gvine07 said:

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RG20 said:

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I've never had a CC before. Does my first card need to be a "starter" card?

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Pay off the card every week, or every paycheck, or every month at the longest. Never spend more than you have unless it's an emergency! Interest rates should be irrelevant because you should never pay interest (it only accrues if you don't pay your card at the end of the billing cycle).

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62strat said:

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gvine07 said:

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RG20 said:

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I've never had a CC before. Does my first card need to be a "starter" card?

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Pay off the card every week, or every paycheck, or every month at the longest. Never spend more than you have unless it's an emergency! Interest rates should be irrelevant because you should never pay interest (it only accrues if you don't pay your card at the end of the billing cycle).

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This is not true at all. Billing cycle closes, and you typically have 20-30 days to pay off before interest accrues. It's called the grade period.

And there is no benefit to paying card off weekly, or every paycheck etc. etc.. Pay it off on the due date. Why pay it off earlier than that?

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Aggie09Derek said:

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Good...

But could have paid once a month and not paid any interest either.

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AggieFrog said:

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62strat said:

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gvine07 said:

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RG20 said:

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I've never had a CC before. Does my first card need to be a "starter" card?

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Pay off the card every week, or every paycheck, or every month at the longest. Never spend more than you have unless it's an emergency! Interest rates should be irrelevant because you should never pay interest (it only accrues if you don't pay your card at the end of the billing cycle).

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This is not true at all. Billing cycle closes, and you typically have 20-30 days to pay off before interest accrues. It's called the grade period.

And there is no benefit to paying card off weekly, or every paycheck etc. etc.. Pay it off on the due date. Why pay it off earlier than that?

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I pay it every Friday when I get paid. I treat it just like cash and have never paid a dime of interest in 22+ years.

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62strat said:

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gvine07 said:

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RG20 said:

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I've never had a CC before. Does my first card need to be a "starter" card?

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Pay off the card every week, or every paycheck, or every month at the longest. Never spend more than you have unless it's an emergency! Interest rates should be irrelevant because you should never pay interest (it only accrues if you don't pay your card at the end of the billing cycle).

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This is not true at all. Billing cycle closes, and you typically have 20-30 days to pay off before interest accrues. It's called the grade period.

And there is no benefit to paying card off weekly, or every paycheck etc. etc.. Pay it off on the due date. Why pay it off earlier than that?

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AggieFrog said:

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Works for me, may not work for you.

I don't like to owe anything - yes, I know it's the same mathematically, but personal finance is not all about just math. Psychologically it makes me check my balance and ensure I never spend more than I can pay off in any given week, which forces me to consider it just like cash in my checking account. I also always pay bills immediately upon receiving them - I find that it ensures I don't forget or that it doesn't get lost in a stack on with other mail.

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gvine07 said:

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62strat said:

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gvine07 said:

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RG20 said:

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I've never had a CC before. Does my first card need to be a "starter" card?

---

Pay off the card every week, or every paycheck, or every month at the longest. Never spend more than you have unless it's an emergency! Interest rates should be irrelevant because you should never pay interest (it only accrues if you don't pay your card at the end of the billing cycle).

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This is not true at all. Billing cycle closes, and you typically have 20-30 days to pay off before interest accrues. It's called the grade period.

And there is no benefit to paying card off weekly, or every paycheck etc. etc.. Pay it off on the due date. Why pay it off earlier than that?

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3. You would be more likely to see fraudulent charges checking weekly than somebody that only looks at their statement monthly.

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62strat said:

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gvine07 said:

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62strat said:

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gvine07 said:

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RG20 said:

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I've never had a CC before. Does my first card need to be a "starter" card?

---

Pay off the card every week, or every paycheck, or every month at the longest. Never spend more than you have unless it's an emergency! Interest rates should be irrelevant because you should never pay interest (it only accrues if you don't pay your card at the end of the billing cycle).

---

This is not true at all. Billing cycle closes, and you typically have 20-30 days to pay off before interest accrues. It's called the grade period.

And there is no benefit to paying card off weekly, or every paycheck etc. etc.. Pay it off on the due date. Why pay it off earlier than that?

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3. You would be more likely to see fraudulent charges checking weekly than somebody that only looks at their statement monthly.

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This is a different discussion altogether.
I log into my bank and credit card accounts every day. 'Checking' does not equate to 'paying'.

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AggieFrog said:

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Works for me, may not work for you.

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62strat said:

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AggieFrog said:

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Works for me, may not work for you.

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I understand the mentality.. but why don't you pay it off everyday if it's that much of a mental thing? Or pay 1/30 of your mortgage every day? You don't because it's time and effort.

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OasisMan said:

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62strat said:

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AggieFrog said:

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Works for me, may not work for you.

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I understand the mentality.. but why don't you pay it off everyday if it's that much of a mental thing? Or pay 1/30 of your mortgage every day? You don't because it's time and effort.

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him paying biweekly takes less effort than you logging into your bank/CC everyday

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62strat said:

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OasisMan said:

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62strat said:

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AggieFrog said:

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Works for me, may not work for you.

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I understand the mentality.. but why don't you pay it off everyday if it's that much of a mental thing? Or pay 1/30 of your mortgage every day? You don't because it's time and effort.

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him paying biweekly takes less effort than you logging into your bank/CC everyday

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My logging in everyday is an effort to catch any fraudulent charges. I pay all my debts/loans from my bank account website.

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Zemira said:

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62strat said:

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OasisMan said:

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62strat said:

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AggieFrog said:

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Works for me, may not work for you.

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I understand the mentality.. but why don't you pay it off everyday if it's that much of a mental thing? Or pay 1/30 of your mortgage every day? You don't because it's time and effort.

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him paying biweekly takes less effort than you logging into your bank/CC everyday

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My logging in everyday is an effort to catch any fraudulent charges. I pay all my debts/loans from my bank account website.

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Why not set an alert for any withdrawals from your account? I have an alert set so get a text message any time >$100 is taken from my account so I know when most of my bills are taken out and anything strange comes out. Seems simpler than logging in daily.

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62strat said:

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Zemira said:

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62strat said:

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OasisMan said:

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62strat said:

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AggieFrog said:

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Works for me, may not work for you.

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I understand the mentality.. but why don't you pay it off everyday if it's that much of a mental thing? Or pay 1/30 of your mortgage every day? You don't because it's time and effort.

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him paying biweekly takes less effort than you logging into your bank/CC everyday

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My logging in everyday is an effort to catch any fraudulent charges. I pay all my debts/loans from my bank account website.

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Why not set an alert for any withdrawals from your account? I have an alert set so get a text message any time >$100 is taken from my account so I know when most of my bills are taken out and anything strange comes out. Seems simpler than logging in daily.

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I'm referring to credit card accounts, not a checking account. I pay each card on the due date, which I do from my bank account log in since I can pay any bill from that portal (mortgage, car loans, credit cards, etc).

I don't have any credit cards with my bank, usaa. They are all chase, except for one amex.

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Kurt Gowdy said:

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I just switched from Blue Cash Preferred to Amex Gold for the 4x multiplier on groceries and restaurants.

We lose a little on the grocery end but will more than make it up on the restaurants that BCP was coding at 1%.

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IrishTxAggie said:

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I pay for a vacation a year that would easily cost me $5k or more with credit card churning and points from my travel.

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Quote:

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The gist of the 5/24 rule is this: If you have opened 5 or more new credit cards in the past 24 months (from any issuing bank), you will not be approved for a new credit card from Chase. ... Small business credit cards do not count towards your 5 cards.

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IrishTxAggie said:

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That's Chase's rule. There are several other cards you can use. I typically get 3-5 credit cards/yr through various offers and I tend to lean towards the cards that offer higher travel rewards because I travel a lot for work. It adds up faster for me.

Some cards remain consistent in the wallet, others I'll close prior to the annual fee date because they're young cards and won't affect my credit rating on the history side.

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