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WaMu. 0% on purchases with various cashback tiers (gas 5% for first 6 months, 2% on groceries, etc.); requires balance transfer of at least $100; opened in September, 0% for purchases through March 2010.
What I need done is to do one large charge of $1500-3000 depending on how upside this car loan is....then pay it off over the course of X months. So with this WAMU you get 5% cash back when you spend it on gas? Kinda cool.
Yes on the gas for the first 6 months and then it drops to 2%. We already got a $103 credit in just 2 billing cycles. We just don't know how to "redeem" this or whether this is a credit to the outstanding balance. We put all our "revolving" expenses (groceries, gas, dining, etc.) on the card and pay it off every month. We put our large medical and dental bills on it and amortize a payment for this every month so that we're all zeroed out by March 2010. Really cool! Gotta love free financing!
Most nowadays are for 12-15 months. If you are not getting offers in the mail, try cardoffersdotcom, or google 0% credit cards...
Me and my spouse got 2 mail offers each yesterday, 2 for Petsmart for 0% until 1/2010 and 2 Wamu 0% on balance transfers until 1/10. I shredded them.
We have 3200.00 in 0% debt until 2/09 and already have a card ready to move the debt to.
For us it makes more sense to keep our small EF Fund and just float the debt. We will get it paid off with our tax return, or at least most of the debt.
Hungry for cheese
The one thing you want to be careful of since you will also be using this to help her credit is you don;t want to get a card where the credit limit will equal the BT amount. This will show as 100% of the available. if she has no other cards with available credit being at 100% will affect her credit score
There are different theories some say keep balances 20 % some say 40 % of available credit.
Not to mention having a card so close to the limit if her payment is sometimes only hours late the company will assess a late charge this could throw the account over the limit will result in a over the limit charge.
Also many cards do not give the rewards for BT.
p.s. this is a very nice thing you are doing by giving her your car to help reduce her costs.
Yeah the problem is her available credit as of now is only $300 on one card....because thats where she wanted to keep it. I hope she can get a card for at least $3k. My first card was low, and now it is at $3k or so....the other is 12k...luckily I only owe 20% on it.
This will greatly increase our chances of getting an apartment in expensive L.A.
If she gets the card......
Then goes to sell her car, but is upside 2k and need to use the card....will it be considered a balance transfer or a purchase? I ask because I found the Discover More card might work for her....and it asks if the applicant will be applying a BT towards the card...well she would, but she doesn't know how much or when she will sell the card. These kind of things need to be done right away....to pay off the loan and release liability, but in the world of business can take days or a week.
Is she better off getting the card first, so she knows how much she can charge?
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