STYLETHREAD -- LET'S TALK SHOP!

Members Login
Username 
 
Password 
    Remember Me  
stylethread site home page -> stylethread forum -> general chat -> dilemma (money related)
Post Info TOPIC: dilemma (money related)
crystal


Kate Spade

Status: Offline
Posts: 1269
Date:
dilemma (money related)
Permalink Closed

hey girls, so here's the problem:  my tuition for school is due by the end of business today (their words).  my work reimburses me, so i have to pay the money up front.  i can pay with a credit card, but they will charge me 2.9% fee for that "convenience" plus i will have to let it sit on my card anyways (at 7.9% apr) until my company reimburses me at the end of the semester.  so i was planning on paying in cash, but i didn't find out that the money was due today until friday (7/29) so that gives me no time to allocate the funds.  i'm pretty much a paycheck to paycheck girl, but sometimes i have extra.  anyways, i'm having citibank send me a balance transfer check that i can deposit in my account (ordered it friday) so that way the money will only be charged a 1.9% apr, but the problem is that the check won't be here til tomorrow at the earliest & even then i gotta deposit it & wait for it to go thru.  so there is no way i can pay the money today with that money.  so my other option is to dip into my "cash reserve" with the bank to cover the funds.  the only problem there is that i'll be charged $8 plus an insanely high APR that is calculated daily & racks up very quickly.  so i'm not really sure what my best option is.... pay w/ cash reserve, or pay w/ credit card (the 2.9% fee will amount to about $34).  oh & i've been trying to call the school all morning to see if i can get an extension but the message says "all lines are busy, please call back later" & hangs up!  it's like calling a radio station, u just gotta be lucky enough to call at the right time!  well, thanks for reading girls, i appreciate any suggestions!!

__________________
poptart


Coach

Status: Offline
Posts: 1764
Date:
Permalink Closed

I would definitely try to contact your school before anything else. Most schools have a payment program with a very reasonable interest rate (mine was around 2%) that would cost you less than a credit card fee and might even be worth keeping it "with the school" until the end of the semester at 2% or whatever, rather than the 7.9% on your credit card (then you could pay right before the end of the semester, get reimbursed from work, and save the 5%). If that doesn't work, I would use the card with the 2.9% fee, not only because it will be cheaper in the long run, but b/c you probably want to keep your cash reserve in case another emergency comes up. HTH!

__________________
Forget, forgive, conclude, and be agreed. - Shakespeare
rocky


Coach

Status: Offline
Posts: 1862
Date:
Permalink Closed

Well....can you dip into your cash reserve, get charged the $8, but pay it back tommorrow with your Citibank check?? That's only if your school won't budge on the deadline


 



__________________
blubirde


Chanel

Status: Offline
Posts: 4845
Date:
Permalink Closed

Man, that sucks!


I don't have any helpful advice, although I'd probably just go with the CC with the lowest interest and eat the extra $$.


I'm sure your school will wait though, don't you think? Or maybe not. My school (college & law school) dropped all your classes immediately if you didn't pay on time, regardless of circumstances. Crazy huh?



__________________
http://dailypointers.blogspot.com/
crystal


Kate Spade

Status: Offline
Posts: 1269
Date:
Permalink Closed

thanks for the help girls... i decided to just use the cash reserve cuz hopefully my transfer from ING will go thru in time & there is still hope of not getting any fees at all!  worse case scenario tho, i'll be charged $8 & pay interest for a day or two... i don't think i explained too well above, but it makes sense to me now... thanks!!

__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
stylethread site home page -> stylethread forum -> general chat -> dilemma (money related)
Tweet this page Post to Digg Post to Del.icio.us


Create your own FREE Forum
Report Abuse 		Powered by ActiveBoard