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Started By
Message
Interest free credit card advice
Posted on 9/11/24 at 3:55 pm
Posted on 9/11/24 at 3:55 pm
Got a seasonal business that I need to start prepping for. Need to spend about 4-5k to prep but don’t want to pay cash even though I know I’ll make it back in my first week of work.
Work and jobs should start around late October but I’d like to get a head start on preparing and marketing.
If I put it on an interest free credit card, and make minimum payments until November will it hurt my credit? I don’t have a lot of experience with credit cards so not sure how that would work
Work and jobs should start around late October but I’d like to get a head start on preparing and marketing.
If I put it on an interest free credit card, and make minimum payments until November will it hurt my credit? I don’t have a lot of experience with credit cards so not sure how that would work
This post was edited on 9/11/24 at 3:56 pm
4
Posted on 9/11/24 at 4:32 pm to BayouBengal23
I did something similar this past year and my credit score took a short-term hit. Unfortunately, I don't have exact numbers to tell you what the true hit was on my score. I nearly had the new credit card maxed out for about 6 months and paid the minimum during that time. That stretch of increased credit usage was the real hit on my score. I've since paid it all off in July and my credit score has increased by 8 points since then.
Edited to add:
Stating the obvious, but don't go this route if you don't have a means to pay off the card. And definitely check the fine print on how the interest is charged back if you don't pay off your balance or fail to make a minimum payment. I stuck what extra money I had leftover after the minimum payment into a savings account. And then when it was time to pay off the card, I just withdrew the money from savings and paid the balance when the interest free terms were up.
Edited to add:
Stating the obvious, but don't go this route if you don't have a means to pay off the card. And definitely check the fine print on how the interest is charged back if you don't pay off your balance or fail to make a minimum payment. I stuck what extra money I had leftover after the minimum payment into a savings account. And then when it was time to pay off the card, I just withdrew the money from savings and paid the balance when the interest free terms were up.
This post was edited on 9/11/24 at 4:38 pm
Posted on 9/11/24 at 5:29 pm to BayouBengal23
There will be a small hit to your credit for the hard pull, like single digit points, that will last for months and then maybe a 10-20 point hit while you carry the balance that will rebound as soon as you pay it off
Posted on 9/11/24 at 8:17 pm to Thundercles
^^^This^^^
Be a little short term ding, but will be back to where you’re at pretty quick when you pay it off.
Be a little short term ding, but will be back to where you’re at pretty quick when you pay it off.
Posted on 9/11/24 at 8:35 pm to BayouBengal23
nothing to worry about As long as you aren’t buying a house or car soon… then it will help your credit eventually by having more available credit once you pay it down.
Posted on 9/11/24 at 9:30 pm to BayouBengal23
the last one i did was 3 years ago when someone here posted the one for citi card. that was more about the cash bank promo
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