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I called Citi and asked them if I could have 12 months deferred interest because I want to purchase the new iPad Pro without opening a new Apple Barclay account. They offerred to wire me the cost of the new Ipad for a flat rate of 3% and at 0% interest for 12 months. Is this a good deal?
The other option is to open a new Apple Barclay card which would provide 18 months at 0% interest.
Well, ask yourself which is the better deal... 3% for 12 months or 0% for 18 months but with a HP for a new tradeline (plus you'd lose that shiny diamond in your sig)... you choose.
The Apple card gives you an extra 6 months interest free as well. I'd go that route personally all else being equal... but if you're gardening for a good reason, or if your scores could lead to a denial or a low starting CL the Citi route might be better.
If I were you, I wouldn't apply for the new card just for that purchase. I don't know much about the Apple card, but I think the promotional financing only works when you first get the card. They don't have ongoing interest-free financing.
I looked at your signature, and you have PP Credit. Can you handle the purchase with 6 months no interest instead? It'd be a hidden purchase, so it wouldn't affect your UTIL.
@imaximous wrote:
If I were you, I wouldn't apply for the new card just for that purchase. I don't know much about the Apple card, but I think the promotional financing only works when you first get the card. They don't have ongoing interest-free financing.
I looked at your signature, and you have PP Credit. Can you handle the purchase with 6 months no interest instead? It'd be a hidden purchase, so it wouldn't affect your UTIL.
It isn't a matter if I can handle it or not; if I can buy with credit and pay zero intererst I'd do it. It builds a stronger credit history and relationship with the bank. I think 3% flat fee is better than PP. The interest I would pay is only $3.33 per month with Citi for a grand total of $39 in interest. And actually, the interest would only be $10.00 since I would be receiving 2% cash back on this purchase.
The only problem with opening a new Barclay is that I don't know how much they would give me, not making it worth a hard pull.
@Anonymous wrote:
According to your signature line you are in good shape for 5/24 either way.
You said Citi would wire you the money.
Can you pay WITH the card and still get the 0% with 3% fee? If you use Double Cash, pay off in a year then your net fee would be 1% after accounting for 2% rewards.
During that time do not use that card for new purchases if new purchases would have interest applied.
Yeah, that's what I figured. I would get back $29 dollars for the purchase so the true interest I'm paying is only $10.
While the Apple Card is good for 0 financing. It’s not a great overall card. Barclays is also known to lower limits and close with little use.
@10022016 wrote:
@imaximous wrote:If I were you, I wouldn't apply for the new card just for that purchase. I don't know much about the Apple card, but I think the promotional financing only works when you first get the card. They don't have ongoing interest-free financing.
I looked at your signature, and you have PP Credit. Can you handle the purchase with 6 months no interest instead? It'd be a hidden purchase, so it wouldn't affect your UTIL.It isn't a matter if I can handle it or not; if I can buy with credit and pay zero intererst I'd do it. It builds a stronger credit history and relationship with the bank. I think 3% flat fee is better than PP. The interest I would pay is only $3.33 per month with Citi for a grand total of $29 in interest.
The only problem with opening a new Barclay is that I don't know how much they would give me, not making it worth a hard pull.
Understood. I figured you were trying to buy on credit because you needed it. That's why I asked if you could make it work in 6 months.
Is this money from Citi a promo cash advance from your DC card? If it is, and you won't be using it for new charges till paid off, then go for it. Otherwise, you'll start paying interest the moment you make a purchase on it.
@imaximous wrote:
@10022016 wrote:
@imaximous wrote:If I were you, I wouldn't apply for the new card just for that purchase. I don't know much about the Apple card, but I think the promotional financing only works when you first get the card. They don't have ongoing interest-free financing.
I looked at your signature, and you have PP Credit. Can you handle the purchase with 6 months no interest instead? It'd be a hidden purchase, so it wouldn't affect your UTIL.It isn't a matter if I can handle it or not; if I can buy with credit and pay zero intererst I'd do it. It builds a stronger credit history and relationship with the bank. I think 3% flat fee is better than PP. The interest I would pay is only $3.33 per month with Citi for a grand total of $29 in interest.
The only problem with opening a new Barclay is that I don't know how much they would give me, not making it worth a hard pull.
Understood. I figured you were trying to buy on credit because you needed it. That's why I asked if you could make it work in 6 months.
Is this money from Citi a promo cash advance from your DC card? If it is, and you won't be using it for new charges till paid off, then go for it. Otherwise, you'll start paying interest the moment you make a purchase on it.
It's 0% for 12 months with a flat fee of $39.00; however, I will be getting 2% cash back on this purchase so the total interest will be on this purchase is $10.