Here is my object. I want to use a 0 percent credit card to make all my normal purchases which amount to about 600 per month. This includes gas, prog, etc. I would make the minimum payment and take the balance that I owe on the credit card at the end of each month and place in a aged interest money market account. The month prior to the end of the 0% offer I would pay off the express debt. Just wondering if anyone else has tried this. Yes, I can save the money and will not spend it on other things. Preferred now I just pay off the card at the end of each month but I figure I might be able to earn a few dollars earning interest on the shekels instead of giving it to the credit card company.
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Is there a credit press card out there that has an extremely low interest rate that I can transfer my balances to. The only problem is that my ex husband has ruined my credit and most places will doubtlessly turn me down.
Can You Transfer Student Loans To A 0% Credit Card? Is This A Smart Thing To Do Now That Loans Are At 7%?
Jul 16, 2006 by casmiras1 | Posted in Credit
How much can I retain if I transfer student loans to a zero percent credit card? Is this doable and can I then roll it onto other cards after one year?
NO NO NO NO.. DON'T DO IT!
Ok, I'm a pecuniary advisor.. so here goes.
Your credit card company wont tell you this, but if you are late.. even a day over, they can cuff your rate up to 30% or whatever they want. Also, say you pay it on time and they simply "don't get it" hello 30%. No excuses. You pay.
Now you don't have a yen for to get stuck with a 30-100k bill at 30%. Now that this horrrible administration has taken out the personal joe's adeptness to declare bankruptcy and that credit cards are changing minimum payment laws so that minimum payments will be much higher.. I recommend you to stear clear of this. Hope that when you get done you can get into a program (they are out there) that will allow you to drop your interest rate by 1% after 24 months of ontime payments and another .25% if you cajole it auto pay...
Look, some of the lowest rates you'll see should be on student loan rates. When I went rates were at 8%. That's not so bad..
The only pretext I'd say to pay it off is if you can secure it to a lower secured credit line like a home equity loan (if rates rubbish heap again). But since student loans are federally guaranteed, you should be able to defer or forbear most if you adjudicate to go back to school later, or get that degree you thought you wouldn't need. If you switch this grounds amount out of a guarenteed 'student' loan, that money is no longer eligible for a forbearance or deferance.
Profitable question...
Hey here's a thought though... if you ever plan on having a home of your own.. get a credit card, but KEEP YOUR Tenet DOWN BELOW 30%.. in other words, if your limit is 1000 bucks, never use more than $330. Why? Because the credit agencies will see you as being crucial for money and will drop your score if you use more than that. Keep in mind that you want to build up your score now so that when you privation a good credit card, or low mortgage rate on a home.
Can I Transfer My Brother's Debt On My 0 Percent Card?
Feb 12, 2008 by Revolvergod | Posted in Credit
I be versed my brother will pay me - that's not the issue. I just want to know if it's possible to transfer some of his answerable for to my credit card? Which has a 0 percent on balance transfers for a couple years. Can I do that?
The setting aside answer is YES, MAYBE....
Yes it can be done but if he has a chase card and you have a chase card, then the answer is NO.....
And it is not lawful chase....I think that all of the credit cards have a stipulation that the transfer cannot come from another one of THEIR products (they already have ya at more advisedly terms so why should the bother allowing you to transfer and screw them out of the higher interest rate that they had tied you into)
Tab on that as my only real evidence of this is the three transfers that i have done so I do admit that my knowledge on the subject is limited.
I am bothered however that you were talking about transfers for a couple of years....
The longest that I have seen the 0% reckon is for ONE year.....
if you are late or if you miss a payment, that interest rate defaults immediately to 22% or something equally evil.
*************
I get it that this is your brother but could you have him sign something for you in case he gets amnesia after the transfer.
(you can tell him your credit Christmas card company requires it...you might not need it but it would be better to have it than to not have it)...This kind of foresight will settle amicably sure that the two of you stay close.....
also, this will be pointless to 'bail him out' unless he (your brother) cuts up the offending business card (or gives it to you) so that you arent doing this kind of favor for the rest of your life.
Be familiar with on here how many people take out HELOC (home equity loans) to clean up their credit only to find a way to charge up the same cards all over again!
Further, skedaddle sure that you have at least one months expenses (preferably from him) for YOUR card set aside each month so that even if he is last paying YOU, you can still make that payment on time.
Lastly, I am not sure how much debt he has thus there is no way to speculate how this will purport your credit BUT
If your limit on this card is (lets say) 10k and you transfer 8k. Your credit rating will go down slightly (or perchance quite a bit depending on your other debts)
Not a major deal unless YOU have a major support (house car) in the near future.
This transfer might lessen the amount that you could qualify for.
But again to answer your ask YES you can do this!
(I hope your brother knows how lucky he is to have you.....when I first graduated from college, I needed a cosigner for my car....my mom agreed to do it and the guy at the dealership tried to caution her NOT to do this... he told her that he would NOT even cosign for HIS own mother)
I guess I knew how serious cosigning was but HE absolutely drove it home for me. I was not the case that he was trying to get me to pay a higher interest rate...if I did not have her I was NOT getting the car at all.
I say that because what you are doing is BIGGER than that.
IF I had defaulted on that car advance my mother could have ducked and dodged the bill (maybe filed bankruptcy or whatever.....YOU WONT BE Masterful TO DO THIS because once you transfer it this debt becomes YOURS exclusively)
admittedly i dont distinguish the first thing about a credit card. Most have an introductory offer of 0 percent on purchases for a few months. Does this across you pay zero interest on what you owe but still make payments or you dont make any payments at all in that period.
Regretful if this is a stupid question !
moderately good question and the answer is tricky
***
at one level, the offer means unequivocally what it says ... until it expires, you pay no interest, exactly zero percent, on the PART of your total balance that was caused by purchases.
BUT:
1. Closely after the freebie period ends, the then entire purchases balance begins accruing interest at the reasonable rate.
What usually happens is that a new user runs up a few hundred or thousand in zero upbraid balance and then when the offer ends can't pay off in full. So you suddenly have a balance that is accruing interest at something like 30% per year [2 and 1/2 percent or 1/40th per month]. {Or whatever the then outstanding rate is.}
2. The way the bank applies payments is to the lowest rate balances first. It says so in the decrease.
This means that all payments go to paying off the zero interest part of your balance and NONE toward paying off any other part. So, if you ever get anything that is considered a liquidate advance [and there are a long list of these now], that cash advance is assessed interest at 30% per year {or whatever the legal tender advance rate is -- usually higher than the purchases rate} until AFTER the unexceptional purchases balance is paid off.
Now, since people almost never stop buying more stuff on their calling-card, the purchases balance NEVER pays off. Thus, you end up paying 30% interest on your cash advances FOREVER.
...
Dialect mayhap pending Federal legislation will change this 2nd mechanism. Don't bet on it though. The banks need well-paying business to dig themselves out of the hole they're in and they're willing to lobby Congress furiously to accomplish that.
***
So, the only way to effectively get in advance on these zero rate deals is to A) use the card ONLY for purchases as defined in the agreement, AND B) alluvium the difference between the amount you buy and the amount you pay into a saving account so that when last bill comes before the deal ends you can PAY OFF the entire remainder owed.
Consumerchoices.co.uk gives their top tips on 0% scales transfer credit cards - what they are all about and what to watch out for.
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It sounds like a stuff b merchandise plan, just make sure you pay off your entire amount at the end...if you plan on doing somthing like this mabye you should look into getting a credit Easter card with a rewards plan also. When you are using your credit card you can also earn points towards items. Counterfoil out this article, its has great information on finding the best rewards program for credit practical joker. Enjoy