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Household Finances

Checks from Credit Card Companies

19 years ago

Would you say they are pretty good 'deals' (if you could even call it that) PROVIDED THAT you have no balance on the card? We're just looking for the best way to finance the construction of a home office in our home. We have no balances and the offers are either 0% for a few months or 3.x% for the balance. All current CC balances are $0 (yay!)

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Comments (5)

saphire
19 years ago
You would have to stop using the card since new stuff would automatically have interest and at the regular rate. Check how much the fee to use it is, usually under 100 and it is one time but you need to read the fine print. Finally, if you are even a day late they can seriously increase your interest or if you are in any way late with any other account you have with them or in theory with anyone else where they can get the info through a credit check

Never actuslly used one but considered it under similar circumstances. I was being offered 4.9 lately so 3 is good but you need to read the fine print
clg7067
19 years ago
Check the fees closely. I just got some checks from the evil Ch*s* card and the fee jumped to 3% max $150.
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Some folks paying that high interest on those credit card debts may not have seen this, last time around. I'm wondering how much of a reduction they might have been able to achieve with the store-issued card people - that usually charge 25 - 28%. Unless the stuff that you bought is tax-deductible ... that interest must be paid with after-tax income, folks. If you're in 20% tax bracket, it means that when you earn $5.00, you pay tax of $1.00 and have $4.00 left to buy things. So if your interest rate is 28%, divide that by 4 to get 7, then add the 7 to the 28 to make 35. You earn $35.00, pay $7.00 tax and have $28.00 on hand to pay that interest on $100. purchase (suppose you were dealing with a year, but you must pay some monthly ... but usually the required amount is only slightly above the amount of interest added that month). Which means that if you pay only minimum monthly, or slightly more ... ... that bill will run (almost) forever. Oh - you figure to die before "forever"? Right ... most of us do, don't we? Good wishes for paying your non-deductible debts down quickly (and probably the deductible ones, as well). ole joyful
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Leslie, I cancelled several credit cards a few years ago and was astounded to learn later the companies had kept my accounts open! This is so wrong, as it gives thieves unnecessary opportunities to commit ID theft. If you do cancel, be sure to follow up with the company to be sure no one else can use the account. Clark Howard gives good tips about this, as well. Here is a link that might be useful: Clark Howard
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Chemocurl zn5b/6a Indiana
19 years ago
I had a similar situation...got $5000 (no transfer fee...you have to watch that too), at 0% for one year.

I put the card away (outta sight), and set it up to take automatic fixed monthly payments (about $200 over the minimum required), which assured me that it would never be late.

They (the cr cd companies) are assuming that you will put other charges on the card, and then pay interest on those items until the transfer is paid off. They apply the payment to the amount that has the lowest interest...the transfer, b4 the other purchases get paid off.

3.x% for the life of the balance transfer loan amount sounds good to me.

Sue
joyfulguy
19 years ago
Read the fine print - carefully (even if you need a magnifying glass).

Don't put new purchases on that card, in most cases - a good way to turn the 0%, 3.x%, or whatever on the transfer ...

... into high interest fees on the part of the ongoing balance related to the new purchases.

Be very careful to *never* transgfress any rule, e.g. late payment, etc.

ole joyful

P.S. I thought that the "cheques" had almost always to go the other way - *toward* the credit card cos., not fom them to us!

Credit cards must produce good returns for the issuers ...

... for they sure are enthusiastic about offering them to us!

o j
saphire
19 years ago
Got one for 1.8 today until September, actually ran the number to see if it was worth keeping the cash in a high interest account until then (it is not, cost is about 300, return is 600. For 300 it is not worth trashing my fico score

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