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Freedom 0% APR

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Anonymous
Not applicable

Re: Freedom 0% APR

The guy who gets his card with 15 months 0 percent, buys new living room furniture and uses the 0 percent to pay it down is far less risky than the guy carrying a balance because he cant pay off his 5 dollar charges for downloads on the playstation and 17 dollar 7 eleven purchase. At least that would be my risk analysis. Maybe guy number 2 will pay more down in the months when redbull is on sale tho.

Message 11 of 19
Anonymous
Not applicable

Re: Freedom 0% APR

Lol. Exactly my point.
Message 12 of 19
Imperfectfuture
Super Contributor

Re: Freedom 0% APR


@Tszone wrote:

I just made a big purchase with my Freedom card yesterday, but also use it for groceries. Made the purchase right afer 1st statement cut. I plan on paying my regular spending and adding additional to pay down the big purchase every month. I also was approved for the CSP this month, but have not received the card yet.


+1, what I did with Amex, and can do later for another purchase, while setting that extra in savings.

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Message 13 of 19
vanillabean
Valued Contributor

Re: Freedom 0% APR


@Anonymous wrote:
One large purchase not paid in full but in installments if you will can seem less risky than many small everyday purchases being carried over. Repayment ability may be called into question.

 

Maybe. Do the two pose different thresholds in absolute dollar amounts? Will the credit card company shut you down at $2000 for accumulated coffees, while allowing a single purchase of $5000?

 

Message 14 of 19
Chris679
Established Contributor

Re: Freedom 0% APR

They probably aren't going to shut either guy down because they are making money off both hypothetical guys. Those of us around here though are often pushing the limits of what we can get as far as CLI, rewards, lower APR, etc so there is an incentive to try to look as responsible as you can. I have taken advantage of 0% APR on almost every card I've had and try to pay 10% of the balance. I did however open a card once and max it out right away then pay the minimum for the entire 15 months with no issues, even got an auto CLI. Who was it you ask? It was Chase (gasp)
Message 15 of 19
Anonymous
Not applicable

Re: Freedom 0% APR

Paying the minimun on a large purchase, wont help you pay it all in 15 months.

Message 16 of 19
Chris679
Established Contributor

Re: Freedom 0% APR


@Anonymous wrote:

Paying the minimun on a large purchase, wont help you pay it all in 15 months.


As a matter of fact it will.  It  will lower the balance by 15% or so.

Message 17 of 19
cottoncrown
Frequent Contributor

Re: Freedom 0% APR

They love it that's how they make money. They want you to buy a new livng room set for the 0% and then get lured in to using it for groceries for the 5%. Next thing you know you're using the card for everything and are in $5k debt paying it back at 22% and relying on your card for everyday expenses. Another sucker paying hundreds of dollars interest just to finance a living room set they didn't need in the first place.
Message 18 of 19
Imperfectfuture
Super Contributor

Re: Freedom 0% APR

@he's back

But, but, I don't have 22% interest cards (well, maybe one, but if they don't lower the apr, it goes boom).
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Message 19 of 19
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