Easiest way to manage CC?

Hooloovoo

Mimi_Arc_en_ciel wrote: »

Thankyou for the replies. It’s definitely less spending than I earn. This month Iput a mini break on my CC (£400) and budgeted it into my weekly “normal”account but then I got confused as to how much I have paid since the laststatement. I think I would be better moving the “weekly” payment into anotheraccount and then when this gets to the full CC statement (In this case £400)then pay it off in full .... I hope that makes sense!

Is there any particular reason why you're making it this complicated? Most people just make one payment per month to their credit card. Assuming you are paying it off in full this is as simple as looking at your last statement, or even simpler still just having a DD for the full amount set up.

The CC I have also offers cash back and rewardpoints so I figured providing I don’t get charged for it then I might as welluse it.

Absolutely. Good financial sense.

Paully232000

I set up a D/D to pay the full amount from all credit cards I have. That is apart from those I used to have specifically for BT, where I set up a D/D for the min payment for the life of the BT and then switched it elsewhere.

Mimi_Arc_en_ciel

Hooloovoo wrote: »

Is there any particular reason why you're making it this complicated? Most people just make one payment per month to their credit card. Assuming you are paying it off in full this is as simple as looking at your last statement, or even simpler still just having a DD for the full amount set up.



Absolutely. Good financial sense.

I tend to over complicate everything – I’ve no idea why I do it! Character flaw maybe?

I get my wage monthly, but I get the rest of my money (Maintenance, cb etc) weekly so I tend to work weekly rather than monthly. I think if I waited until pay day and then paid it in one go I would be in trouble which is why I thought about transferring my “weekly” CC money into another account and then when it’s time to pay CC just pay it in one go.

Hooloovoo

I would suggest it would be simpler to just get some will power and ensure you don't spend money in your account that you know you've already spent on the credit card.

longtermplanner

Mimi_Arc_en_ciel wrote: »

at the moment im getting confused as to what my balanace / due amount is and how much i've actually paid.

So - my query is - how to you manage yours so that you dont get in any debt with them?

Many (?most) cards have an option that lets you set it up so it will automatically collect the full balance each month by DD. That's what I do.

If you are worried there might not be enough money in your bank account for this, then you have a different type of problem. In that case you need to restrict your spending so that you do. But it sounds as though that isn't a problem for you

Mimi_Arc_en_ciel

Hm - Well plenty to think about - Thank you for the replies. :beer:

knightstyle

Just be aware that Credit Cards are a great way of buying things YOU CAN AFFORD.
But it is so easy to overspend and then you end up on the slippery slope to big money troubles.
So as long as it is affordable use it but if your circumstances change, loose job or something, the first thing to do is cut up and cancel all Credit cards. I wish I had!