10-12-2008 06:59 PM
So I call BoA because I cant get in to check my transactions. And the guy says hey by the way I can give you up to your limit with a 0% interest rate for one year. And he checks with his sup. to see if he can get me a $99.00 cap on the fee and comes back and says yep he can. My intial thought is do it and put the $49000.00 dollars into my money market account and draw around 3% interest for 10 mths then pay it off. Then my better judgement took over and I thought yep then what if my bank closes just before I am to pay it off. What the heck would I do then.
Anyone have thoughts on doing something like that. He stated plainly that I could do anything I wanted with the money. Thanks Vicki
10-12-2008 07:13 PM - edited 10-12-2008 07:13 PM
Your CD wound be insured if your bank uses FDIC or is a credit union. Having said that I would not do it.
I hate BofA so my answer may same biased but IMHO I would be carefull about taken any cash advance or BT unless it was saving me money on interest or for great need.
10-12-2008 07:55 PM - edited 10-12-2008 07:57 PM
10-12-2008 08:25 PM - edited 10-12-2008 08:37 PM
First. High risk to loose money for small reward. That being said that's a heck of a deal! Too bad it's so risky this month for that type of action. They could give you the money and you might pay it all back 1 month early to be on the safe side, make a profit in your bank account with interest and then BOA might chop your CL to $5k because you carried a balance for too many months.
The problem is now that the banks aren't lending money to each other so I hear and people that pay of debt slow are under attack from the lenders. You idea is sound but you might want to hold off for a few days/weeks until the stock market levels settles down. Banks are on sharp edges this month.
Keep in mind that your money market account could drop to 1%.
Thank you for reminding me that there is room to negotiate with lenders. I keep forgetting that we can do this.
10-13-2008 01:03 PM - edited 10-13-2008 01:05 PM
Agreed with everyone. My luck would be my bank would fold and then it would take me 2 or 3 mths to get the money and I would be in trouble then. Not making the payments but the interest I would have to pay (and they would probably rate jack me). Plus hubby's checks are DD so there I would be. But no I would not suggest someone doing that it was just a thought that fleetingly passed thru my mind. Thanks vicki
ETA: I liked all answers on this one, it is best to keep low profile. Stay out of debt as much as possible.