simplicity

Tag Archives for simplicity.

‘Tis the Season to Use 0% APR Cards to Avoid Interest for up to 21 Months (If You HAVE to Carry a Balance)

Happy New Year! I can’t believe it’s 2019! I’m working on travel plans and my credit card strategy – and soon I’ll have gigantic news to share.

If you spent too much over the holiday season, and carrying a balance is inevitable, consider transferring your balance to a new card with a 0% APR period.  They vary from 12 months to a staggering 21 months! This will hugely minimize the interest you’ll pay.

Depending which card you get, you won’t have to pay it off until January 2020 at the shorter end – or October 2020 at the longer end. That’s awesome!

Or if you have a big purchase coming up, opening a card with a 0% APR period gives you time to pay it back.

I’ve used both strategies successfully. But beware – pay close attention to the dates (which are listed on every statement you’ll get), or you’ll be right back where you started.

Still, it’s a LOT better than carrying a balance and paying huge interest rates. NEVER carry a balance if you can help it!

balance transfer cards

Paying interest negates any rewards you earn. Your balance will grow and you’ll get stuck on a debt treadmill – don’t do it!

Here are card options for balance transfers and big-ticket purchases. Because yes, life happens. Just try to control the damage as best you can.

Get unstuck with balance transfer cards

Read More

Why I Got a 0% APR Card to Help Pay Down Debt

Also see: 

Welp, I finally did it. Got a new credit card to help pay down my student loans.

It’s an idea I floated before. But I didn’t bite because there have always been other cards I wanted instead. Plus, I like to save or invest money instead of throwing it toward student loans.

0 apr credit cards

I hate their name. I hate how their logo has an apple in it. I hate everything about it pretty much

I’m constantly torn about taking a solid year to get rid of it, then I think… man, I could invest that. Or pay down my mortgage. Or just have it.

Ultimately, I think a hybrid approach is best: break everything down into buckets and work on each one a little at a time. Save a little, invest a little, use the rest for bills.

But I’ve decided to give myself a head start on the student loan bucket. Here’s why.

Lower principal means less interest

Read More