I have a Citi card that I use for all of my household expenses. The current balance is about $3900. I usually pay it off every month, but there have been a few instances in the last couple months where I got a little behind. I’m still at the point where I am not paying any interest. I estimate, that by the end of this month, the balance will be around $4100. I’ll pay off about $2300 of that at the end of the month.
I had another unexpected expense last month totaling $1966 (included in the current balance), and I don’t have the cash to pay it all off at once. I am considering using Citi Flex pay, as follows: 6 month plan ($347.33 per month), total plan fee $117.96, total cost: $2083.96.
I am getting lost on whether or not I should use the Flex Pay. My other option would be to continue paying on my balance, as usual, but eventually I’ll get charged interest at 20.49% until I can pay off the extra.
I am getting stuck because if I use the flex pay, $347.33 of my monthly payment will go towards that, which in turn could cause the other remaining balance to increase, since less will be going towards the other expenses. I’m running around in circles trying to calculate the best way to pay this balance down.
original posted by tsirs to r/personalfinance on Fri, 12 Apr 2024 15:49:41 GMT.