Southwest credit card
Hi! My husband and I are looking into getting the southwest credit card. I can't find a simple answer online and credit cards confuse me. I have a discover card with the minimum payment being $35. And I have a store credit card with Kay. Say I spend $1,000 at on a necklace, with the Kay credit card id be able to pay off that 1,000 in a certain amount of months. Similar to a car payment.
Now my question is- is the southwest credit card similar to a store credit card? Would I be able to pay it off monthly? Say I spend $500 on tickets. Can I pay that off monthly or does it have to be paid off the full amount within the month?
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Yes it would be exactly like a store credit card. You’ll be given a monthly minimum to pay, prop w interest if not paid in full every month.
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How I know regular credit cards from bank work is that when you get your statement, it tells you the minimum balance to pay. For example, if your statement balance is $100, it would say pay minimum balance of $10 (could be more or less) by April 20th. However, what many don't know is that even when you pay the minimum balance, you are still being charged interest on the balance owing (in this example, balance of $90). Therefore, I always aim to only spend what I can afford to pay back and therefore always pay the full amount owing.