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Started By
Message
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 6/3/16 at 8:34 am to TheHiddenFlask
quote:
$2000 of income for free was a pretty good deal
How much time did you spend monitoring the LC portfolio? Just curious, not trolling.
Posted on 6/3/16 at 8:35 am to Puffoluffagus
quote:
Most loans don't accept credit card as a form of payment.
This is true but one can get around this to some extent by using it to charge for purchases on anything you possibly can and using your regular checking account to prepay the loans while paying the minimum on the carsd.
Posted on 6/3/16 at 9:08 am to TheHiddenFlask
I'm actually just curious what you think of LC in general after the recent debacle.
As for OP, the cards charge zero interest for whatever months you can get. You'll still have to make some minimum payments. I've used the feature recently when I moved from New Orleans and had to free up a large chunk of change to get an apartment, pay for packers, and sell my house all at once on little notice.
As for OP, the cards charge zero interest for whatever months you can get. You'll still have to make some minimum payments. I've used the feature recently when I moved from New Orleans and had to free up a large chunk of change to get an apartment, pay for packers, and sell my house all at once on little notice.
Posted on 6/3/16 at 9:08 am to foshizzle
quote:
This is true but one can get around this to some extent by using it to charge for purchases on anything you possibly can and using your regular checking account to prepay the loans while paying the minimum on the carsd.
Money is fungible. One of its great features.
Posted on 6/3/16 at 9:15 am to foshizzle
quote:
This is true but one can get around this to some extent by using it to charge for purchases on anything you possibly can and using your regular checking account to prepay the loans while paying the minimum on the carsd.
One of the credit cards I have open to keep my available credit lines high sends me checks at least once a month as a "promotion". There's usually 2% fee attached to it, but there are ways.
Posted on 6/3/16 at 11:21 am to foshizzle
It took me about 10 minutes to invest it and set up the auto reinvest and u haven't looked at it again. The chunks are so small, it's like a bond index.
Posted on 6/3/16 at 11:25 am to Teddy Ruxpin
I bought a small position a while back. I try to buy small chunks of companies that I believe can revolutionize industries when I find them early enough. I've lost ~50% on that trade, but I am actually happy about it now. I have bought about 5x my original investment, so my DCA is within 10% of the 52 week low.
Management is a shitshow. If I were a buyout fund, I would be lock-in my chops at this prospect.
Management is a shitshow. If I were a buyout fund, I would be lock-in my chops at this prospect.
Posted on 6/3/16 at 1:22 pm to TheHiddenFlask
Interesting, but I was thinking from the platform side with your loan funding adventure.
I had been building up my loans but the news gave me pause.
I had been building up my loans but the news gave me pause.
Posted on 6/3/16 at 1:34 pm to Teddy Ruxpin
quote:
I've used the feature recently
Let me guess - Citi Double Cash? Idk why I think of this a game
Posted on 6/3/16 at 1:46 pm to AmeriKop45
Ya that's the one.
Barclay's had a card that went out 24 months at one point but 15 months on the DC came in handy not to mention the rewards aren't absolute garbage under the circumstances
Barclay's had a card that went out 24 months at one point but 15 months on the DC came in handy not to mention the rewards aren't absolute garbage under the circumstances
Posted on 6/3/16 at 1:59 pm to Teddy Ruxpin
2% no questions is far from garbage haha
Posted on 6/6/16 at 12:18 pm to Teddy Ruxpin
Citi diamond preferred did 24 months in 2011. I rode that one for a long time.
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.
Posted on 6/6/16 at 9:09 pm to Saint5446
If you are disciplined enough and have use for the money, no reason not to. Otherwise I save stuff like that for a rainy day if I really need it
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