I just purchased a piece of land and had some emergency costs to cover. I put everything on 2 of my 5 cards.
The lowest card now has $1,200 after paying the full statement balance, with a $9k max, 18.74% APR and 1% cash back on everything (4% on fuel) I primarily only use this for gas and diesel.
My other card is almost maxed out with a $10,700 balance out of $11k with 18% APR and 2% cash back on all purchases. I use this card for everything else.
The other 3 cards have zero balance.
I’ve never let a statement balance go unpaid, so I never pay interest.
I can realistically pay $2,500 per month on both cards until they are paid off. I don’t want to touch my emergency funds if possible.
My math says I can pay them off in 5-6 months and pay $541.83 in interest. This is fine and doable considering the circumstances.
Is this math correct? Are there any hidden costs or interest math I should be aware of? Any other strategies I should consider?
Thank you!