Getting a new credit card just for the introductory 0% APR - bad idea?

[Gunslinger08]

nm

 

[sjwaste]

Not a bad idea at all. As long as you're not spending beyond your means, what's wrong with an interest free loan?

Additional credit also helps your score. It lowers your utilization and raises your available credit amt, both positive factors.

Yeah, it'll lower the average age of your accounts and also ding you for a hard inquiry, but on the whole its worth it in the long run. The only time you might not want to is if you're shopping for a mortgage right now.

 

[theflyingpig]

Getting a credit card is a bad idea. Everyone knows this.

 

[edro]

Use a 0% card for the 0%? BRILLIANT!

 

[Engineer]

Getting a credit card is a bad idea. Everyone knows this.

LOL....not always. But of course, you knew this.

 

[wiredspider]

If you get approved, then it's not an issue. If they deny you, your ego might be hurt

 

[Bignate603]

As always, credit cards can be beneficial if you are responsible or they can absolutely bury you in debt if you are stupid. If you've got enough self discipline to use it wisely it could be nice to have.

I tended to avoid these 0% cards and just tried to carry zero balance on my rewards card until I looked at buying a big TV. I figured out I could buy the TV on 0% interest, pay $50 a month towards it and finish paying it all off before the higher interest came into effect. It was nice keeping the cash in my account and paying it off over time. I could have paid it in full but there was no cost to spread it out and I keep more money stashed away for emergencies.

 

[esun]

Not a bad idea at all. Credit cards are a tool, like anything else. The fact that you are even concerned indicates to me that you are a responsible borrower and probably have nothing to worry about.

 

[iGas]

Not a bad idea, however read the small prints and make sure that you pay the full amount owing by the deadline, because many of these type of CC are design to hook people on to it and charge the full accrue interest ++ total sum of owing amount during the pseudo 0% promotion.

 

[dud]

OP, credit is, for the most part, evil. You already have a number of cards. Are they paid off? The only time IMHO to have a CC is when you use it to use the CC company's money (as in paying it off at the end of the month).

 

[lxskllr]

It's a headache keeping up with another bill, but it isn't a terrible idea. If I had the cash, I wouldn't do it. It's just something else to be concerned about every month.

 

[Fritzo]

If you do it right, it's a great idea. If you don't pay it off, you end up spending more money.

 

[FelixDeCat]

Credit cards are the Devils playground. Avoid.

 

[thepd7]

I've done this multiple times. In fact, I borrowed $10k to put in the stock market. Made $600 so far, looking for more before I have to pay it back in April.

 

[edro]

I've done this multiple times. In fact, I borrowed $10k to put in the stock market. Made $600 so far, looking for more before I have to pay it back in April.

LOL, what can go wrong?!

 

[iGas]

LOL, what can go wrong?!

Gambling with money that he doesn't have and I hope he is using an equity or investment loan for lower interest rate than CC.

 

[DaWhim]

use it properly, treat it as a 0% 12 month interest free loan. profit from it.

i had rolled a 10k balance for 2 years. it was the good time.

 

[bobdole369]

Not bad if your gonna balance transfer higher rates into it.

 

[kami333]

Nope, good idea as long as you are able to make the payments on time.

Google "credit card arbitrage", if was popular with the FWF crowd when credit lines were plentiful and yields on savings/CDs high. I had about $60k from 0% balance transfers earning 3-5% in my savings accounts.