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If I'm paying off a card with 0% APR on it for new purchases for 18 months, is it better to auto-pay the minimum (which I always do anyway in case poo poo happens) and then make regular payments on top to clear the balance, or put the money into a savings account or similar so it can earn even just a little bit of money for myself in the meantime. I'm currently splitting between the two and making equal payments to both, but curious as to if there's a consensus. I log all my in/out stuff in Excel so I'm always aware of how much is put aside, how much is owed, when my 0% period is over, and what items have been covered already.
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May 6, 2019 17:23
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I would pay as much as you can each month to get rid of the CC debt. You can do a min payment and then another if you want or just one. How much do you have in savings? At least a month of bills? That could change the answer if you don't. E: if the card started with no debt and you are going to buy more than you can afford and "plan" to pay it back before the 0% period is over that is just a bad plan. Pay your CC off every month in full by the due date. spwrozek fucked around with this message at 17:32 on May 6, 2019 |
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May 6, 2019 17:29
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How much of money are you talking about? A few thousand in savings is, what, $10 over 18 months?
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May 6, 2019 17:43
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L0cke17 posted:I have a bit of an interesting question regarding my stock in a startup. I've been working here for almost 4 years (I was employee #2), and all my stock will be vested by September of this year (it is grants, not options, so I dont have to outlay any cash to 'own' it). I own a pretty significant chunk of the company at the moment. We are surprisingly successful so far, but likely will not be publicly traded for another 3-5 years, which is a long time for things to potentially go wrong in and also a long time to have debts accruing interest if I could sell some sooner. The company finished the Series A funding last fall and is raising Series B and we do have recurring revenue, so our chances of success are quite high in my opinion but I want to de-risk myself somewhat and I have a significant chunk of stock that I can sell privately and I'm trying to weigh my options for selling some of it off now to private parties vs waiting to IPO or if the company gets bought. Stock options and private equity investments in small companies is generally a ponzi scheme. The first A and B round investors usually do well, even if the company fails completely. Everyone else takes on a huge amount of risk and rarely gets paid out. These are the suckers, the bagholders who have transferred their wealth to the Series A/B investors. Yes, these suckers are usually the employees who volunteered to surrender real money for fictional money, and whichever firm participated in the last big round of fundraising. So if you do get stock options at these small companies you really do want to find a way out between A and B. 90% of the time that is when your valuation will be highest. Even if you're profitable and growing it doesn't matter, the ponzi scheme demands new investors at higher and higher valuations forever and the moment investor interest subsides the company collapses or gets acquired. Being profitable is actually seen as a red flag often. In tech the stakeholders will see that and come in and demand you double spending on sales, double spending on features, more adwords, more AWS budget, hire a bunch of blockchain ML engineers for no reason you have to grow faster grow grow grow until you're not profitable anymore and holy poo poo the company just shut down. Pryor on Fire fucked around with this message at 18:28 on May 6, 2019 |
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May 6, 2019 18:07
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spwrozek posted:I would pay as much as you can each month to get rid of the CC debt. You can do a min payment and then another if you want or just one. Uthor posted:How much of money are you talking about? A few thousand in savings is, what, $10 over 18 months? So say right now as of this morning there was about $3,000 owed on it with 17 months remaining. I put $500 towards it and put $500 into my savings (which had like $100 in it just as a placeholder) and I have about $2,000 in my checking account with not much in the way of bills due each month (water/electrical/cable/cell comes to maybe $400 a month). So yeah, I could probably clear it out within a month or two presuming I don't use it for more than the regular day to day stuff I would normally use my debit card for, but kinda interested how it would scale if I needed to put something on there that was out of my month-to-month reach.
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May 6, 2019 18:26
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EL BROMANCE posted:So say right now as of this morning there was about $3,000 owed on it with 17 months remaining. I put $500 towards it and put $500 into my savings (which had like $100 in it just as a placeholder) and I have about $2,000 in my checking account with not much in the way of bills due each month (water/electrical/cable/cell comes to maybe $400 a month). So yeah, I could probably clear it out within a month or two presuming I don't use it for more than the regular day to day stuff I would normally use my debit card for, but kinda interested how it would scale if I needed to put something on there that was out of my month-to-month reach. Don't.
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May 6, 2019 18:38
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All I need to know, I have no immediate plans for anything anyway. I paid off about $10k over 21 months for home improvements that were needed on a 0% card and I cleared it in time for the last month almost perfectly, but putting that much on a card is not something I really want to do again anyway. Happier building up savings and minimizing debt, but time was against us at that point.
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May 6, 2019 18:42
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Using a credit card isn't a bad thing. It is much preferred to a debit card. I use my debit maybe 5 times a year. Just have to have discipline and pay it off each month. I put about 3k a month on mine. Pay it off, get the points, etc. My GFs business credit card she puts 35-40k on a month. It is crazy the points she gets back.
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May 6, 2019 19:17
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my debit card has been compromised twice in the last year, and I only use it like once every blue moon to pull cash out of the atm. it never happens to my credit cards. it's perplexing, i guess one of the like three atms i ever use has a skimmer on it or something. i wonder if i can get a debit card that doesn't also work as a credit card. 100 HOGS AGREE fucked around with this message at 02:48 on May 7, 2019 |
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May 7, 2019 02:42
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100 HOGS AGREE posted:my debit card has been compromised twice in the last year, and I only use it like once every blue moon to pull cash out of the atm. Credit transactions (in the US) are protected by laws that state you, the cardholder, are not responsible for any more than $50 in fraudulent/unauthorized charges. Debit cards have no such protection. Most banks will still comp you, but they legally don't have to. Also compromised cards happen. A lot. Could be skimmers, but it's most likely or most likely the credit processor that the websites you use got hacked. Or your bank got hacked. I've also received new cards because my number was in a group that got compromised, or the card was used at a store/processor that was known to have been compromised. It was purely preemptive on the bank's part, no fraud had happened on my particular card, but there could have been. Bottom line I guess is that you will never escape this. No use worrying about it, just keep an eye on your transactions.
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May 7, 2019 12:56
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I literally never use that debit card to buy anything, it is only used at the atm. I have credit cards for making purchases.
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May 7, 2019 13:07
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I once got a new card in the mail, completely out of the blue, simply because there was a block of card numbers that got compromised from the bank and mine happened to be among them. If a card number exists, it can be compromised.
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May 7, 2019 13:24
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100 HOGS AGREE posted:I literally never use that debit card to buy anything, it is only used at the atm. I have credit cards for making purchases. Call your bank and have them set the Debit Limit for purchases to $0.01 - that way anyone who skims your number/steals your card can't do poo poo with it unless they have the PIN. You can no longer make purchases with it, but it'll still work fine as an ATM card (the ATM Withdrawal limit is a different thing).
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May 7, 2019 13:26
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I had a CC, used it 4 times and put it aside. Noticed new charges on it from Xbox online services so cancelled, had them reversed and a new card came. Activated the card then locked it away. Never went into a wallet. Never left the house. A month later - Xbox and Hulu recurring charges. Killed the whole account because Jesus, what’s going on there.
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May 7, 2019 16:03
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Microsoft will aggressively track down all debit and credit cards associated with an inactive card if you're set to auto pay!
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May 7, 2019 16:22
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GoGoGadgetChris posted:Microsoft will aggressively track down all debit and credit cards associated with an inactive card if you're set to auto pay! Yup, this is a "convenience feature" that a lot of CC companies will do so you don't bounce on recurring payments. Just because you get a new card number, your background account is the same potentially and your CC company will just move the charges if you didn't close for malicious reasons. I had this happen with a Panera card that I hadn't touched in 2 years that was linked to a Chase card that was closed and then opened a new Chase Sapphire card that started getting hit with Panera transactions even though I had never entered the new card info anywhere.
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May 7, 2019 16:55
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DJCobol posted:Yup, this is a "convenience feature" that a lot of CC companies will do so you don't bounce on recurring payments. Just because you get a new card number, your background account is the same potentially and your CC company will just move the charges if you didn't close for malicious reasons. I had this happen with a Panera card that I hadn't touched in 2 years that was linked to a Chase card that was closed and then opened a new Chase Sapphire card that started getting hit with Panera transactions even though I had never entered the new card info anywhere. Interesting, it absolutely was closed for malicious reasons and the second card had charges from companies that never charged the original. Maybe someone at Citi dropped the ball and didn't flag it right, but I remember the chargeback listed it as saying it was a fraudulent charge. Over and done with now, the whole account is paid off and closed.
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May 7, 2019 17:09
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I just called Ally and they have a companion app for the mobile app that lets you set controls for your card, so I got that and turned off everything but ATM transactions.
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May 7, 2019 19:37
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I called Capital One to see if they could lower my interest rate (25.15%) on a card I never use. They said it would require them to pull my credit report to do so. I don’t use the card as I said. And it has a zero balance. It was just something I was curious about since it’s my highest APR card. Obviously I’m not going to since the APR is (at least currently) irrelevant since I never use the card. Other than needing to pay off a high balance, is there ANY reason to do this? I’m not really asking for advice, I’m just curious.
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May 9, 2019 15:37
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colachute posted:I called Capital One to see if they could lower my interest rate (25.15%) on a card I never use. They said it would require them to pull my credit report to do so.
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May 9, 2019 15:40
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Hoodwinker posted:I don't even know the APR on any of my cards. I have 4 of them right now. Same, literally no idea. Pay it off each month and stay ignorant.
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May 9, 2019 15:42
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Fair enough. I just saw the APR on the bill for the card I do use and it got me curious so I looked to see what the others were.
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May 9, 2019 15:46
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100 HOGS AGREE posted:my debit card has been compromised twice in the last year, and I only use it like once every blue moon to pull cash out of the atm. You can request an ATM card. EL BROMANCE posted:I had a CC, used it 4 times and put it aside. Noticed new charges on it from Xbox online services so cancelled, had them reversed and a new card came.
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May 9, 2019 20:25
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Hey guys, I am in month 2 of using my first credit card (a secured card from citi) and I noticed that I cannot use it at my regular gas station. What is up with that? I works everywhere else.
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May 12, 2019 02:53
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theHUNGERian posted:Hey guys, Gas stations put a pre-payment hold on your card —sometimes as high as $150. Maybe your secured card won’t cover that?
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May 12, 2019 03:00
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theHUNGERian posted:Hey guys, Gas stations frequently put ginormous holds on credit card purchases. The hold is probably higher than your limit, so it declines.
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May 12, 2019 03:15
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Thanatosian posted:Gas stations frequently put ginormous holds on credit card purchases. The hold is probably higher than your limit, so it declines. My limit is $2.5k, and I still have an available credit of ~$1.7k.
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May 12, 2019 05:13
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theHUNGERian posted:I am in month 2 of using my first credit card (a secured card from citi) and I noticed that I cannot use it at my regular gas station. What is up with that? I works everywhere else. What did they say when you called them and asked bout this?
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May 12, 2019 05:53
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eddiewalker posted:Gas stations put a pre-payment hold on your card —sometimes as high as $150. Maybe your secured card won’t cover that? If you go inside and ask for $20 of gas, do they still put a hold?
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May 12, 2019 13:26
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howdoesishotweb posted:If you go inside and ask for $20 of gas, do they still put a hold? No. You’re essentially completing the transaction by paying inside.
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May 12, 2019 15:06
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Motronic posted:What did they say when you called them and asked bout this? Haven't tried this, but I should do so.
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May 12, 2019 15:10
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My wife and I are currently living with her parents, and we've been paying down our debts with the goal of trying to get back out on our own. The housing and rental market are both utter poo poo in our area, and we're planning on moving elsewhere in the future, so we're looking for a single-wide mobile home we can live in till we're ready to sell it and move on with our lives. Currently, we still have some debts that we're paying on, but we've been finding relatively inexpensive trailers, and we're wondering if it might be wise to try and borrow money to consolidate our leftover debts and pay for the trailer all in one step. Currently, the debts we're thinking of paying off are: ~$1,500 on my car loan, $262/month payment ~$1,250 on my credit card, $50/month minimum payment ~$4,000 on a personal loan, $185/month payment total: $6,750, $497/month payment We would also hope to cover these additional things with this loan: ~$15,000 base price for the trailer(we've been finding a lot of $10k-$15k for slightly older ones around town) ~$3,000 for furniture, appliances, and any must-be-done repairs or the like discovered after purchase ~$2,000 buffer as a just-in-case sort of insurance policy. Because this section is all estimates and I'm likely wrong and would need more money. total: $20,000 grand total: $26,750 Now, I have no clue on the rates and fees for this sort of thing. That's partially why I'm here. I want a sanity check on this before I go any further. My thinking is all said, fees and interest could possibly(?) be around 50% of the total of the loan? Maybe? If it is, that'd make the total jump to $40,125. Assume a loan for that has a term of, I dunno, pulling a number out of my rear end here, 6 years. Break that down into monthly payment, that grinds out to $557.29/month. Now, IF that's actually reasonable, and again I have no idea if it is or not, then that's entirely doable from a budgeting perspective, considering that it's only ~$65 more per month than I'm currently paying anyway. So, I guess my question is, is this even realistic? Should I look further down this road? Or am I completely off base here? Either way, any insight you guys can give would be great.
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May 12, 2019 23:40
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Be really really really careful with trailers. The whole industry is basically in business to completely gently caress you and all the other owners over.
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May 13, 2019 00:12
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spwrozek posted:Be really really really careful with trailers. The whole industry is basically in business to completely gently caress you and all the other owners over.
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May 13, 2019 00:23
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Sounds like you're trying to borrow your way out of debt and increase your debt at the same time.
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May 13, 2019 00:29
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Blinky2099 posted:Not to derail, but do you mind linking any resources on this? I'd like to learn more. https://www.youtube.com/watch?v=jCC8fPQOaxU Tldr, you don't own the land, can get kicked off of it easily, and the trailers aren't exactly "mobile" enough to just pick up stakes and move.
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May 13, 2019 00:37
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Yeah that segment on LWT is really good and came around at the best possible time for you it seems.
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May 13, 2019 00:58
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Uthor posted:https://www.youtube.com/watch?v=jCC8fPQOaxU (Among other huge problems) this has been a huge problem in the bay area where I'm living. There are only a few mobile home parks left, they require you sign 5 year leases with built-in minimum rent increases (which are usually not maximum rent increases), require you give first right of refusal to the land owner if you're going to sell the home with stupidly long refusal times so that your potential buyers lose patience and buy somewhere else, and in some cases also assess fees for abandoned property or for utility disconnects if you do leave. It's seriously hosed, but there's literally nowhere left for these people to go unless they abandon everything they own and hoof it to another state entirely. 
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May 13, 2019 02:54
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neogeo0823 posted:My wife and I are currently living with her parents, and we've been paying down our debts with the goal of trying to get back out on our own. The housing and rental market are both utter poo poo in our area, and we're planning on moving elsewhere in the future, so we're looking for a single-wide mobile home we can live in till we're ready to sell it and move on with our lives. Currently, we still have some debts that we're paying on, but we've been finding relatively inexpensive trailers, and we're wondering if it might be wise to try and borrow money to consolidate our leftover debts and pay for the trailer all in one step. thought 1: where do you live? thought 2: what are your current interest rates? thought 3: never ever ever ever ever think of loans in terms of monthly payments thought 4: never ever ever ever ever buy a mobile home
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May 13, 2019 17:45
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$~9500 student loan debt @ 4-5% interest $~9500 credit card debt on a 0% APR introductory rate for the next 14 months (balance transfer offer). Even though it is 0% intro rate, is the obvious answer here to still pay off that CC as fast as possible before and pay the minimum on student loans? My preferred method of paying debt is to attack the highest interest first, and these are the only two things I have hanging over me. I can put about $1500/mo towards debt as of now, but I’m still building my emergency savings back up from a few months of unemployment in a high COL area. Thanks! E: for clarification I’m not comfortable simply splitting the CC into equal payments over the life of the intro offer. colachute fucked around with this message at 18:00 on May 13, 2019 |
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May 13, 2019 17:54
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