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Question

I have two (2) credit cards. One has a limit of $600 and a apr of 9%. The other one has a $5000 limit. I owe $78 on one and $2400 on the other. I want to buy a HDtv for approx. $425. Should I put the tv on my credit cards, and if so which one, or should I pay the credit card with the $2400 balance off and put the the tv on the credit care with the $78 balance?

Submitted: 243 days and 23 hours ago.
Category: Finance
Value: $15
Status: CLOSED
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Grand Rapids

Accepted Answer

Thanks for the question.

 

You're in good shape either way you wish to do this. You appear very responsible and don't seem to be the type of person who overspends with credit cards and gets into financial trouble.

 

That being said, you should put the HDTV on the credit card with the lowest interest rate. The card with the 9% rate is a good rate and probably the card you should make the purchase with unless the higher limit card has a better rate.

 

I hope this helps - Good Luck !

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Expert: James Heal
Pos. Feedback: 100.0 %
Accepts: 
Answered: 3/24/2009

Financial Advisor

15 years expertise in all ares of personal finance, including credit cards, mortgages, real estate.

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