Credit card that offers 12 months no interest.....

[PremiumG]

Chase is offering 12 months no interest for a credit card I can get. Do u think if i get that credit line in the form of a check, i'll get no APR for 12 months?



i was trying to be a CD (not the music type) w/ the credit line...

probably not possible huh...? too easy

 

[BigJ]

I believe the 0% APR wouldn't apply to cash advances.

 

[dionx]

sometimes they treat the check as a cash advance when it's written to yourself. and the cash advane isn't treated with the same as a promotional APR. just call and ask about the details

 

[PHiuR]

Originally posted by: BigJ
I believe the 0% APR wouldn't apply to cash advances.

^
there has to be a way though....hmphhhh

 

[BigJ]

Originally posted by: PHiuR

Originally posted by: BigJ
I believe the 0% APR wouldn't apply to cash advances.

^
there has to be a way though....hmphhhh

If you have a friend with a small business that accepts credit cards, there may be a way to do it. Maybe PayPal Premier even.

But I would tend to think that would be on the wrong side of the law. Also, there are fees involved.

 

[FrustratedUser]

Two PayPal accounts.

 

[BigJ]

Originally posted by: FrustratedUser
Two PayPal accounts.

If it's $3,000 and under, Paypal takes a 2.9% + $0.30 chunk out of it.

A 1 year CD rate is 3.51%.

So at $3,000, you'd get $2,912.70. With a year CD, you wind up getting a little more than $3,015 back after investment (didn't feel like doing the compounding, so I just did yearly).

Is it really worth all that trouble for $15?

At $50,000, you'd only wind up making a little more than $620 in that year.

 

[qaa541]

Citibank cards typically have 12-18 month 0% APR with no fee. The no fee part is important because you usually have to pay 3% or so of your balance transfer to get the money in the first place. Another important fact is that they allow you to make a balance transfer out to yourself in the form of a check(it is a balance transfer not a cash advance).

Just remember that even if you take out your entire credit line on a balance transfer, you still have to make minimum payments which is typically around 2%.

 

[cubby1223]

Originally posted by: BigJ

Originally posted by: PHiuR

Originally posted by: BigJ
I believe the 0% APR wouldn't apply to cash advances.

^
there has to be a way though....hmphhhh

If you have a friend with a small business that accepts credit cards, there may be a way to do it. Maybe PayPal Premier even.

But I would tend to think that would be on the wrong side of the law. Also, there are fees involved.

ummm... not really

The credit card company takes ~2.5% from the business. Plus considering the pathetic rates you get on CDs, and the fact that you will have to make the minimum payments on the CC card, else that balance will return to the normal interest rate the moment you fail to make the minimum payment.

 

[BigJ]

Originally posted by: cubby1223

ummm... not really

The credit card company takes ~2.5% from the business. Plus considering the pathetic rates you get on CDs, and the fact that you will have to make the minimum payments on the CC card, else that balance will return to the normal interest rate the moment you fail to make the minimum payment.

You can do it, but it's really not worth it. See my 2nd post in this thread with the numbers.

 

[Maximus96]

what if you take cash advance out in one card, then use the 0% interest card to pay off the first card?

 

[kranky]

First you need to make sure that the no-interest offer also means no fee for balance transfers. If so, do a balance transfer to another credit card even though you don't owe them anything. Then get a refund of your overpayment from the other credit card company.