Reply to Should I transfer my credit card Balance?

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Reply to "Should I transfer my credit card Balance?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Thank you. I am spending the afternoon organizing my finances. I am looking at my checking account making sure I can have this paid off by the end of the 18 months. Trying to create a budget on the rest I have leftover.

I cannot thank you all enough for your input. I have never been budget savvy and have paid off high balances in the past, but I really need to turn over a new leaf.[/quote]

I don't know if you paid the last one off with a balance transfer but I can speak from personal experience that you're going to get an interest only bill from AMEX.  Interest is charged daily based on the balance.  So if there are 30 days in the month and you pay $300/month interest, what you're really paying is $10/day.  So if you pay off the balance at the end of a billing cycle, you'll get a bill for the full $300.[/quote]

Yes I do understand that. For the current statement. I factored that into my decision. But thank you for explaining it so simply for me - it makes sense.[/quote]

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