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post #1 of 23 (permalink) Old 10-05-2014, 04:01 PM Thread Starter
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Credit card question/idea

Just being curious here, but do any of you use your credit card as your sole means for purchases? I am considering switching over to my CC as my means for purchases from my bank card. My theory is this: by putting all my income on the CC, I have a greater chance of paying it down quicker. Plus, I can pay all my bills using the CC, if I skip putting my money on the card, I can just pay the monthly fee from the CC for the time being and for as long as their is enough funds on the card to do so.

Am I making any sense? Does my idea sound legit or am I sounding crazy?

Lemme know what you think.

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post #2 of 23 (permalink) Old 10-05-2014, 04:47 PM
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Originally Posted by crazyriderguy View Post
My theory is this: by putting all my income on the CC, I have a greater chance of paying it down quicker.
I get confused at this part. You want to pay down your credit card quicker, so you're putting more stuff on it? Seems like you'd want to go the opposite route. If you want to get rid of those payments, quit using the card and pay off the balance. The only reason I even have a credit card is for super small purchases for credit score purposes. A debit card works fine for everything else and the occasional $2 ATM fee easily offsets the occasional $200 late fee plus interest from the credit card company.

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post #3 of 23 (permalink) Old 10-05-2014, 04:55 PM Thread Starter
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I get confused at this part. You want to pay down your credit card quicker, so you're putting more stuff on it? Seems like you'd want to go the opposite route. If you want to get rid of those payments, quit using the card and pay off the balance. The only reason I even have a credit card is for super small purchases for credit score purposes. A debit card works fine for everything else and the occasional $2 ATM fee easily offsets the occasional $200 late fee plus interest from the credit card company.
Basically, the CC would become my bank card. All income would go on it along with my regular purchases. Whatever is left over after expenses acts as a payment towards the balance.

But, it's just an idea I've been thinking about. About the only drawback is waiting for the money to transfer from my bank to the credit card. But since cancelling my internet service, I add that monthly fee to the monthly CC payment and reduce the payoff time significantly.

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post #4 of 23 (permalink) Old 10-05-2014, 05:03 PM
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Your credit card company allows you to hold a positive balance?

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post #5 of 23 (permalink) Old 10-05-2014, 05:06 PM Thread Starter
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Your credit card company allows you to hold a positive balance?
I don't know. I would only pursue thus until was paid in full then revert back to using a bank card.

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post #6 of 23 (permalink) Old 10-05-2014, 05:23 PM
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Oh, I see what you're saying. You're just going to send your entire paycheck to your cc bill. Then, anything you buy is just a normal cc purchase.

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post #7 of 23 (permalink) Old 10-05-2014, 05:27 PM Thread Starter
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Oh, I see what you're saying. You're just going to send your entire paycheck to your cc bill. Then, anything you buy is just a normal cc purchase.
Yup, that's it.

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post #8 of 23 (permalink) Old 10-05-2014, 05:53 PM
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I are smrt.

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post #9 of 23 (permalink) Old 10-05-2014, 05:55 PM
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Sounds like it should work, although I might opt for the strategy of budgeting your paycheck and then feeding it the money that you won't borrow back again with other purchases. Budgeting to pay it off would work much better than paying it off with leftovers.

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post #10 of 23 (permalink) Old 10-06-2014, 11:11 AM
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What you're really saying is you want to pay that credit card bill off asap. Smart move.

My 2 cents:
Keep something more in your bank account than what they want as a minimum. If you're ever in a bind and need cash for something you'll pay little or nothing to use the bank's ATM whereas the cash advance on a credit card usually carries a higher interest rate.

I've been using one of my credit cards to pay lots of bills and for daily purchases as well simply because I get cash back and I pay it off monthly. The other card I carry a balance on gets any spare cash towards paying it off when I have the opportunity.

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