credit card users, do you pay your bill off each month?

United States
February 10, 2008 2:12pm CST
If not, do you pay the minimum or more? Do you select your credit cards by what the credit card company pays you back for using their card? ************************************** I have three credit cards I use, not counting department stores, furniture stores ect. I selected all three based on what I get back. One of my cards pays me between 3-5% for all purchases at grocery stores, drug stores and for gas purchases, so I use this card all the time for these purchases. Otherwise, I use the card that I most recently paid off, that way my money stays in the bank longer drawing interest there. I use credit cards for every purchase that I can, this way each month I make around $60.00 with what the credit card company pays me and the extra interest I make from the bank by leaving my money in there longer. Naturally, the only way to benifit from this is to pay your cards off each month.
1 person likes this
3 responses
@kykidd (6819)
• United States
10 Feb 08
This is very good information to share with everyone. I too use a credit card that I pay off every month. I use it for gas, groceries and some bill paying. Although, I don't get nearly as much back as you. It's more like $100 a year. But that is definitely extra cash that I wouldn't otherwise have. Gotta love it!
• United States
10 Feb 08
You've got to look out for #1 and that's yourself. Shop around for your best deal, right now Citi Master Card is offering some good programs, get the cash not the points. For those that don't pay off their bill each month, if they feel their rate is too high, call your credit card company and tell them you have been offered a better rate and that if they want to keep your buisness, they neeed to lower your current rate. (Usually, they will lower the rate). Do a little homework before calling, look up the rate they are charging and what other companies are offering, choose one of the lower rates but not the lowest. Also, with interest rates dropping now, this is a good time to lower your rate.
@FreakQD (867)
• India
13 Feb 08
I am a big victim for credit cards. I have incurred a huge loss using that. Only when we know how to handle it, we can use credit cards or else its very very risk. I am not settling my bills on a monthly basis but paying only the minimum amount.
@stephcjh (32327)
• United States
11 Feb 08
I always pay mine off every month if I have the full amount to pay back to it. There has been a few times where it took me two or three months or longer to pay it all back and I just hated it but did not have the full amount to give back to them. I hate all the interest fees but when you need to use it, it is nice to have.