY WORDS!! |
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peachiegirl
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Don't do it unless you can pay off your balance by the next billing cycle; otherwise, you will be paying interest on your monthly bills (electric, etc.). |
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DaMan
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Let me break this down.
If you have the capacity to pay your bills in full, then have a chance to make money on your cash "floats" period billing statement that is prepared on the 15th of each month.
You buy an item on 01/16/06 which CAN NOT appear on your 01/15/06 billing statement.
Then you get the next month's bill on 02/15/06, which will itemize your transaction activity from 01/16/06 through 02/15/06. Please note: This billing statement will show the purchase you made on 01/16/06. The payment due date for this billing statement will be 02/27/06.
If you pay the bill in full on 02/27/06, then you have gotten a cash "float" of 42 days!!!!!!
You "paid" and received the merchandise at the point-of-sale on 01/16/06 and you "paid" your creditor for your "credit card transaction" on 02/27/06. That is a 42 day timing difference. So, it frees up your banking account to invest THAT SAME AMOUNT of MONEY in a Citibank e-savings account earning 5.00% interest.
And when you pay your credit card bills on time, you enhance your FICO credit score.
That is a win-win-win situation.
Welcome to the upper-middle-class way of living.
10 points please. :-).
Whoooopeeeee!!!!!!!!! |
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Baccojim
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As far as I am concerned there are many more disadvantages than there are advantages.
Never just pay the minimum. There is no savings there.
If you can charge on a credit card and pay it in full when the bill comes in, do it. Otherwise don't even sign up for one. |
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avian
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1. You might get up to 6 weeks of credit before you have to pay the bill.
2. Above a certain sum, the credit car company protects you from unscrupulous traders by assuming the responsibility for the transaction.
3. You sometimes get some sort of additional warranty on the items you purchase.
4. You need not carry large sums of money with you when going shopping, thus it enables you to do an 'impulse' buy. (Some might think that a disdvantage!).
5. It cuts down on the amount of cash you need to carry (especially on vacation), and therefore reduces the possibility of being robbed of your money.
6. It can act as a basic ID card by confirming your signature.
7. Sensible use of the card builds up your credit rating.
I'm sure there are other advantages, but the above is all I can think of at the moment. |
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dukalink6000
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You only have one payment to worry about, but it will be a big one |
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That_guy
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You can build up good credit, so as long as you pay it off. |
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peaches
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Only if you have to. Remember you a 30 day float on you money and if you don't have the money to pay the balance on the card then you are paying to use their money and there is no financial gain for you |
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fairly smart
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The only advantages is for the credit card companies that will get lots & lots of money from you!
You have to add to your bills all the interest that your credit cards. You will be paying the interest off for the rest of your life! |
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supercreditguru
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Running lots of expenses through a smaller limit credit card pumps up credit scores very effectively.
My credit card gives me 1% of my purchases in free gas and 5% off gas at any station. Some cards get airline miles based on what you spend
Go to www.LearnAboutCredit.com |
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