Jan 24, 2008

Another credit card approved

After almost 2 weeks, I received a mail in the post from my bank telling me that my credit card application was approved. The card is arriving in the mail soon. This new card is not exciting with its 21.95% interest rate! We decided to get it just to take advantage of earning rewards as we use a credit card to pay J’s student loans that could stretch for maybe 4 or 5 years. This change was already accounted for in the payoff plan. We are not worried about abusing the card because we always pay the monthly payments in full.

Speaking of student loans, I was so annoyed to see the interest rate for the next payment go up by another $5. We are still 2 weeks away from the next due date. J has not checked out yet whether the transaction fees they charge us is directly proportional to the amount paid or if it is a fixed amount. We get charged ~$16 for every payment excluding the monthly due. Ain’t debt great?


  1. I am staying away from CC. I am only going to use them when very necessary. I am sick and tired of channeling all my pay to paying off debt.

  2. Hi Gerri,

    Much as we want to stay away from using the credit card, we can't! The cheapest way of paying my partner's student loan from NZ is through CC! :( It sucks!