Best Buy Payoff

Promotional balances will sneak up on you if you aren’t careful. We are generally very careful, which is why we know our Best Buy Promotional balance is expiring in a few days.

I have watched our balances very carefully for ALL of our debt. I also devised a plan which would pay off our Best Buy promotional balance with no problems, while taking full advantage of 0% interest rate we were being charged.

However, the Best Buy payoff looks like a patchwork quilt!

What do we owed at the beginning of December: $601.

Step 1: December 6, apply $25 which is the minimum payment for Best Buy.

Step 2: December 15, apply $300 Discover Card payment that has been eliminated

Step 3: December 15, apply $185 Kubota Loan payment that has been eliminated.

Step 4: December 23, apply the $75 overpayment of the NFM minimum balance.

Step 5: Throw in an extra $16 and we’re done!

Amount of deferred interest we will NOT  be paying? $608.

That seems like a LOT of steps to get this little item paid off, huh? But the best part is that it will be PAID OFF, and it will be one less card/payment nagging at us every single month. We also will not be paying an additional $608 in deferred interest, which is also a bonus!

I can’t wait to start the new year after paying off our Discover Card, Kubota Loan AND Best Buy credit card! It feels like we are finally making progress toward becoming debt free.

 Have you eliminated any credit card or loan payments recently? Do you have any that you are close to being free of?

Do you play with promotional balances on credit cards?