Posts by coastalmoose35

Alright, so I just got my repayment schedule in hand and decided to go ahead and overpay on that first installment. Turns out, they automatically knocked that extra amount off my next payment—pretty slick, right? Now what I’m wondering is, if I pay the difference next time, plus the upcoming installment, and maybe toss in a little extra just for kicks... will I be able to skip that one month I already covered?

Also, I'm trying to wrap my head around how they handle the interest. Like, how does that actually get tacked on? My logic tells me I'll basically be paying the installment plus the interest charge... seems like the only way it makes sense, anyway.

Kimberly Nguyen said:Look, if you have an automatic transfer set up, it’ll handle the mandatory minimum, but anything extra you want to throw at it has to be manually paid directly toward the go-kart balance.

Someone please correct me if I've got this wrong...
The interest is calculated quarterly, starting from the very first date it was due for payment
. For instance,
if you set up the account on December 10th
and you told them you want the go-kart charge to hit on the 26th
then the interest starts accruing on December 26th
. The first interest payment hits on January 1st (and you have to pay that full amount by January 26th; it doesn't get split into installments)
the next one is April 1st
and that applies to whatever is left on the debt
which means as you chip away at the principal, the base amount gets smaller, so you pay less

Actually, the more you dump into it, the less interest you'll end up paying overall.
🙂

So, basically, they just set up an automatic recurring payment to pull my installments, right? But the cool part is—and I’m kind of obsessed with this flexibility—I can actually jump in whenever I feel like it and toss extra cash at them. Like, if I have a good month, I'm all over it! Then, they recalculate everything for the next installment, taking the remaining principal and spreading it out over the rest of the term along with the interest. It’s actually pretty sweet how that works out... keeps me on my toes, though!

Does anyone actually have some real-world experience with...

So, here’s the deal: let's say I pick something up and $2667, I end up with this go-kart situation where I've got a contract spread over 36 months—total headache, right?—but what I actually want is to just knock it out in maybe 8 months by paying $333 each time.

My big question is, after the second month rolls around, are they going to recalculate everything and slap those interest charges back onto the full 36-month schedule? Or am I allowed to just play it by ear—like, maybe pay $333 one month, then swing for $167 the next, and then hit them with $489 the third... you get the vibe.

Basically, I’m trying to see if I can dynamically set my own payment amounts, as long as I'm always paying more than their standard monthly installment....

So, back when I first signed up for my credit card, I went ahead and opted for the maximum—36 monthly installments.

Now I’m wondering about how the math works if I buy something new. If it automatically splits into those 36 payments, and let's say I manage to knock out 3 of them already, could I just swoop in and pay off the entire remaining balance all at once? Or even something like... I don't know, paying off a chunk of 13 months upfront and then just keeping up with the rest over the remaining 20?

Has anyone here actually dealt with this kind of thing before? Any advice would be awesome...