Deleted
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Post by Deleted on Jul 30, 2019 17:27:08 GMT -5
What's your plan when the emergency doesn't take credit cards? My grand plan of putting the $7500 well bill on the 0% until next April card was thwarted.
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TheOtherMe
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Post by TheOtherMe on Jul 30, 2019 17:39:05 GMT -5
My credit union's rate for cash advances is the same as it is for the credit card. For my sidewalk, I got a cash advance on the credit card via a phone call and then transferred that to a 0% credit card the same cycle. I only had to pay the 3% transaction fee.
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justme
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Post by justme on Jul 30, 2019 18:48:39 GMT -5
That was going to my suggestion.
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busymom
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Post by busymom on Jul 30, 2019 18:53:21 GMT -5
I agree with talking to your local credit union. Other Plan B: look for a different credit card offer. Been there, done that.
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hoops902
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Post by hoops902 on Jul 30, 2019 19:01:52 GMT -5
I have a credit card for emergencies, but I also have a rather large investment account that I "could" draw from if I really needed to. I keep almost nothing for an emergency fund, but it would only take a few days to liquidate quite a bit of cash via stock sales (before I had that amount of money invested, I had a pretty significant savings account for emergencies). I was always too worried to have a credit card only for emergencies, because I often only used them for very large purchases and I was worried they may see it as too risky given I paid them off when the bill came and just cut my line of credit.
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haapai
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Post by haapai on Jul 30, 2019 19:09:17 GMT -5
I did not like the financing that my credit union offered when I finally decided to replace the clouded windows and leaking sills last month. The rates were icky, the terms were short, and anything that involved hocking the house required an appraisal that dramatically increased the cost of a $4000 loan.
So I said, "Screw it. This is why I've been shoveling cash into savings. I'll pay cash." And then I wrote the check and forgot to transfer cash from savings to checking. Overdraft protection kicked in and saved me from two NSF transactions, but the fees associated with my lack of a planning are really embarrassing. Not big, just embarrassing. I don't hit 1.000 or even .400 either.
So how did you get the well replaced? Regular credit card? Delay? Pull from EF?
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Deleted
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Post by Deleted on Jul 30, 2019 19:16:32 GMT -5
minnesotapaintlady, is it because the company doesn't take CC? We've run into a few companies like this. Or they charge you an enormous convenience fee. You borrow from Peter to pay Paul. You no doubt have some cash that was allocated for something else, and you use that. But we really don't have many $7500 emergencies. That might be close to what we paid for the new hvac system, but our home maintenance account covered that. Not much left afterwards, though. Sorry this is happening to you. I know Murphy has been your new live-in lately.
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Deleted
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Post by Deleted on Jul 30, 2019 19:20:09 GMT -5
So how did you get the well replaced? Regular credit card? Delay? Pull from EF?
I called them up, went on vacation, came home, well pump replaced. That was the easy part!
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Deleted
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Post by Deleted on Jul 30, 2019 19:23:19 GMT -5
I have the money to pay cash. It will make me very sad. Very. very. sad. Point of the thread was just me thinking out loud about comments I've heard over the years about keeping no savings and using credit cards for emergencies.
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haapai
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Post by haapai on Jul 30, 2019 19:24:11 GMT -5
You got a well replaced without arranging to pay for it? I'm confused. I've heard of Minnesota nice, but I didn't think it was that extreme.
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laterbloomer
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Post by laterbloomer on Jul 30, 2019 19:26:12 GMT -5
That kind of emergency goes on my line of credit. To me credit card emergencies are things like needing to get a hotel room or rent a car for some reason. Maybe bail.
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Deleted
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Post by Deleted on Jul 30, 2019 19:29:25 GMT -5
You got a well replaced without arranging to pay for it? I'm confused. I've heard of Minnesota nice, but I didn't think it was that extreme. Nice, on the part of the plumber? I think they can just put a lien on your property if you don't pay, I don't know, but I've never paid ahead for emergency plumbing. It would have been NICE if he had called me and given me a heads up on the price. I'm a little perturbed that he replaced all the wire at 2K. Does wire go bad? They didn't replace it last time the pump needed to be replaced.
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haapai
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Post by haapai on Jul 30, 2019 19:39:36 GMT -5
I have the money to pay cash. It will make me very sad. Very. very. sad. Point of the thread was just me thinking out loud about comments I've heard over the years about keeping no savings and using credit cards for emergencies. Yeah, I was glad that I had the cash too. The rates that I'd be facing without cash were pretty painful. They got slightly better with more paperwork and fees, but the repayment terms shortened dramatically. I didn't do all of the math to figure out just how badly I'd be screwed by interest rates or living in terror until the loan was repaid.
I may have to dial back retirement contributions in order to replenish my cash stash, but the loan terms that I saw made me feel much better about leaving cash in savings to rot for the last 5-10 years.
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chiver78
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Post by chiver78 on Jul 30, 2019 19:50:27 GMT -5
minnesotapaintlady , is it because the company doesn't take CC? We've run into a few companies like this. Or they charge you an enormous convenience fee. You borrow from Peter to pay Paul. You no doubt have some cash that was allocated for something else, and you use that. But we really don't have many $7500 emergencies. That might be close to what we paid for the new hvac system, but our home maintenance account covered that. Not much left afterwards, though. Sorry this is happening to you. I know Murphy has been your new live-in lately. all of that. is there some account you can pilfer and repay from funds reallocated by paying via that emergency CC for things budgeted otherwise? the shell game isn't fun at all, but you juggle enough of them to know what you're doing. I don't think you'd lose this in the trees. <hugs>
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Deleted
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Post by Deleted on Jul 30, 2019 19:56:44 GMT -5
It actually would have been so easy if they just took credit cards. I have that one with 10K left on it that is 0% until April AND gives me 2% cash back. But, there are quite a few services around here that don't take cards or like the LP guy, takes them, but charges 3%. One thing I've learned. I need to start paying myself a water bill every month. This is nothing. If they actually needed to drill a new well, it would be at least 25K...probably way more. I'm a victim of new building codes. A lot of my neighbors just have 200 feet deep wells and can get by with smaller pumps. My one neighbor is running 3 houses and a dairy barn off of his pump and it's been going fine for 20 years now. Now when they put in wells they have to go completely through the first aquifer and X number of feet into the 2nd. My well is 650 feet deep.
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Deleted
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Post by Deleted on Jul 30, 2019 19:59:36 GMT -5
minnesotapaintlady , is it because the company doesn't take CC? We've run into a few companies like this. Or they charge you an enormous convenience fee. You borrow from Peter to pay Paul. You no doubt have some cash that was allocated for something else, and you use that. But we really don't have many $7500 emergencies. That might be close to what we paid for the new hvac system, but our home maintenance account covered that. Not much left afterwards, though. Sorry this is happening to you. I know Murphy has been your new live-in lately. all of that. is there some account you can pilfer and repay from funds reallocated by paying via that emergency CC for things budgeted otherwise? the shell game isn't fun at all, but you juggle enough of them to know what you're doing. I don't think you'd lose this in the trees. <hugs> I kind of did that last month by stealing my son's tuition for the "new" POS lawn mower and putting his tuition on the card. Regretting that decision quite a bit right now. I'm just going to raid the cash, but I won't sleep very well anymore. I've been squirreling that money away for when child support ends in 11 months and I need it for things like...house payment and food.
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chiver78
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Post by chiver78 on Jul 30, 2019 20:23:38 GMT -5
all of that. is there some account you can pilfer and repay from funds reallocated by paying via that emergency CC for things budgeted otherwise? the shell game isn't fun at all, but you juggle enough of them to know what you're doing. I don't think you'd lose this in the trees. <hugs> I kind of did that last month by stealing my son's tuition for the "new" POS lawn mower and putting his tuition on the card. Regretting that decision quite a bit right now. I'm just going to raid the cash, but I won't sleep very well anymore. I've been squirreling that money away for when child support ends in 11 months and I need it for things like...house payment and food. okay, but can you repay the stash cash by CC'ing at 0% things like house payment and food? obviously not ideal for using a 0%, but if it's displacing something large you were planning to use said 0% for, it's not a bad thing.
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jelloshots4all
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Post by jelloshots4all on Jul 30, 2019 20:37:36 GMT -5
Sorry MPL!!! That sucks!!
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Post by Deleted on Jul 30, 2019 20:39:23 GMT -5
I kind of did that last month by stealing my son's tuition for the "new" POS lawn mower and putting his tuition on the card. Regretting that decision quite a bit right now. I'm just going to raid the cash, but I won't sleep very well anymore. I've been squirreling that money away for when child support ends in 11 months and I need it for things like...house payment and food. okay, but can you repay the stash cash by CC'ing at 0% things like house payment and food? obviously not ideal for using a 0%, but if it's displacing something large you were planning to use said 0% for, it's not a bad thing. I wish I could pay my mortgage with a credit card, that would be awesome. But yeah, I could just keep piling everything else on there for the next few months. I usually have a big influx in February from taxes and FSA reimbursement for the year.
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skeeter
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Post by skeeter on Jul 30, 2019 20:40:24 GMT -5
It actually would have been so easy if they just took credit cards. I have that one with 10K left on it that is 0% until April AND gives me 2% cash back. But, there are quite a few services around here that don't take cards or like the LP guy, takes them, but charges 3%. I thought it was against the law for any company that takes credit cards to charge the customer any type of "extra fee" or a percentage and once they get caught doing it, the credit card company will cancel their services and no longer let them offer that method of payment to customers.
Very sorry you're still having such a run of back luck !!
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Deleted
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Post by Deleted on Jul 30, 2019 20:46:27 GMT -5
It actually would have been so easy if they just took credit cards. I have that one with 10K left on it that is 0% until April AND gives me 2% cash back. But, there are quite a few services around here that don't take cards or like the LP guy, takes them, but charges 3%. I thought it was against the law for any company that takes credit cards to charge the customer any type of "extra fee" or a percentage and once they get caught doing it, the credit card company will cancel their services and no longer let them offer that method of payment to customers.
Very sorry you're still having such a run of back luck !!
It must not be because lots of places do. Besides the LP, property taxes and my kid's tuition charge a fee. Maybe it's discounted for cash and not a charge for credit?
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resolution
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Post by resolution on Jul 30, 2019 20:49:02 GMT -5
It actually would have been so easy if they just took credit cards. I have that one with 10K left on it that is 0% until April AND gives me 2% cash back. But, there are quite a few services around here that don't take cards or like the LP guy, takes them, but charges 3%. I thought it was against the law for any company that takes credit cards to charge the customer any type of "extra fee" or a percentage and once they get caught doing it, the credit card company will cancel their services and no longer let them offer that method of payment to customers.
Very sorry you're still having such a run of back luck !!
Most of the tradespeople around here do the same thing - they charge an additional 3% if you use a credit card. I believe it is legal to have a "cash discount" rather than a fee for using the card. Every now and then you find one that likes receiving credit card payment, because it is a guarantee that the check won't bounce. For things like a well and our flooding remediation in the basement, I keep about 10k in cash in the bank account. I prefer to use the credit card for the 2% cash back, but it doesn't always work out. If I spend out of the bank account, I have to cut back on discretionary spending and investments until it builds back up.
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skeeter
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Post by skeeter on Jul 30, 2019 20:54:26 GMT -5
I thought it was against the law for any company that takes credit cards to charge the customer any type of "extra fee" or a percentage and once they get caught doing it, the credit card company will cancel their services and no longer let them offer that method of payment to customers.
Very sorry you're still having such a run of back luck !!
It must not be because lots of places do. Besides the LP, property taxes and my kid's tuition charge a fee. Maybe it's discounted for cash and not a charge for credit? Just did a quick search and it is only a law in 11 states. MN is not one of the 11. For some reason thought it was federal, but I was wrong.
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haapai
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Post by haapai on Jul 30, 2019 20:57:55 GMT -5
I kind of did that last month by stealing my son's tuition for the "new" POS lawn mower and putting his tuition on the card. Regretting that decision quite a bit right now. I'm just going to raid the cash, but I won't sleep very well anymore. I've been squirreling that money away for when child support ends in 11 months and I need it for things like...house payment and food. okay, but can you repay the stash cash by CC'ing at 0% things like house payment and food? obviously not ideal for using a 0%, but if it's displacing something large you were planning to use said 0% for, it's not a bad thing. Food can be cc'd, ditto for auto insurance, but the flows might not be high enough to take much advantage of 0%. Also, this is a dangerous strategy to adopt when then end of child support is imminent. It takes a lot of communing with accounts to understand where you stand if you adopt such a strategy and the amount that could be due right before the 0% expires needs to be tracked with extreme intensity.
It might be wiser to just pay out the cash and have your depleted cash stash send you constant, hard-to-explain-away signals. Sometimes the float isn't worth the cost of muddying the signals.
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Post by Deleted on Jul 30, 2019 21:10:57 GMT -5
Yeah, the 8K I've already put on there the past 3 months for tuition, car repairs and property taxes is stressing me out enough and I have most of the cash set aside to cover that. I'm probably better off ripping off the band aid and feeling the anxiety than not worrying about it in the short term.
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chiver78
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Post by chiver78 on Jul 30, 2019 21:27:19 GMT -5
okay, but can you repay the stash cash by CC'ing at 0% things like house payment and food? obviously not ideal for using a 0%, but if it's displacing something large you were planning to use said 0% for, it's not a bad thing. Food can be cc'd, ditto for auto insurance, but the flows might not be high enough to take much advantage of 0%. Also, this is a dangerous strategy to adopt when then end of child support is imminent. It takes a lot of communing with accounts to understand where you stand if you adopt such a strategy and the amount that could be due right before the 0% expires needs to be tracked with extreme intensity.
It might be wiser to just pay out the cash and have your depleted cash stash send you constant, hard-to-explain-away signals. Sometimes the float isn't worth the cost of muddying the signals. yes and no. if she was planning to finance this with a 0% and now she can't, is she able to float other things via that particular CC that she would otherwise have paid cash? that's a wash, as long as she's matching it up, and is actually very responsible since she was already planning to finance the large purchase via that CC. as long as she's keeping up (which with her history here, I don't question she would) then she's fine.
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msventoux
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Post by msventoux on Jul 30, 2019 21:33:10 GMT -5
No convenience checks with your credit card that offer 0%? I’ve transferred funds between cards directly to take advantage of 0% balance transfers and also just deposited the convenience checks at 0% into my checking account if I wanted access to the cash.
In a pinch I have access to a $5k personal line of credit at my credit union that they pretty much give to anyone that asks. If I need more than that it would have to come from savings or investments, or credit card convenience checks if the rate was acceptable.
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Post by Deleted on Jul 30, 2019 22:04:15 GMT -5
No convenience checks with your credit card that offer 0%? I’ve transferred funds between cards directly to take advantage of 0% balance transfers and also just deposited the convenience checks at 0% into my checking account if I wanted access to the cash. In a pinch I have access to a $5k personal line of credit at my credit union that they pretty much give to anyone that asks. If I need more than that it would have to come from savings or investments, or credit card convenience checks if the rate was acceptable. No. I don't have any with the 0% card. My cards all have high rates (probably, I really have no clue). I never carry balances, so I don't typically care about 0%, just rewards. I only have the one 0% card and it doesn't have checks. I haven't seen cash advance checks with no transaction fee for a long time. Usually they're 3 or 4%.
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Deleted
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Post by Deleted on Jul 30, 2019 22:15:49 GMT -5
That kind of emergency goes on my line of credit. To me credit card emergencies are things like needing to get a hotel room or rent a car for some reason. Maybe bail. I forgot I had a HELOC. I've never used it. Off to check what the rate is there. eta: Looks like 5.5% variable rate. I guess that's an option.
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Gardening Grandma
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Post by Gardening Grandma on Jul 30, 2019 22:30:47 GMT -5
I’’m sorry the CC didn’t work out as an EF, but I’ve never been a member of the “CC is my EF” club.
A true EF is easily accessible cash in a quickly accessible fund, imo....
You’ve probably done a service educating those who think that being able to borrow is equivalent to a real EF....
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