Aiming_4_55
Thinks s/he gets paid by the post
From an existing credit card that I currently carry as a back up card. I would not be applying for a new card to take advantage of this offer.
I generally never pay attention to credit card promotions but I read this one... 0% promotional APR offer until 7/12 for up to 20k. Fee is 1% of transaction.
I have a mortgage on an investment property. The rate is 4.125% which is extremely low as it was previously my primary residence. I generally pay an extra 500 a month as I want to pay it off sooner vs. later. If I don't add any more rental property investments, I hope to pay everything off within the next 5 - 6 years with some lump sum payments.
The Good
- save about $500 for the duration of this promotion
- assists in long term goal as the $500 would be applied as an extra payment
The Bad
- using credit card and on credit reports, but still have room on card and other cards for daily and emergency needs
- fee of 1%, but subtracted from savings already
- time to set-up monthly automatic payment, about 5 minutes
- if not paid, 12% interest rate from the beginning of loan (this will never happen)
I know some will say it's not worth the hassle, let's face it, you probably have more $$ than me! But, in my stage of life, $500 is $500 and would be nice in my pocket.
What's the catch with credit card promotions like this?
I generally never pay attention to credit card promotions but I read this one... 0% promotional APR offer until 7/12 for up to 20k. Fee is 1% of transaction.
I have a mortgage on an investment property. The rate is 4.125% which is extremely low as it was previously my primary residence. I generally pay an extra 500 a month as I want to pay it off sooner vs. later. If I don't add any more rental property investments, I hope to pay everything off within the next 5 - 6 years with some lump sum payments.
The Good
- save about $500 for the duration of this promotion
- assists in long term goal as the $500 would be applied as an extra payment
The Bad
- using credit card and on credit reports, but still have room on card and other cards for daily and emergency needs
- fee of 1%, but subtracted from savings already
- time to set-up monthly automatic payment, about 5 minutes
- if not paid, 12% interest rate from the beginning of loan (this will never happen)
I know some will say it's not worth the hassle, let's face it, you probably have more $$ than me! But, in my stage of life, $500 is $500 and would be nice in my pocket.
What's the catch with credit card promotions like this?