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Thread: "Money for nothing and get yer chips for free..."

  1. #1
    Supporting Member Steve A.'s Avatar
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    "Money for nothing and get yer chips for free..."

    You mean to say that they WEREN'T singing about Doritos...?

    And now for my latest financial brainstorm - or as me and my late brother used to say when we were sharing a flat in Oakland in the early 70's - "bwainy day!" (That is Elmer Fudd Spanglish for "you really are a dumb shit!")

    D'oh! There are over 3 weeks between the automatic deposit of my regular monthly check and the automatic payment of my Visa bill. I just now figured out that if I pay my Visa bill 3 weeks early it is like collecting interest on the money that would otherwise just be sitting in my bank account. It might not amount to much but considering the fact that you normally get little or no interest on the money in your savings or checking accounts it is worth looking into.

    Considering the fact that it took me almost 10 years of automatic deposits of monthly checks to figure that out I repeat my opening remark: D'oh!

    With all of the nebulous schemes out there to earn money doing absolute nothing this is something to consider if you have money sitting in a bank account several weeks each month waiting to make an automatic payment on a credit card...

    BTW be sure to check with your credit card company to see how they handle early payments on accounts signed up for automatic payment. Many banks will go ahead and still take the automatic payment in addition to whatever early payment you make so if that is the case you'd want to move the date of your automatic payment closer to the date of your automatic deposit to take advantage of this idea...
    Steve A.
    Last edited by Steve A.; 05-30-2017 at 08:30 AM.

  2. #2
    g1
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    don't forget the joker g1's Avatar
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    I'm not clear on this. It depends on whether you have an outstanding balance.
    Otherwise, you have 30 days to pay and if you pay early, you are losing any interest that would be accrued in your savings account.
    Certified Dotard

  3. #3
    Old Timer J M Fahey's Avatar
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    I think the Bank is doing huge business with everybody´s unused for 3 weeks money.

    It shouldn´t necessarily work except for the fact that you will leave your money there to cover the Credit Card bill ... and if you don´t, you´ll either have to get money from somewhere else to cover it *or* accept some kind or re re financing as quite higher interest.

    A win win situation for them.
    g1 likes this.
    Juan Manuel Fahey

  4. #4
    Supporting Member Steve A.'s Avatar
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    Quote Originally Posted by g1 View Post
    I'm not clear on this. It depends on whether you have an outstanding balance.
    Otherwise, you have 30 days to pay and if you pay early, you are losing any interest that would be accrued in your savings account.
    Hmmm... everyone I talk to says that my balance is outstanding - nothing ordinary about it at all!

    Yes, I was referring to a credit account in which interest is in fact being charged.

    Another exception would be those "same as cash" purchases in which no interest is charged if the full amount is paid off within the specified time frame.***


    Steve A.

    *** Up until ~2014 Guitar Center would offer "same as cash" financing in which there was a low minimum payment each month but a huge balloon payment due at the end of the specified term (6, 12, 18, 24 or 36 months) to avoid the accrued interest. The minimum monthly payment now will pay off the full balance of each purchase by the end of the term so there is no balloon payment to deal with.
    Last edited by Steve A.; 05-30-2017 at 09:02 PM.

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