Posted: 3/26/2013 9:26:06 AM EDT
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Which is the best card out there at the moment?
Can I rack up $XXXX on the card now and then carry a balance until the end of summer without paying some ridiculous fees on it like 15-20%? I plan to use the card for something now and then pay it off over the summer when I am working again (I'm currently a student). What say you? |
-G-
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There are plenty of cards out there that offer 0% interest for 6 months or a year. And there's nothing wrong with taking advantage of that. It's a free 6 month loan and you get to keep your cash on hand.
But don't buy something based on anticipated future earnings. Buy something based on your current earnings or cash reserves. If you aren't earning enough to pay for it now, then you're gambling that you will be earning enough in 6 months. That may or may not happen. |
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I'm not sure you're going to find too many "student" cards out there offering a 0% interest period. Generally, those are for balance transfers, or people with real income  I'd app for a Chase Slate or something more entry level like that and see what you can get. Speed |
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Quoted: Wanted to load up on 20k of russian surplus ammo and then pay it down over the summer. I figure if I wait til summer it'll probably be sold out. Hence the buy now pay later idea.  If you're a student w/ little credit (which I'm assuming is true since you don't currently have a credit card ), you're probabaly not going to get a card with a ~$6,000 limit right off the bat But, saying you did get a card like that, you could HOPE for maybe a 15% rate. If you put $6k on a card w/ a 15% interest rate, your minimum payment will be around $120/month with about $70 of that going towards principal. So assume about $50/month in interest. If you think you'll have the $6k in 6 months and you feel the $300 in interest will be more than justified via the future price, then it would be worth checking out. But, it's all a gamble. Speed |
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Quoted:
Which is the best card out there at the moment? Can I rack up $XXXX on the card now and then carry a balance until the end of summer without paying some ridiculous fees on it like 15-20%? I plan to use the card for something now and then pay it off over the summer when I am working again (I'm currently a student). What say you? If you can't pay with cash, you don't deserve it yet. If you're financing your recreation, it's not time to be recreating. |
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Quoted:
Wanted to load up on 20k of russian surplus ammo first I will answer your general question. Capital One is pretty good to low credit or no credit people and give you a year interest free... on the other hand they wont give you some high limit if you have no credit here is the problem... I keep a credit card for "emergencies" grandma just died need a plane ticket tonight? washer just crapped out need a new one tonight? just shit the bed and you need a new one..... tonight? Exactly what a credit card should be used for stocking up on ammo is not something you go out and get a credit card for... your setting yourself up for failure right out of the gate. I dont say any of this because I think your "young and dumb" I say this because I was one of those that had the discipline, knew better, and still found myself in credit card debt and it sucks....
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Quoted: If you pay it off each month they never increase your limit. If you don't pay it off, they deny your limit increase requests...FML  Nothing is further from the truth. I've called and requested limit increases on numerous cards that never even had a balance...I just got them for the gift cards or whatever Speed |