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re: Should I pay off a 0% Credit card bill with my Mutual Fund $$
Posted on 1/30/13 at 12:01 pm to Sorrento Muddbugs
Posted on 1/30/13 at 12:01 pm to Sorrento Muddbugs
This is the route I would take.
I would not touch the Mutual Fund money. Keep taking advantage of your 0% interest until it runs out. The month before it's scheduled to end find you another card that's offer you 0% interest and transfer that balance over to the new card. I'm sure you're getting these offers in the mail all the time. That should give you an extra 18 months or so to pay off the balance.
I used this strategy to pay off my wife's credit card bills that she racked up as a college student.
I would not touch the Mutual Fund money. Keep taking advantage of your 0% interest until it runs out. The month before it's scheduled to end find you another card that's offer you 0% interest and transfer that balance over to the new card. I'm sure you're getting these offers in the mail all the time. That should give you an extra 18 months or so to pay off the balance.
I used this strategy to pay off my wife's credit card bills that she racked up as a college student.
2
Posted on 1/30/13 at 12:09 pm to Hammond Tiger Fan
quote:
I would not touch the Mutual Fund money. Keep taking advantage of your 0% interest until it runs out. The month before it's scheduled to end find you another card that's offer you 0% interest and transfer that balance over to the new card. I'm sure you're getting these offers in the mail all the time. That should give you an extra 18 months or so to pay off the balance.
This route works, however, I wouldn't think of doing this if I was going to try and get a loan anytime in the near future. Opening and closing accounts isn't the greatest thing in the world for your credit, especially if he had to open a couple in order to get 0% the whole time.
Posted on 1/30/13 at 12:42 pm to Hammond Tiger Fan
quote:
I would not touch the Mutual Fund money. Keep taking advantage of your 0% interest until it runs out. The month before it's scheduled to end find you another card that's offer you 0% interest and transfer that balance over to the new card. I'm sure you're getting these offers in the mail all the time. That should give you an extra 18 months or so to pay off the balance.
Yea, I really don't want to touch the MF money and neither does the wife. I am hoping to have the balance on the card, at least 1k less each month until July. Keep in mind, that I am still using the card for almost everything since it's 0% and it's a Venture Card and I have close to 40k in points.
If I get an offer for no transfer fees and at least 12months 0% I'll take it. I also monitor my credit often, so I'll be fine when it comes to opening and closing new cards. I closed one out this month, that I had for 2 years with 0%, but the regular rate was 29% and I had no need for it.
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