Carrying Balances over the Holidays

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oldsoldier
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Carrying Balances over the Holidays

Postby oldsoldier » Fri Dec 19, 2014 8:51 am

I know a lot of you like to PIF every month. My question is during the holidays do you find yourself carrying balances for a month or two. It always seems to be the case with me. I was just wondering how everyone else goes about the holiday season.
BoA Cash Rewards $13,000
Chase Sapphire Preferred $14,000
BoA Better Balance $12,000
Amex Every Day $24,000
Discover It $17,000
NFCU Platinum Visa $25,200
Barclay Arrival WMC $10,000
Cap One QuickSilver WMC $6,200
WF Cash back Visa Sig $11,000
Citi Thank You Premier $11,600


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Vattené
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Postby Vattené » Fri Dec 19, 2014 10:24 am

This is my first holiday season on credit cards (I just started using them seriously in February), but I am not planning on carrying a balance. More than anything we just want to keep the habit of always paying in full.

I am in a 0% introductory APR period with Amex, so it is tempting to carry a balance. However, my wife got into some credit troubles in the past and she wants to make sure we never slip into bad habits going forward. I agree, too (I know too many people that have trouble managing credit and see how easy it is to dig yourself in a hole that's much harder to get out of....plus now that we have tens of thousands in readily available credit I would just rather take a Puritanical approach to the whole thing). I will have to dip into the her checking account in order to PIF next month, though. We have our incomes going into separate accounts and try to use only mine on paying the credit cards each month. That won't happen this time, but we will be paying in full.
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EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
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kcm7
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Postby kcm7 » Fri Dec 19, 2014 11:10 am

I always PIF, no exceptions. It helps me keep my spending in check during the holidays, otherwise, it's just too easy to go overboard.

My biggest holiday expense is travel, and once that's paid for, I sit down and go, "OK, so I spent $300 to get home, and I have X amount in the bank account, so if I want to PIF, I only have X amount to spend on gifts and entertaining." I've had to get creative some years and give a lot of people cookies, but I make it work. I don't have kids/grandkids, so I probably have it easier than other people, though.
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oldsoldier
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Postby oldsoldier » Fri Dec 19, 2014 11:48 am

kcm7 wrote:I don't have kids/grandkids, so I probably have it easier than other people, though.


That's my problem every year. I have 5 grandkids and I really have cut back a lot over the years as my family has grown. I still find it hard sometimes to always stay the course as the holiday season rolls around.
BoA Cash Rewards $13,000
Chase Sapphire Preferred $14,000
BoA Better Balance $12,000
Amex Every Day $24,000
Discover It $17,000
NFCU Platinum Visa $25,200
Barclay Arrival WMC $10,000
Cap One QuickSilver WMC $6,200
WF Cash back Visa Sig $11,000
Citi Thank You Premier $11,600

Brad Bishop
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Postby Brad Bishop » Fri Dec 19, 2014 12:30 pm

I keep my gifts to immediate family members (Mom, sister, and my two daughters) and then a select few who may have touched my life in the last year. I also keep the purchases fairly small both in number and cost. I'm not buying anyone a $1000 camera. I usually do my shopping in Oct and aren't even thinking about it as Christmas approaches.

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nismoZtuner
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Postby nismoZtuner » Fri Dec 19, 2014 1:39 pm

During July I took a trip and spent close to 5k and since then i have dropped it down to 3k but i plan on getting rid of my entire balance next week before my card reports!
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

ingramjuan
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Postby ingramjuan » Fri Dec 19, 2014 2:44 pm

Looks like a may carry over a very small balance ($500) due to travel, gifts, hotels, etc.. Defiantly will be paid prior to billing.
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Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

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CarefulBuilder14
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Postby CarefulBuilder14 » Fri Dec 19, 2014 3:39 pm

I'm probably going to have more cards report a balance, as I've been seeking out better deals on a lot of gifts - that means using ShopDiscover, Shop through Chase, and the Brooks Bros card.

I will definitely PIF.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

yfan
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Postby yfan » Fri Dec 19, 2014 4:46 pm

I don't much care about my cards reporting a balance, because I don't feel like giving CCCs money before I have to. But I always PIF by the due date, because I don't feel like paying interest.

During the holidays, it may indeed be tempting to carry a balance, especially with the 0% offers flying around. After all, why not take advantage of an interest-free loan if you can make sure you can pay it off before interest hits? My rationale on not taking advantage of it is habit formation, and the fact that I don't want to accidentally miss the deadline on when the 0% gravy train ends.

But at the very basic level, while I do give (and receive) gifts during the holidays, to me the holidays aren't about gifts. The gifts, to me, are symbolic of a spirit of sharing and caring. I don't make a huge amount of money, and my gifts aren't lavish. The gifts I give are generally small, but I try to put a great deal of thought into it. I try to figure out what the intended recipient can really use or what is really important to someone, but doesn't cost a lot, and that's usually what I go for. Or, a small gift the recipient will find funny.

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nismoZtuner
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Postby nismoZtuner » Fri Dec 19, 2014 7:04 pm

CarefulBuilder14 wrote:I'm probably going to have more cards report a balance, as I've been seeking out better deals on a lot of gifts - that means using ShopDiscover, Shop through Chase, and the Brooks Bros card.

I will definitely PIF.


Try cashbackmonior.com I usually use fatwallet to get some money back with a few purchases- it'll add up besides the cash back you will already get using your discover card!
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22



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