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Investing with credit cards

Valued Contributor

Investing with credit cards

     I have something that I want to buy as an investment for about 4 thousand dollars. I have 2 thousand saved. I will have the rest of the money in 2 months but I am afraid someone will buy this thing ahead of me if I don't purchase it soon and I will miss it. What should i do? I have about 3500 in available credit from my Cap1, Discover, and Chase card. I could the other 2k on a combination of those cards or I could try apping for another card say a DCU card and hope for a higher CL. Or I could just wait and hope someone doesnt buy this thing ahead of me. I guess I should find a card with 0 percent interest for a few months and put the purchase on that.

Message 1 of 36
35 REPLIES
Moderator Emerita

Re: Investing with credit cards

Message 2 of 36
Established Contributor

Re: Investing with credit cards


09Lexie wrote:
****************RED ALERT ISSUED****************

Is your new title "Guardian of the Fence" lol..

 

OP what is the prepaid card does it provide an EXP fico or something?

Message 3 of 36
Super Contributor

Re: Investing with credit cards

is this something that you absolutely need?

Will it not be produced or be available ever again?

It's really up to your own judgement. No one can tell you what it's worth or its importance because it doesn't matter except for your own opinion.

You could try getting a new card as well if you absolutely need this. What are your scores like?

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 4 of 36
Moderator Emerita

Re: Investing with credit cards

@Rackham

Guardian of the Fence- lol. Proud to say i am not alone.

Lmao
Message 5 of 36
Established Contributor

Re: Investing with credit cards

I think you should wait. 

Message 6 of 36
Super Contributor

Re: Investing with credit cards


dddewdrop wrote:

     I have something that I want to buy as an investment for about 4 thousand dollars. I have 2 thousand saved. I will have the rest of the money in 2 months but I am afraid someone will buy this thing ahead of me if I don't purchase it soon and I will miss it. What should i do? I have about 3500 in available credit from my Cap1, Discover, and Chase card. I could the other 2k on a combination of those cards or I could try apping for another card say a DCU card and hope for a higher CL. Or I could just wait and hope someone doesnt buy this thing ahead of me. I guess I should find a card with 0 percent interest for a few months and put the purchase on that.


Repeat offender go straight to red

 

We know how you work the fence Lol 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 36
Super Contributor

Re: Investing with credit cards


myjourney wrote:

dddewdrop wrote:

     I have something that I want to buy as an investment for about 4 thousand dollars. I have 2 thousand saved. I will have the rest of the money in 2 months but I am afraid someone will buy this thing ahead of me if I don't purchase it soon and I will miss it. What should i do? I have about 3500 in available credit from my Cap1, Discover, and Chase card. I could the other 2k on a combination of those cards or I could try apping for another card say a DCU card and hope for a higher CL. Or I could just wait and hope someone doesnt buy this thing ahead of me. I guess I should find a card with 0 percent interest for a few months and put the purchase on that.


Repeat offender go straight to red

 

We know how you work the fence Lol 


LOL

Myjourney and Lexi make a nice team.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 8 of 36
Valued Contributor

Re: Investing with credit cards


Rackham94 wrote:

09Lexie wrote:
****************RED ALERT ISSUED****************

Is your new title "Guardian of the Fence" lol..

 

OP what is the prepaid card does it provide an EXP fico or something?


It is just an amex prepaid card that i got in hopes of establishing a relationship with amex. it has no balance currently. There is supposed to be a space after where I wrote "prepaid card" then i listed my most recent fico scores. sorry for the confusion.

 

Message 9 of 36
Established Member

Re: Investing with credit cards

Unless you have a guaranteed rate of return on your investment which is greater than the interest you'll be charged, IMO it's not a sound idea.  Especially since you'll be using a considerable amount of your available credit for the purchase.  Investment and CC's just don't mix in my world.  Investments are not guaranteed to net more than your total purchase cost, and they also require time to mature (which adds more volatility).  Even If you break even with the initial cost of 4k, you're still losing the money spent on interest payment for the 2k borrowed.  A financial loss however small, is still a loss.  Just my opinion of course, do with it what you will.



In the garden until they run out of veggie burgers.
Message 10 of 36