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Financing a purchase via 0 interest credit cards
Posted on 1/31/16 at 10:49 am
Posted on 1/31/16 at 10:49 am
What is the downside to financing a medium to large purchase by applying for one CC that has a 15 month intro rate of 0% and then repeating it a second or third time, transferring the balance each time. Assuming you don't have many credit cards and remain diligent on payments. Is this common or even possible? Seems like a good way for a responsible person to get essentially an interest free 3-4 year loan, with transfer fees being the only added cost.
4
Posted on 1/31/16 at 11:05 am to GRTiger
If 15-month or less term is all you need, why not just delay the purchase for 15-months, save up your $ for your purchase during that time, and then purchase outright...
If your intent is to have it paid off end of that period anyways...
If your intent is to have it paid off end of that period anyways...
Posted on 1/31/16 at 11:21 am to GRTiger
I've thought about doing this for some home renovations, specifically a new backporch/patio
Haven't done it yet though.
I have the cash as well. I just hate actually using large sums of savings
Haven't done it yet though.
I have the cash as well. I just hate actually using large sums of savings
This post was edited on 1/31/16 at 11:30 am
Posted on 1/31/16 at 12:01 pm to GRTiger
I'm in a different situation, but similar idea.
I got $8,000 with 21 months interest free on a credit card offer. I've taken that money and used it to prefund my IRA (I usually find the previous year's contribution only). If I time this right, I should be able to about $1500 extra dollars in my Roth account by doing this (funded my lending club account). That's better than any rewards program I have seen.
If you're slipping into the realm of financing wants because credit is cheap, that's a bad move. If you're taking advantage of stupid cheap credit to make more money, it's a good idea.
FTR: I don't intend on ever even paying transfer fees. It takes me about 3 months to put $8k on a credit card, so I can just use the last three months to transition into the next offer or pay it off if I can't find one.
I got $8,000 with 21 months interest free on a credit card offer. I've taken that money and used it to prefund my IRA (I usually find the previous year's contribution only). If I time this right, I should be able to about $1500 extra dollars in my Roth account by doing this (funded my lending club account). That's better than any rewards program I have seen.
If you're slipping into the realm of financing wants because credit is cheap, that's a bad move. If you're taking advantage of stupid cheap credit to make more money, it's a good idea.
FTR: I don't intend on ever even paying transfer fees. It takes me about 3 months to put $8k on a credit card, so I can just use the last three months to transition into the next offer or pay it off if I can't find one.
Posted on 1/31/16 at 2:03 pm to GRTiger
Wouldn't do balance transfer to another card as there is a charge for that and you are no longer 0%. But I'very done it several times. I've had 4 cards that I only got for the 0% term. Stuck with the last one since I like the rewards. Only one I regret was the Best Buy card because they charged a monthly "security" fee. I immediately paid that one off. Others worked well and have always had great credit scores because of it.
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