My fiancé and I have just combined our assets and we are debating how to pay our joint credit card bill. We decided to outsource the question- so give us your thoughts!
Option 1: Pay entire visa balance in full. One of us believes that this method has psychological benefits of not carrying forward any debt. Also, with no accessible savings, this method makes it easier to budget.
Option 2: Pay only the statement balance for that month. The remaining balance gets carried forward, but no interest fees. One of us prefers this method because we can use the excess money to pay down our line of credit, and save on interest payments for that month.
Note: the difference between us choosing option 1 or option 2 would be about $10, but we want to come to a decision we are both comfortable with so that we can proceed that way in the future.