Should I put my savings or checking account on my credit card?

Question

I just got a credit card for the very first time yesterday and I was considering transferring my savings from my debit card on there to help save my money for a new car. However, I’m not sure if that’s a good idea since if I use the credit card to buy something after putting my savings on there, I would most likely have to use my savings to pay it off so what should I do?

Answer 1

kyleelyn199723

Guru

That’s not how a credit card works. You should have been approved for a credit limit. So say your credit limit is $1,500. You should only have that in your credit card account. Once you swipe that credit card, immediately pay off that item unless it’s a hefty investment. You have until the end of the month to pay off your credit card each month. Your savings should never ever be touched.

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kyleelyn199723

1 y
You should definitely read up on credit cards or ask a trusted adult with good credit about credit cards before you screw yourself over real quick. Not knowing about credit cards can really make or make how much debt you go into
kyleelyn199723

1 y
Make or break *
Asker

1 y
That’s kind of why I’m asking before I do anything
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kyleelyn199723

1 y
Ask a trusted adult. Make sure they have good credit before discussing. I went to my dad that has good credit before I started swiping my card. Once you pay it off all the investments on the card , your credit card limit goes back to whatever you were accepted to. So say I had a $1500 credit limit. I spent $100 on groceries. It will immediately take away that $100 from your $1500 and may take interest if your card calls for interest. Once you pay that $100 plus interest off, your credit limit goes back to $1500. Do not add any of your personal money into a card that is nonstop controlled by your bank.
kyleelyn199723

1 y
It’s really essential to complete all your payments monthly otherwise your interest rates will raise a lot and you will be paying out of the ass for simple things. Do not do that to yourself
kyleelyn199723

1 y
Also unless if your credit limit is high enough to pay for a new car, I would not use your credit card to pay for your car. Investing in a car is a credit builder to begin with.

Answer 2

kyleelyn199723

You should definitely read up on credit cards or ask a trusted adult with good credit about credit cards before you screw yourself over real quick. Not knowing about credit cards can really make or make how much debt you go into

Answer 3

kyleelyn199723

Make or break *

Answer 4

Asker

That’s kind of why I’m asking before I do anything

Answer 5

kyleelyn199723

Ask a trusted adult. Make sure they have good credit before discussing. I went to my dad that has good credit before I started swiping my card. Once you pay it off all the investments on the card , your credit card limit goes back to whatever you were accepted to. So say I had a $1500 credit limit. I spent $100 on groceries. It will immediately take away that $100 from your $1500 and may take interest if your card calls for interest. Once you pay that $100 plus interest off, your credit limit goes back to $1500. Do not add any of your personal money into a card that is nonstop controlled by your bank.

Answer 6

kyleelyn199723

It’s really essential to complete all your payments monthly otherwise your interest rates will raise a lot and you will be paying out of the ass for simple things. Do not do that to yourself

Answer 7

kyleelyn199723

Also unless if your credit limit is high enough to pay for a new car, I would not use your credit card to pay for your car. Investing in a car is a credit builder to begin with.

Answer 8

torken | 718 opinions shared on Other topic.

Guru

Treat the CC like a debit card: plan to pay it off 100% every single month, no exceptions.

If you need to use your savings to pay it off, so be it. That said, a good rule is to use checking for spending money and savings for emergency or unusual purchases.

However, going into your savings to pay off your CC bill before you incur interest is for sure the best thing to do.

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Answer 9

exitseven | 4.9K opinions shared on Other topic.

Master

Keep them separate. That way you will be cognizant of what you buy with your credit card and hopefully it will make you more careful with it.

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exitseven

1 y
Thanks for the MHO

Answer 10

exitseven

Thanks for the MHO

Answer 11

dudeinohio | 2K opinions shared on Other topic.

Master

Leave your savings account alone.

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Answer 12

Anonymous

Probably checking

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Should I put my savings or checking account on my credit card?

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