Freaking out a little bit about a credit card
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Anonymous
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So I must have miscalculated something and got an alert from mint today that my intro 0% interest rate on a credit card ended on March 1st. I had it in my mind that it was 18 months and apparently it was 12. So basically I have to pay $1000 by the due date in 5 days or will have to pay almost 24% interest. first of all 24%? I have almost an 800 credit score so how is this amount based on "credit worthiness"? Obviously I have to pay it but I work part time and don't have an extra $1000. As a family we do but I really don't want to tell my husband as he doesn't even know I have this card and he would be extremely disappointed. here are my options:
1. Tell my husband. he will 100% pay it off but he will be upset. 2. I can pay about $700 of it by the due date and then I'd just have to deal with the finance charge for 1 month but I would absolutely be able to get it done by the next due date. Thoughts? I know in the grand scheme the ~$250 is not a huge deal but seriously that rate in obnoxiously high. |
Anonymous
| What did you buy? |
Anonymous
| I'd say to do #1 and tell your husband. But, if you don't, do #2 and next month when you have paid the card down to zero, close the account and don't use secret credit cards ever again. This is a recipe for disaster both with your finances and your marriage. |
Anonymous
| Pay it. Tell your husband and cut up the card. The internet rare has nothing to do with your credit rating. I have excellent credit and have 22% card with a 50k limit. I always pay it off and never come close to the limit v |
Anonymous
It wasn't just one thing. I was just paying the minimum for a while because I thought I had more time. Mostly it was just a lot of smaller stuff that added up (and a bag I bought for myself that was like $200) I know I should just tell him. ugh. I'm so mad at myself. |
Anonymous
| I'd tell husband. He'll find out later anyways. How the hell do you have a cc that dh doesn't know about?! |
Anonymous
| Pay it. Do NOT pay the interest. You will likely get charged interest for the entire amount (not just the $250) and possibly for the entire time you had the 0% rate. |
Anonymous
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How long have you been married? |
Anonymous
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My husband and I are actually extremely close, we have been married for 5 years but together for 12. We have two young children. He makes a shit ton of money and I make pennies comparatively. I got my own credit card because every credit card we have is in his name and I just wanted my own. I wanted something that was just mine. That's all.
But yes I will tell him. Can't wait for this conversation! |
Anonymous
| Get a new card TODAY (online) and do another balance transfer. It'll cost you 3% instead of 24% |
Anonymous
| Tell him and pay him back tonight in bed. |
Anonymous
| I agree with the balance transfer. I'd just find another 0% offer and transfer it. |
Anonymous
He makes a shit ton of money and you "wanted something that was just mine" and you are "extremely close". Got it. |
Anonymous
I'm afraid this option will not work given the short amount of time I have. There is only 5 days until the payment is due or the interest starts. The other 0% cards I looked at all said the balance transfer takes about 1-2 weeks to finalize. |
Anonymous
| Just to be clear, you are paying an APR of 24%, so on a constant $1,000 balance that's $240 per year in interest or $20 per month. Assuming you pay extra then the balance will decline and the actual interest you pay will be less than $240 over the next year. I'd just find another 0% card to transfer the balance to, even if it can't be done immediately and you have to pay a month or so of interest on he current card. |