A few questions from a newbie.

For just about anything you want to get off your chest about credit cards.
4 posts
OldMan
Platinum Member
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Joined: Wed Mar 26, 2014 12:49 pm
Location: USA

A few questions from a newbie.

Postby OldMan » Tue Apr 15, 2014 9:26 am

So I now have my two new credit cards, and I've got a few questions.

1. Is there a blackout date where you don't use your cards. i.e. If I don't want to report a balance, should I not use it a week before my statement date?

2. Should I let them report a small balance once or just pay it off full before the statement date?

3. How long does it normally take for most transactions to post for payment?

4. Did anyone else feel a little uneasy when first making the transition from all cash/debit to credit card use? How long did that last?

Since this is all new to me, I'm feeling a little nervous (not wanting to mess things up). Just wanted to get some thoughts from others as I start this adventure.
My Wallet:
Discover IT - $4000;
AMEX BCE $12000;
Citi Double Cash - $6600;
CHASE AARP Visa - $5000;
Banana Republic $1200;
NFM - $20,000;
Sears (Citi) MC - $6000;


haikuginger
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Joined: Wed Feb 08, 2012 8:09 am
Location: Norman, OK

Postby haikuginger » Tue Apr 15, 2014 9:51 am

OldMan wrote:1. Is there a blackout date where you don't use your cards. i.e. If I don't want to report a balance, should I not use it a week before my statement date?


Nope. You can use it all month long.

OldMan wrote:2. Should I let them report a small balance once or just pay it off full before the statement date?


It's entirely up to you. Unless you're applying for new credit in the very near future, it doesn't matter. If you are applying for new credit soon, only let enough balance post to take up about 5% of your total credit limit among all your cards.

OldMan wrote:3. How long does it normally take for most transactions to post for payment?


Typically within 3-5 days.

OldMan wrote:4. Did anyone else feel a little uneasy when first making the transition from all cash/debit to credit card use? How long did that last?


Sure. It doesn't take long to get over it. Just remind yourself that you're not going into debt; you're using your credit cards exactly how you would your debit card or cash. And then remember that your credit card isn't linked directly to your checking account, and that you aren't liable for any fraudulent charges that get made using it. Remember those two things, and your mind will rest much more easily.

OldMan
Platinum Member
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Posts: 64
Joined: Wed Mar 26, 2014 12:49 pm
Location: USA

Postby OldMan » Tue Apr 15, 2014 10:10 am

Thanks for the reply, I feel a little silly being worried about all of this, but its kind of freaky feeling. Fortunately I'm really good with numbers and balancing accounts, my wife on the other hand....... lol.
My Wallet:
Discover IT - $4000;
AMEX BCE $12000;
Citi Double Cash - $6600;
CHASE AARP Visa - $5000;
Banana Republic $1200;
NFM - $20,000;
Sears (Citi) MC - $6000;

Troublemaker
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Posts: 53
Joined: Sun Jan 20, 2013 9:18 am
Location: USA

Postby Troublemaker » Fri Apr 25, 2014 11:15 pm

Ha ha! All good worries. In fact it's good to see a newbie getting educated before using a credit card. Most I know (including myself) just went on a spending spree and learnt the hard way.
DoubleCash '99:10k / Freedom '07:11k / CU '11:15k / Slate '14:13k / Premier '15:10k / InkPlus '15:5k



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