What are the benefits of 0% APR? | Page 2 | TigerDroppings.com

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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: What are the benefits of 0% APR?


Does that card have a limit? If we get the house I want, I'd love to get a card like this, but don't want to buy the stuff monthly. To totally update the kitchen it would be about 10k.







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TyOconner
Troy Fan
NOLA
Member since Nov 2009
10177 posts

re: What are the benefits of 0% APR?


quote:

What are the benefits of 0% APR?


Ummmm.....

quote:

0% APR






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Ace Midnight
LSU Fan
Currently asymptomatic
Member since Dec 2006
33504 posts

re: What are the benefits of 0% APR?


quote:

am single and make $60,000 a year. I don't need the card to live on. My remaining student loans are at a fixed 6.8% at $6,931. I can easily pay this off in a year. This would obviously save me a few hundred dollars on interest charges. Is this not the best route?


I don't think that's the point. The point is - put all your gasoline, food, routine purchases (purchases you would have made with cash) and quickly pay the loan off - like in 4 or 5 months - THEN switch to paying off the balance before the introductory offer wears off. That's the most bang for your buck, literally, as you will not have to futz around with balance transfers (with a much higher rate), or figure out the rules on how to transfer a SL to a 0% APR credit card (you probably can't, and if possible, I would bet it isn't free).

So, if you get the balance paid off in 4 months, you're looking at $40 to $65 (vice $300 or so) dollars of interest, nothing on the credit card, THEN rush to pay off the card before the intro rate runs out.

In other words, you don't have to live on the card, unless your rushing to pay off $7k of student loans in the very short term.



This post was edited on 1/20 at 10:43 am


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rpg37
LSU Fan
Walls, MS
Member since Sep 2008
16510 posts

re: What are the benefits of 0% APR?


Definitely making sense now! Thanks!





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bamanmemphis
Alabama Fan
Member since Sep 2009
647 posts

re: What are the benefits of 0% APR?


Just realized the OP lives in Casino land of the south





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rpg37
LSU Fan
Walls, MS
Member since Sep 2008
16510 posts

re: What are the benefits of 0% APR?


quote:

Just realized the OP lives in Casino land of the south


Teaching over here starting my career. Not sure how long I'll be here, but I thought it was important to get a glance at a new part of the country and expand my views.






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30534 posts

re: What are the benefits of 0% APR?


quote:

Does that card have a limit? If we get the house I want, I'd love to get a card like this, but don't want to buy the stuff monthly. To totally update the kitchen it would be about 10k.


The limit is $22500. Doing project cost about that much, but I live in the DC area where it ain't cheap.






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30534 posts

re: What are the benefits of 0% APR?


quote:

Ace Midnight


... has the correct idea.






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