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Paying off 0% credit cards!

July 10th, 2016 at 01:17 pm

One of the ways I was able to pay our tax bill in full was by putting other purchases on some 0% credit cards we had. I probably could have paid them off a month ago, but I wanted to be able to officially say the money had come in to cover the tax (and dental) bills.

Now that the on-paper deficit is wiped out, I feel comfortable paying them off. So I set up the payments today. I have 0% interest rates until early 2017, but I feel more comfortable not carrying debt if I don't have to.

I never counted them in my debt totals because I felt confident I'd pay them off quickly, so this doesn't change the total household debt. But it does feel good!

The total balance we were carrying across four cards was $6,133.07. There are also some new purchases on one of the cards, but I'll pay that in full when the next bill comes, as I typically do with credit card balances.

Another bonus to being done with the tax bill is that we can start maximizing our rewards by using the Target card for Target purchases (5% off each purchase), the Amazon card on Amazon (5% rewards you can redeem toward future purchases), and the Amex for groceries (6% cashback). The cards we were using only had 1%-2% rewards.

2 Responses to “Paying off 0% credit cards!”

  1. snafu Says:

    Kudos for carrying out your plan for the 'on paper' deficit. I caved to feeling uncomfortable with such large, unanticipated, bills that defied my early 2016 financial planning. I transferred $ 5K from EF to chequing to instantly end stress. I'm still so miffed that just when husband was having medical emergencies, our ancient condo had nearly daily problems beginning with garage door opens but refuses to close, Insurance denies an expensive RX refill claim they had originally approved, yadda, yadda , yadda.

    I have an outline to reimburse EF as sums slowly reimburse and could take sums from house maintenance for all the fixes but it's mostly a spread sheet transaction. Hosting visitors adds costs so I'll enjoy the experiences and sort out $$$$ later.

  2. LivingAlmostLarge Says:

    Still congratulations!

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