Credit card installments: Yay or nay?
I have enough in savings to pay a rather large amount, but was wondering if putting the payment on a 0% installment plan on my credit card would be better. Considerations include leaving the money in my savings account to gain interest over the year, do installment payments earn cashback/miles etc. Could anyone weigh in on the pros and cons please?
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Jason Sing
25 Feb 2020
School Of Hard Knocks And Life at School Of Hard Knocks And Life
I frown upon credit card installments. It is simply no worth paying interests for delaying part of your debts. It is better to pay off all your debts in one payment. Set up Giro to take care of credit card debts. The interest you earn from the savings account is not even sufficient to pay the interest for credit card installments.
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Hi Adriel, i would only recommend doing so you are able to pay it consistently on time and also able to manage your cashflow well. Otherwise, it might be better to pay off the amount in full to avoid incurring high interest rate charges.
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It's a NO!
You will lose all cashback / miles on installment.
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If its something that I need and I can afford to buy with cash, and they are offering 0% interest cc...
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Nayy! Pay it in 1 shot and move on