Quote from their website, take it for what you want. "Pay in full and pay on time The easiest way to keep your credit card costs low is to pay off your balance every month. Keeping current with your credit card payments can also help you build a good credit rating. Missing payments will hurt your credit rating and can expose you to interest rate increases with some cards or future loans." http://www.bankofamerica.com/financ...tail&tools=loans&product=loancredit#rightcard
You'd be surprised how many don't know that, though. There's a lot of things that are DUH to us but not to many.
Paw, that's the way I prefer to do it, not necessarily whether the creditor prefers it or not. Also, for years we have heard they want to make some money on us, so how can they do that if they don't make interest on a balance we carry. AND since we are here to help each other, I thought I'd share what I read.
Amy, didn't mean to be an *******. I guess I forgot to put a smiley at the end of the sentence. As you have noted, the thing is to pay off the balance each month, because that way we can get the goodies, and they don't get interest on it. Paying on time is a good idea too, try having a late with for example AmEx, even better, a several lates, and then try to apply for another card with them. Or try Chase who will take your APR up to the maximum allowed because your check got lost in the mail. No hard feelings. PawMix
GatorDeb, I work with a gal who is routinely late on her payments, is oblivious to FICO, credit reports etc and whose best solution for dealing with a charge off is to cry. It's not that she doesn't have the money to pay, quite the opposite, but she just doesn't seem to understand that if the payment is due on the 15th of each month, then it's due on the 15th, not on the 25th or a month later. PawMix
Amy, CC companies make money a lot ways other than charging interest. In the finicial services world, the key is money or assets under management. Now, you'll likely pay the BT in full prior to the offer expiring but, many won't and start to pay interest. Also, many will use the card and the cc company will get a percentage from the merchant everytime the card is used. Cash management operations are a revenue source. Obligations are matched against due dates for loan payment and the cash flow is used for short term money market investments at institutional rates. And, finally, comes the opportunity for cross selling. All those annoying phones calls about credit insurance, check your credit and all the other stuff they market. When you deal with acounts in the millions, all you need is a piece of all of them because a lot of pieces will be bigger than others.
Re: Re: B of A wants you pay in full I appreciate that and I apologize if I misinterpreted your post. (It's easy to forget we assume on here without knowing anyone else's attitude or intention. I always tell my dh to give someone else the benefit of the doubt when they cut him off. lol.)
Re: Re: B of A wants you pay in full THEY WANT ME TO PAY 4.25% (PRIME + 0.00%) ON BT'S!!! THEY DON'T WANT ME TO PAY IT OFF!!!
Re: Re: Re: Re: B of A wants you pay in full They ask me to accept a higher limit and if I call they ALWAYS BRING UP ANOTHER BT??? Both are FINE...I'm NOT complaining ONE BIT!!!!!!
