(Topic ID: 116060)

Question about paying for private sale pin with credit card

By Pins4me

9 years ago


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  • 33 posts
  • 28 Pinsiders participating
  • Latest reply 9 years ago by HEEELEY
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    #23 9 years ago
    Quoted from Pins4me:

    Thank all for some very sound advice. Your right. I never really stepped back and looked at it as you folks are mentioning.
    My hope was to only carry that last $2000 over until the latest of next years tax return, but between the cash advance fees and interest rates, that $2k would balloon to like $3900 in a year.

    I am a CPA. Please do not do this. Unless you had to get the game right the second and you could pay off the card before your next statement, do not do this. It's good to have credit activity, but not balances sitting out there forever. Even if you have a low interest rate, you are still going to pay a lot more for a game. Don't do it. To put it into perspective, use this:

    http://www.barnesdennig.com/publications/financial-calculators.html

    Under personal finance, choose credit card payoff. You can play around with that calculator and it will tell you how long it will take to pay off your card and the amount of interest you will end up paying.

    Not worth it at all. Pay for a game you can afford NOW. Not one you can pay off in two years.

    #32 9 years ago
    Quoted from ForceFlow:

    If you do your taxes right in the first place, you really shouldn't be getting a huge return, unless you do some tax deductible stuff after the fact, such as putting in some additional money into retirement. Some people have additional money taken out of their paychecks intentionally just so they have a big windfall come tax time, but all you're really doing in that situation is just giving the government an interest-free loan every year. If you keep track of your spending, you really don't need to do this.

    This times a million. That is money you could be investing.

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