Answers
I am contemplating purchasing a used boat which is over 15 years old. I am looking at the best way to finance this purchase and need some input. The only loan I have is a student loan for $4K and the only credit card I have has a balance of $11K with 0% interest for the next 6 months, and then a 8% rate after that. I have a few other credit cards which send me access checks with 0% fee and interest for one year that I could use to finance the boat. I would use $11K in an access check to finance the boat at 0% interest on a second credit card which would increase my credit card debt to $22K with 0 interest for awhile and then 8% on both eventually. However, I believe I can pay off these cards before any interest kicks in. The second option is to get a boat or personal loan for the $11K and pay about 10% interest. I would intend to pay the loan as quickly as possible as well. My question is, should I finance the boat using $11K of credit card at 0% interest or get a bank loan?
I did the credit card thing on my used car...my rate was 4.9%...it was cheaper tjhan a used car loan. Consider this make sure your rate is not a variable rate and make sure you are never late on payments because your interest rate can go up to 30% with one late payment! remember you can alwys do a balance transfer if you get a better credit card offer in the mail!
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I found a few cards that will approve you with no credit, but they all charge interest right off the bat. Looking for a card that has a 0% interest rate at a minimum of 6 months and will approve young people with no credit.
Does this exist, or am I stuck with immediate APR?
If not, what's the lowest APR you've seen? Need a good low interest rate first card.
Getting money for nothing isn't as easy as it used to be.
I bet you'll get denied instead. It wouldn't be the first time I see it happen. Careful as your score goes down each time a card denies you, if that starts to happen you want to stop applying and just get a secured card instead..
Im looking to buy a used car, although i am saving money i have just applied for a credit card which will be delivered in a few days.
But im a bit confused!
Its 0% interest on purchases for 12 months. So does this mean i can spend the full amount and pay it back over the 12 months without paying interest?
Or is it that you don't pay interest on things you buy but when it comes to paying it back you only get a certain number of days to do without paying interest (56?). The interest rate after the 12 months is something like 19.9%apr(!)
Please help!
That's right..you do not pay interest on your balance for 12 months. If you still have a balance at the end of 12 months, you will have to start paying the interest.
Try what I did toward the end of the 12 months. I had the same deal and I called and got them to lower the rate after the 12 months was up. They did this for me probably because I was never late with a payment. This way they get to keep me as a customer.
I have a line of credit at a bank at about 16% APR. Can I transfer that balance to a credit card to get a lower APR, or even a 0% APR using a balance transfer offer? I have a credit score of 650 (which I have read on the internet is considered "very good").
Well, maybe. Is your line of credit on a card, or is it an open line, or is it based on ownership of something (most lines of credit at banks are open lines based on a mortgage or ownership of a vehicle). I would say call the credit card you're considering using for the transfer and ask them. If they don't know, go and talk to the bank. Tell them the interest rate is too high, and you would like them to lower it because you have decent credit, you've been making regular payments, you have a job, etc. If they refuse to lower it, tell them you are considering taking out a cash advance on the credit card (another option you have) to pay off the entire balance, so they won't be earning ANY interest at all. If they still won't change the interest rate, take out the cash advance off the credit card (it should also have a low or 0% interest rate) and pay it off. There will be a fee to do it from the credit card company, but then you don't have to deal with the bank.
Right now it's about 6%. Bank of America is telling me they can't go any lower.... is he wrong and is there still room to negotiate? My credit score is above average and I used to get all these 0% card offers.... but not anymore due to the economy. Yet, can I still try to get BoA to reduce my rate on my credit card with them?
You could threaten to transfer your credit card balances to another bank.
If they value your business, they might decide to lower your rate.
Anything above prime (3.25%) is profit to the bank.
Might be a good time to borrow from your 401(k)
I recently heard from a family that wondered about taking a loan out of the 401(k) — or maybe a hardship withdrawal.
Did somebody lose a job? Was it hard to pay the mortgage? The car note?
No. The mom told me the son needed braces that would cost about $5,000.
Bad idea? Not necessarily.
Right now, let's consider our economic world where credit card companies are stingy, consumer loans are tight or priced high out of reach, and home values are so low that some families can no longer take out a home-equity line of credit.
I wouldn't recommend taking a 401(k) loan for holiday shopping. But — I cannot imagine I'm saying this — the loan might be reasonable for essentials, such as braces.
Consolidate Your Credit Cards – Lower Your Monthly Payments | All ...
If you’re like most North American people today, you go through life carrying a fair amount of credit card debt. And if you’re like most North American people, you’re okay with that. $100 per month in repayments is fine, even if you’re paying that much on three different cards. It’s doable – you can afford it, if you have to. But here’s the thing – if you consolidate your credit card debt, you don’t have to.
Do the math with me here: You have a Mastercard, a Visa, a Discover card and an American Express. Let’s say with each of them you’re supposed to pay 12% interest per year, (which would be generous – many cards charge as high as 29% these days!) and the monthly minimum us roughly 2% of your balance that has to be paid back each month. Assuming you owe $2000 on each card, that’s a $40 minimum payment on each card, or $120 per month – before interest is even factored into your repayment equation. But if you’re paying back $40 per month on a card that you owe $2000 on which charges 12% interest per year, you’re paying $280 – or over half your repayments – in nothing more than interest!
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