I have three credit cards with balances, I will provide them below with their limits as well:
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$470 balance / $500 limit (0% APR)
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$970 balance / $1000 limit (0% APR)
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$6535 balance/ $10,000 limit (22.75% APR) *enrolled in a payment assistance plan with 0% APR until July
I am receiving a $6100 tax refund, what would be the best path forward to apply to my card(s).
Seeking Advice for Applying Tax Return to Credit Card(s)
byu/Constant_Neck9209 inCreditCards
Posted by Constant_Neck9209
2 Comments
Put it all on card 3 since that 0% deal ends in july and you’ll get hit with that brutal 22.75% rate – even with only like $400 left over there interest will add up quick
I’d probably just wipe the two small cards first so your utilization drops fast and those are off your plate, then throw the rest at the big balance while it’s still at 0% so you shrink it as much as possible before that high interest comes back.