[ What a b*tch! ]
This is my 3rd installment for this series.
I wanted to show all the details for the lifespan of this newly acquired credit card. You can view Part 1 here & view Part 2 here if you have no clue what I’m talking about, or want to refresh your memory.
I’m hoping that this will be helpful to really see what happens over the life of a credit card. We could have paid cash for my dental procedures, but that would have been most of our savings.
With our luck, something would have came up after draining our savings and we’d have been screwed. For us and our current financial situation getting credit to pay was the best option, and still is—no matter how much I hate this card.
The basics:
- I applied and was approved for a $3,000 credit limit on 4/12/11
- On the same day ( 4/12/11) I charged a complete root canal & filling on the card = $2,297.00
- 48 month promotional period = 14.9% APR
- Minimum monthly payments = $64.00
- If I paid only the minimum payment of $64.00, in 4 years it would be paid off. I would have paid $3,095.00, which is $798.00 in interest.
- If I paid $80.00 a month, I would have paid $2,887.00, which is $590.00 in interest.
THE THIRD BILL
Previous Balance- $2,278.34
New Purchases- $0.00
Payments- $1,032.00 ($1,000 posted on 6/9 & $32 posted on 6/27)
Credits, Fees, etc.- $0.00
Interest Charge- $17.63
New Balance- $1,263.97
Minimum Payment Due- $64.00
Days in Billing Period- 29
TOTAL INTEREST CHARGED: $66.47
TOTAL PAYMENTS SENT: $1,099.50
Notes: That $1,000 payment knocked off about 11 bucks of interest this month, so that’s cool. I’m going to be sending off another payment in a couple of days and am hoping to pay $100 on it, we’ll see. Here’s their little update about only paying the minimum payment from here on out:
Like that’s gonna happen—no way! I need to make sure I keep sending in extra with each payment I make, otherwise I’ll just be giving them more free money. That’s never any good.