Credit Cards

[tommyboy81]

Got a question. What happens if you can't make a full payment on a credit card? Beacuse on my Circuit City card I went from $100 a month to now $625 a month. All because there Saving As Cash crap ended and it put me over the limit. There's no way I can pay $625 in 2 weeks.

[Flyfrnk1624]

Originally Posted by tommyboy81

Got a question. What happens if you can't make a full payment on a credit card? Beacuse on my Circuit City card I went from $100 a month to now $625 a month. All because there Saving As Cash crap ended and it put me over the limit. There's no way I can pay $625 in 2 weeks.

You incur a financing charge, shouldn't be too terrible on only a $625 balance. Take you're APR and multiply it by your balance and divide it by 12 and that should be the finance charge that you will incur.

[tommyboy81]

Originally Posted by Flyfrnk1624

You incur a financing charge, shouldn't be too terrible on only a $625 balance. Take you're APR and multiply it by your balance and divide it by 12 and that should be the finance charge that you will incur.

The SAC finance charge thing put me $500 over the limit. Instead of having $4k i owe them now its around $4500. Thats how my monthly payment went from $100 to $600

[KamiAmaya]

$600 monthly payment! Wow. But if you pay off what's over the limit will the monthly payment drop back down?

Another thing, it may be reported on your credit report as late payment if you can't make the full minimum payment which can lower your credit score, if you're worried about that kind of thing. If you can't pay if off in time I'd just try and pay as much as you can, and until the balance it below the credit limit again try and make it your number 1 priority... after Blu-rays of course right?

[MarkG]

I don't get it. How did it jump up to $625? What is "Saving As Cash"?

You might want to start selling some blu rays.

[katharsis]

What kind of card is this?
There shouldn't be any kind that makes you pay $600.00 a month!
Most credit cards can go up to 10% which would be $450.00, but that only if you made a huge purchase and it's all new charges.

So be a little bit more specific.

You have a card with Circuit City which has a limit of $4000.00 and you went over so now its $4500.00 ?

How can they let you get over by that much?

Whats your APR?

[Clark Kent]

Here is some advice. If you really can't pay off the minimum right now you might consider transferring the balance immediately to a 0% interest (typically for a set period of time like 12 months) credit card. Balance transfer offers for 0% are pretty common on credit card offers. It might give you a little more time to pay it off...

[katharsis]

You can also always contact your card company and talk to them.
Sometimes it's possible to change the "due by" date by about 21 days if that helps...

[katharsis]

Oh, and most have a grace period of anywhere between 14-28 days (meaning the time after the due date - but you should still check with them, before gambling on that one)

[alomar]

Circuit City's card is through a division of Chase bank. And they are Jerks. i work for CC and absolutely dread our card. The bank is not leiniant or helpful in any aspect, customer or associates. Bad thing is, once you miss a payment or are late, you no interest or what ever promotion you have is gone. And you get the regular interest rate which roughly starts around 16% typically.

[katharsis]

Originally Posted by alomar

Circuit City's card is through a division of Chase bank. And they are Jerks. i work for CC and absolutely dread our card. The bank is not leiniant or helpful in any aspect, customer or associates. Bad thing is, once you miss a payment or are late, you no interest or what ever promotion you have is gone. And you get the regular interest rate which roughly starts around 16% typically.

Ughh! Yeah, Chase sucks. I've had my run-ins with them!
But most cards nowadays, or even payment plans in general are like that "miss a payment, loose the promotion".

[lutefisk69]

Originally Posted by katharsis

You can also always contact your card company and talk to them.
Sometimes it's possible to change the "due by" date by about 21 days if that helps...

I second this. You need to call them and explain your situation (whatever that may be) and try to get them to lower the monthly. You need to be persistant though, sometimes talking to 2-3 different people until you get what you want.

[SellmeyourDVD]

The only thing you should be worried about is paying that credit card off ASAP. Don't worry about finance charges and only worry about the pay off. Once you start thinking "oh it's only a couple of more dollars" you'll be more inclined to NOT pay it of every month.

That is how the credit card companies get you.

[mikejet]

Originally Posted by SellmeyourDVD

The only thing you should be worried about is paying that credit card off ASAP. Don't worry about finance charges and only worry about the pay off. Once you start thinking "oh it's only a couple of more dollars" you'll be more inclined to NOT pay it of every month.

That is how the credit card companies get you.

Yep, my wife and I make our purchases with CC promotions of 0% interest and 0 financing then pay it off within the promotional period. This is how we are buying our next TV. BB has 3 years no interest. Pay that thing off in 3 months and have fun.

[blu-bee]

I hate to be the bad guy, and I mean this with respect, but if you can't come up with $625. then perhaps you need to rethink your spending. Do whatever you can to pay off your debt ASAP and get your freedom from the credit companies.

[Ferris]

Originally Posted by alomar

Circuit City's card is through a division of Chase bank. And they are Jerks. i work for CC and absolutely dread our card. The bank is not leiniant or helpful in any aspect, customer or associates. Bad thing is, once you miss a payment or are late, you no interest or what ever promotion you have is gone. And you get the regular interest rate which roughly starts around 16% typically.

Chase is no different than any other creditor. If you call them and talk to them, they'll work with you. However, if you just send in less than the minimum, without talking with them, it'll be reported as a late payment.

If you're late on a payment in a promotion, that promotion is null and void. This is the case with ALL credit cards, regardless of the creditor (WFNB, Chase, HSBC, Citi, whatever).

[stockstar1138]

Originally Posted by blu-bee

I hate to be the bad guy, and I mean this with respect, but if you can't come up with $625. then perhaps you need to rethink your spending. Do whatever you can to pay off your debt ASAP and get your freedom from the credit companies.

i agree 100%. if you have too, sell something(s)

[cravnsn]

Credit cards & the companies that own them are evil.

[Crim122]

I cant even get a credit card, I hate it.

[stockstar1138]

Originally Posted by Crim122

I cant even get a credit card, I hate it.

why not?