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Interest Free Credit Card
Posted on 6/3/16 at 7:59 am
Posted on 6/3/16 at 7:59 am
I know there are some cards out there that offer x-amount of time interest free. Anyone have experience with one of these cards? I have a small amount of student loan left to pay and I would like to put it on that card and get rid of my high interest rate on my student loan.
5
Posted on 6/3/16 at 8:12 am to GeauxTime9
Citi sent me one for $12,000 for 21 months interest free. I charged it up and threw the balance into a lending club account making me ~10%. I'm not going to make a fortune, but $2000 of income for free was a pretty good deal. I timed it up to come due right after my annual bonus, so I'll play it off with that and then let the portfolio run off into my bank account. I would do this again 20 times over.
Posted on 6/3/16 at 8:13 am to GeauxTime9
Most loans don't accept credit card as a form of payment. You can find a credit card that is offering a 0% rate on balance transfers for x months. Essentially they give you a blank check to give to whatever other lending company you want to transfer balance from. Problem with that is most have a minimum percentage fee on the balance transferred.
Posted on 6/3/16 at 8:14 am to GeauxTime9
My only caution would be to make sure you can pay it off,or that big interest you now have on your student loan will start to look small. After the interest free rate, typical rates increase to 18% or more. I would hesitate to do this unless you have the money in the bank to pay it off now.
I know the counter argument is that you could just continue to roll it over to new interest free cards. There are just too many variables for my liking.
I know the counter argument is that you could just continue to roll it over to new interest free cards. There are just too many variables for my liking.
Posted on 6/6/16 at 8:50 pm to GeauxTime9
I've used the citi simplicity card to transfer over some balances I accumulated while interning. 0% for 21 months. Don't mind it at all now that I have a nice job. It helped me out a lot.
Posted on 6/6/16 at 9:05 pm to GeauxTime9
Curious about the chase slate if anyone has used it. I have about a 10k balance I've been riding on an Amex interest free 15 months that's about to expire. I could pay it off completely with my checking but the chase slate is doing no transfer fee and 0% for 15 months. My thought is why not just keep using their money for 15 more months then pay it off.
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