@Jlu wrote:
Convenience checks should be used to keep your shredder in proper working order by feeding them to it.
Usually, yes, except I have an unexpected 3k tuition expense. I've had a couple of hard hits to savings this year, and I don't want to hit it again. This means I'll be using credit. The checks are 2% fee, with 0% for a year. As I do not have any 0% credit cards, the 60 dollar fee is cheaper than two months of interest. I could app for a new 0% card, but I'm gardening. It's worth the 60 bucks not to have another inquiry.
If I were to take 6 months to pay it off, I would pay the amortized equivalent of a 6.85% loan. Since none of my credit cards have an interest rate that low, it's still a better deal. If something happened and I took the full 12 months, the effective amortized rate would be even lower.
If they gave me 1% back, it would cut the fee in half. I didn't think they would, but it's still a better deal than the other options.
Thanks for the feedback.
