Where to get a 0% credit card for 12 months?

[purbeast0]

topic pretty much covers my question, I'm looking to get a new card that has 0% interest for 12 months (if these are even available) and want to do it from a reliable place not just some random site I found on google that I am uncertain of.

thanks.

 

[edro]

And one with cash back or rewards... because I also need one for a large one time purchase.

 

[Turkish]

www.bettercreditcard.com - Rossman's site...

 

[Tooncesthedrivingcat]

http://www.fatwallet.com/forums/finance/

 

[sjwaste]

Originally posted by: purbeast0
topic pretty much covers my question, I'm looking to get a new card that has 0% interest for 12 months (if these are even available) and want to do it from a reliable place not just some random site I found on google that I am uncertain of.

thanks.

Amex Starwood card. Stay at a Starwood property during the honeymoon for more points.

 

[George P Burdell]

looking for a new one to dump my honeymoon on

Yet another reason for our economic crises.

 

[marketsons1985]

Originally posted by: George P Burdell

looking for a new one to dump my honeymoon on

Yet another reason for our economic crises.

Why? Just because people have the ability to spread payments out over 12 months instead of dumping it all in one place?

What if his bank account gives a decent % interest? Say the money for the honeymoon is in a moneymarket earning 4% yearly yield, compounded monthly.

Average honeymoon costs $4472 according to this quick google search i did, spread over 12 months that is 12 equal payments of $372.66 per month. Here's the breakdown of interest:

Month 1 - Interest is 4% / 12 * 4472 = $14.90
Month 2 - interest is 4% / 12 * (4472-372.66+14.90) = 13.70
Month 3 - interest is 4% / 12 * (4472-2*372.66+14.90+13.70) = 12.51

Already in 3 months that's $41.10 that the OP didn't have. He made money by not paying it off in the beginning.

Granted, most people aren't doing it for that reason, but remember, you have to get approved so if you have crummy history, you may not get the 0% for 12 months anyway.

 

[IEC]

Originally posted by: George P Burdell

looking for a new one to dump my honeymoon on

Yet another reason for our economic crises.

What, getting a 0% loan for 12 months?

Actually, make that -1% or even less depending on the rewards for the card.

 

[Xavier434]

Originally posted by: George P Burdell

looking for a new one to dump my honeymoon on

Yet another reason for our economic crises.

Doing that is perfectly fine if you have a good plan and are confident that you can pay it off in a timely manner. The problems only arise when people continuously do balance transfers on these cards and increase their debt rather than pay it off because they assume that the deals will be around forever.

 

[krunchykrome]

Originally posted by: George P Burdell

looking for a new one to dump my honeymoon on

Yet another reason for our economic crises.

whats the problem here?

 

[Special K]

Originally posted by: Xavier434

Originally posted by: George P Burdell

looking for a new one to dump my honeymoon on

Yet another reason for our economic crises.

Doing that is perfectly fine if you have a good plan and are confident that you can pay it off in a timely manner. The problems only arise when people continuously do balance transfers on these cards and increase their debt rather than pay it off because they assume that the deals will be around forever.

We don't really know enough details of the OP's situation to know whether or not the 0% card is a good idea or not. Some people use the 0% loan responsibly, and some don't.

 

[purbeast0]

Originally posted by: George P Burdell

looking for a new one to dump my honeymoon on

Yet another reason for our economic crises.

lol i'm so glad you know everything about me! there are various reasons why I want to do it ...

1. if something comes up, it'll be a lot easier to cancel it on a credit card rather than having already paid for it w/cash.
2. $5k+ is a decent reward from a good card.
3. we're going to have a lot of wedding money that we can use to pay it off with if necessary.

btw, i have 0 credit card debt right now. all i have for debt is a $260 car payment for about 30 more months, and student loans.

so suck it.

 

[cHeeZeFacTory]

are there any 0% & no fee cards out there?

 

[Xavier434]

Originally posted by: cHeeZeFacTory
are there any 0% & no fee cards out there?

Depends on what kind of fee you are referring to.

Try this and make some phone calls to confirm what is advertised on the site.

 

[Baked]

You know, this spread out large balance over 12 months w/ 0% interest is not a bad idea. I just don't like having so many CCs. I mean this could turn into a habit of opening a new CC w/ 0% interest every time you go on a vacation and get hit w/ a hefty bill. I think I'll pass.

 

[rudder]

Originally posted by: Xavier434

Originally posted by: George P Burdell

looking for a new one to dump my honeymoon on

Yet another reason for our economic crises.

Doing that is perfectly fine if you have a good plan and are confident that you can pay it off in a timely manner. The problems only arise when people continuously do balance transfers on these cards and increase their debt rather than pay it off because they assume that the deals will be around forever.

Or they do not read the small print, miss a payment, and suddenly realize that 0% account is now at 28%.

But otherwise no issues at all with a 0% loan.

 

[Xavier434]

Originally posted by: Baked
You know, this spread out large balance over 12 months w/ 0% interest is not a bad idea. I just don't like having so many CCs. I mean this could turn into a habit of opening a new CC w/ 0% interest every time you go on a vacation and get hit w/ a hefty bill. I think I'll pass.

It is something which should not be abused and I do not do it often at all for this very reason. I have always been curious about one thing though. I know that having a balance on a CC and gradually paying it off over time is a way to build your credit score. I also know that canceling a CC is usually a bad idea because that hurts your score.

However, what I do not know is what the difference is. I do not know how much my credit score would improve if say I did this sort of thing for 12 months by starting off with a balance of $5000 on a card and ending those 12 months with a $0 balance. Nor do I know how much my credit score would decrease if I cancel that same card after the balance reaches $0 and the 12 months has past. If that difference results in a positive figure, then would that mean you can just pull of this stunt again and again as long as the deals are around and you do not break any contract rules?

I realize that sort of practice is frowned upon a whole lot by those who obsess over credit including many people on this forum, but it all boils down to the numbers right? So why is it frowned upon? Obviously if the difference results in a negative figure then the answer to that question is simple, but is that truly the case? The only other easy answer I can think of is that the result of such practice does not necessarily end up being a negative difference but when you credit history is being considered for a loan you may get denied or get a crappy rate because those cancellations are shown and are frowned upon. I am not sure about that either though. Does anyone know?

Just to apply this scenario to my own life a little closer, let's also assume that this person has 3 CC's which they have a long standing relationship with and will never cancel, a car loan, a mortgage, and student loans. All of which are being handled very responsibly.