If you buy a $1000 bicycle, which credit card pay off strategy will result in your paying the LEAST total amout
If you buy a $1000 bicycle, which credit card pay off strategy will result in your paying the LEAST total amout
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If you buy a $1000 bicycle, which credit card pay off strategy will result in your paying the LEAST total amout
To pay the least total amount when financing a $1000 bicycle, you should choose a credit card with the lowest interest rate and pay off the balance as quickly as possible. Here’s a step-by-step strategy:
1. Low Interest Rate: Use a credit card offering a low annual percentage rate (APR) for purchases. This minimizes interest charges.
2. Pay More Than Minimum: Pay more than the minimum payment each month. The faster you pay off the balance, the less interest you will accrue.
3. Avoid Promotions That Add Fees: Sometimes cards offer 0% interest for a set period, but might have fees associated. Understand the terms and choose wisely.
4. Budget for Payments: Create a budget that allows you to pay the card off rapidly, avoiding long-term debt and high interest.
Following this strategy will minimize the total amount paid in interest over time.