Should I pay tax bill with credit cards?
Guest: JoyJoy
Credit Expert (100+ Posts)
Post subject: Should I pay tax bill with credit cards?
Posted: Fri Sep 15, 2006 2:32 pm
Hello I'm back to pay a visit and also to ask for more advice.
Harry and Wierdo you helped me with this before and I just wanted to bring you up to date as to what I did and ask you how should I handle a tax bill. I don't mind if anyone else can give me constructive advice too.
Under my first post of "Wise Decision or Not Pt.1" I had five credit card accounts. Well I paid off one of them using my balance transfer options. I also asked for CLIs and received them. My bill portfolio (lol) looks like this now:
BOA - Credit Line - $9,200.00 - Balance owed $2,737.80 - 0% to 9/07
CitiBank - Credit Line - $11,500 - Balance owed $3,999 - 0% to 7/07
Amex Express Blue - Credit Line $11,700 - Balance owed $2,999 - 2.99% life of balance - offer good until 10/3/06
HSBC - Credit Line $15K - Bal. owed $4,499.89 - 0% on bt and purchases until 3/07
(The above increases and BOA wouldn't have been possible had I not received the information about CLIs and an BOA application from Harry and Wierdo. I really thank you!)
I just received a property tax bill that I want to pay using one of my cards. The amount of the tax bill is $3,656.70. Which card or cards do you think would accommodate this easily?
Amex told me that I could transfer my Citibank balance to them even though it has the Amex logo on the card. Would it be wise to transfer what I owe them now and then ask Citibank or BOA for a balance transfer check to be deposited to my checking account for the total amount of the taxes? I know Citibank has a 7/07 bt expiration date @ 0%....just asking lol). I want to keep my utilization down as much as I can.
I am not desirous of opening any more credit cards even though i have offers from WAMU and Discover. WAMU to Jan '08 (0% BT) and Discover 0% for life if I make atleast two purchases or cash transactions starting in June, 2007. I am concerned about rate surfing or having too many open lines of credit. My main objective is just to have no more than 2 cards.
I really would appreciate any help along these lines. TYIA.
Alecia
_________________
J~J
"You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: JoyJoy
Credit Expert (100+ Posts)
Posted: Fri Sep 15, 2006 8:16 pm
Anyone? Any body lol. Just would like an opinion.
Alecia
_________________
J~J
"You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: JoyJoy
Credit Expert (100+ Posts)
Posted: Fri Sep 15, 2006 9:24 pm
Well this was short-lived! I did find help at Bankrate.com and people at FatWallet.
Tax bill can be split 50/50 between two cards or put the bill on one card as long as I don't go over 50% of the total credit line.
Ok I'm outta here.
Alecia!!
_________________
J~J
"You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Fri Sep 15, 2006 9:33 pm
Worrying about 50% is for FOOLS
But then I'm just an IDIOT
FICO PAYS YOUR BILLS???
Going for a MORTGAGE then you can worry about 50%
Then 10% to 30% is better
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit Expert (100+ Posts)
Post subject: Should I pay tax bill with credit cards?
Posted: Fri Sep 15, 2006 2:32 pm
Hello I'm back to pay a visit and also to ask for more advice.
Harry and Wierdo you helped me with this before and I just wanted to bring you up to date as to what I did and ask you how should I handle a tax bill. I don't mind if anyone else can give me constructive advice too.
Under my first post of "Wise Decision or Not Pt.1" I had five credit card accounts. Well I paid off one of them using my balance transfer options. I also asked for CLIs and received them. My bill portfolio (lol) looks like this now:
BOA - Credit Line - $9,200.00 - Balance owed $2,737.80 - 0% to 9/07
CitiBank - Credit Line - $11,500 - Balance owed $3,999 - 0% to 7/07
Amex Express Blue - Credit Line $11,700 - Balance owed $2,999 - 2.99% life of balance - offer good until 10/3/06
HSBC - Credit Line $15K - Bal. owed $4,499.89 - 0% on bt and purchases until 3/07
(The above increases and BOA wouldn't have been possible had I not received the information about CLIs and an BOA application from Harry and Wierdo. I really thank you!)
I just received a property tax bill that I want to pay using one of my cards. The amount of the tax bill is $3,656.70. Which card or cards do you think would accommodate this easily?
Amex told me that I could transfer my Citibank balance to them even though it has the Amex logo on the card. Would it be wise to transfer what I owe them now and then ask Citibank or BOA for a balance transfer check to be deposited to my checking account for the total amount of the taxes? I know Citibank has a 7/07 bt expiration date @ 0%....just asking lol). I want to keep my utilization down as much as I can.
I am not desirous of opening any more credit cards even though i have offers from WAMU and Discover. WAMU to Jan '08 (0% BT) and Discover 0% for life if I make atleast two purchases or cash transactions starting in June, 2007. I am concerned about rate surfing or having too many open lines of credit. My main objective is just to have no more than 2 cards.
I really would appreciate any help along these lines. TYIA.
Alecia
_________________
J~J
"You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: JoyJoy
Credit Expert (100+ Posts)
Posted: Fri Sep 15, 2006 8:16 pm
Anyone? Any body lol. Just would like an opinion.
Alecia
_________________
J~J
"You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: JoyJoy
Credit Expert (100+ Posts)
Posted: Fri Sep 15, 2006 9:24 pm
Well this was short-lived! I did find help at Bankrate.com and people at FatWallet.
Tax bill can be split 50/50 between two cards or put the bill on one card as long as I don't go over 50% of the total credit line.
Ok I'm outta here.
Alecia!!
_________________
J~J
"You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Fri Sep 15, 2006 9:33 pm
Worrying about 50% is for FOOLS
But then I'm just an IDIOT
FICO PAYS YOUR BILLS???
Going for a MORTGAGE then you can worry about 50%
Then 10% to 30% is better
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 9:13 AM
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