Citizen's bank sent me an ad: "For a limited time, receive a $150 Amazon.com Gift Card upon closing on a new personal loan."
According to the ad, all I need to do is close on a $10,000 loan to get the card. The ad specifically says "No fees ever." It goes on to say "$0 origination fee, $0 prepayment penalty and $0 late fees."
So what's to stop me from taking the loan, repaying it in full the next day, and blowing $150 on stuff I don't need from Amazon?
Of course, I have to actually apply before I can see ALL the fine print. I'm guessing there's a catch in there somewhere. Anyone know?
FYI, I don't really care if there's a short-term impact to my credit report. I have no intention of borrowing money or taking out a loan anytime soon, if ever.
According to the ad, all I need to do is close on a $10,000 loan to get the card. The ad specifically says "No fees ever." It goes on to say "$0 origination fee, $0 prepayment penalty and $0 late fees."
So what's to stop me from taking the loan, repaying it in full the next day, and blowing $150 on stuff I don't need from Amazon?
Of course, I have to actually apply before I can see ALL the fine print. I'm guessing there's a catch in there somewhere. Anyone know?
FYI, I don't really care if there's a short-term impact to my credit report. I have no intention of borrowing money or taking out a loan anytime soon, if ever.