topic Re: Considering a 12 mo. zero interest card in Credit Card Applications

Considering a 12 mo. zero interest card

rahmsd1 — Sun, 18 Jan 2015 23:40:36 GMT

To consolidate my debt and pay it off during the introductory period. The savings is great for me and I can do this but i am worried that it will have a negative impact on my CR. (i am four years from retirement and want my bills gone now so I can save more in the mean time. What is the best advice please? Thank you

Re: Considering a 12 mo. zero interest card

jamie123 — Sun, 18 Jan 2015 23:58:02 GMT

For sure, go for it! This is a smart use of credit as long as you quit using your other cards. Don't get sucked into the trap that since your other cards are paid off that you can start running balances on them again and you'll be fine.

Re: Considering a 12 mo. zero interest card

Anonymous — Mon, 19 Jan 2015 10:25:36 GMT

CHASE Slate?

It's everywhere.....

Re: Considering a 12 mo. zero interest card

Anonymous — Mon, 19 Jan 2015 12:58:51 GMT

Chase Slate is the best because, in addition to the 15 month 0% APR, you have no Balance Transfer fees for the first 60 days.

Outside of Slate, there are quite a few cards that offer 12-18 months at 0% APR, but most of them have a 3% balance transfer fee. That's still a good deal when compared to market rates of return or credit card APRs, so if Slate isn't enough, go for one of those.

Re: Considering a 12 mo. zero interest card

Anonymous — Mon, 19 Jan 2015 22:08:22 GMT

Dont get the Slate, it has no rewards.. get the Freedom and it can be turned into a SIGGY once the limit is over 5k. and it has rewards.

Cheers

Re: Considering a 12 mo. zero interest card

Anonymous — Tue, 20 Jan 2015 01:35:07 GMT

Chase Freedom is not a good call. It has balance transfer fees. If your goal is to consolidate your debt onto one card, your objectives should primarily be 0% APR and 0% balance transfer fees. I'm sorry, but Slate is a much better choice than Freedom for the OP.

Re: Considering a 12 mo. zero interest card

BluePoodle — Tue, 20 Jan 2015 01:39:46 GMT

@Anonymous wrote:
Dont get the Slate, it has no rewards.. get the Freedom and it can be turned into a SIGGY once the limit is over 5k. and it has rewards.

Cheers

You're not looking for rewards if you intend to BT. You are looking for 0% interest and preferably 0% BT fees. Slate! You can always transfer you CL to another Chase card when your 0% time runs out or you have paid off your balance as it was intended for. The reward is not paying interest!

Re: Considering a 12 mo. zero interest card

B335is — Tue, 20 Jan 2015 02:01:55 GMT

There's a few decent options, I think the best two are Bank Of America Better Balance Rewards (BBR) and the Chase Slate and depends how much you are trying to BT.

Chase Slate: 15 months 0% plus no BT fee.

BoA BBR: 12 months 0%, but a 3% BT fee. However, you earn a $25 bonus every 3 months you make at least the minimum payment ontime. Obviously the BT fee negates this benefit if you plan to transfer over $3k.

Re: Considering a 12 mo. zero interest card

NRB525 — Tue, 20 Jan 2015 02:29:27 GMT

@rahmsd1 wrote:
To consolidate my debt and pay it off during the introductory period. The savings is great for me and I can do this but i am worried that it will have a negative impact on my CR. (i am four years from retirement and want my bills gone now so I can save more in the mean time. What is the best advice please? Thank you

How much debt are you looking to consolidate? What is the interest rate you are paying now on each card?