Do You Pay Off Your Credit Card Each Month?

Juts wondered if you pay off the full balance on your company cards each month or, if you let them ride a little before paying them off?

We tend to pay them off in full just because thats what we find easiest to do, the good thing about that is that with earning points on everything we buy, we get to put everything on the CC and manage to accumulate a decent amount of points every year :)

So how do you folks handle your credit cards? Do they get paid off in full or, do you only pay the minimum?

Regards,

Lee

Paid off in full. I hate the idea of interest, especially if I have all the money in an account just sitting there anyway.

But I live below my means. I never buy what I can't pay for. So it makes it easy to pay them off every month.

We put everything we can think of on our Travelocity MasterCard, then pay it off in full every month. We've earned over $2000 in rebates the past 2 years. Different cards earn different perks, of course. We bill all of our FedEx shipments to AmEx, for example, because they give 5% to 20% back if you charge your shipments to the card. It makes sense to organize your cards, see what incentives you can earn, and maximize the perks.

I used to have no debt but times have been recently rough, especially when I did a major move from Kansas to the gay-friendly mountain city of Asheville, North Carolina last summer. Life expenses doubled and I needed more furniture, etc and now I seem to maintain a $3k CC balance that annoys me to no end, as I tend to spend more than I earn.

Steven,

Aint that the truth about making sure you use the right card, its hard at first but, after a month or two it becomes second nature, one card for gas, one card for groceries, one card for incidentals, a year or two back i figured out we saved closed to $3000 just by making sure we used the right cards for the right purchases one year LOL

Tyrain, yeah thats a problem i have with cards, i tend to go 'shopping' when, i really dont need to, thats why the hubby is the only one with a true credit card in the house atm, i usually end up using my atm card which will only let me spend what is in the acct LOL

Regards,

Lee

I typically maintain a balance on my credit card during the ski season / winter months (I have more skis than most people have pants, and ski equipment fahget about it!), which is my only debt!

At 6.9%, I really do not care about the 'penalty' or interest - I waste way more money annually on things such as coffee.

All our cards get paid in full every month. I put all our business charges on credit so I get a hefty bill every month. Last month I missed the due date thanks to the bill getting here late (bloody stupid Australia bank only gives 12 days before they call it a late payment) and I got hit with about $250 in interest and late payment fees. That's perfectly good cash gone. But the good thing is that we managed to get a few free flights thanks to the points I racked up, like 2 return tickets in business class from Australia to New Zealand plus 2 one-way tickets from Aus to Hawaii :)

cheers!
Luke

I.

Wish.

Quote:

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Originally Posted by Chilihost

All our cards get paid in full every month. I put all our business charges on credit so I get a hefty bill every month. Last month I missed the due date thanks to the bill getting here late (bloody stupid Australia bank only gives 12 days before they call it a late payment) and I got hit with about $250 in interest and late payment fees. That's perfectly good cash gone. But the good thing is that we managed to get a few free flights thanks to the points I racked up, like 2 return tickets in business class from Australia to New Zealand plus 2 one-way tickets from Aus to Hawaii :)

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You know, if you're a good customer of the bank they'll usually make exceptions and credit back your late fee. I've seen my bank do that without me even asking. If you explain what happened, they'll usually give you the benefit of the doubt and extend you a little courtesy to keep a good customer happy. I don't know your situation, of course, but it might be worth a try.

Good idea, but Australian banks are not very nice...they don't care what happened or why you were late, especially when I am trying to wind up all my business with them :D

cheers,
Luke

I think the Midwest and my Dad rubbed off on me.

Okay...so my wild youth I let me credit card balance build and build by age 26 I went on the mission to pay the cards off in full every month.

That carried on to the business too but it still hurts when I get a Dell invoice for $45,000 at a time. Yes, as an ex accountant and MBA, I could get away with taking those purchases "over time" but something about knowing that at the end of the month owned and next month you don't need to worry about it.

The cards with the reward programs help though.
If I only had time to use the points...

If you are starting out it is okay to carry a balance.
But always make sure you pay it off quickly. Even at the lower interest rate the cost of capital will begin to reduce your profits. And before you know it you have a $100,000 balance and your business drops off.

Credit is good..and evil.
Just knowing when to use it and to pay it off requires a lot of discipline and sometimes a lot of cocktails to get through the sticker shock.

Happy New Year!

Steven

I did THIS Month!

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I had over 100k in credit card debit when I bought IntenseCash and expanded and that wasn't even all the debt I had to go into. Now I almost have no credit card debt. I used to pay 23% interest too which really sucked. It has been a hard and long road but I am almost there. I hate credit cards but they have definitely helped me in those times I needed them to.

Mark