credit card loans
11-03-2023, 05:43 AM
#11
Junior Member
Join Date: Mar 2015
Posts: 281
Be aware that they may charge a transfer fee equal to a certain percent on the amount. I think ours was about $260.
I have also used the no interest credit to buy sewing machines and cameras. In one case, I had to use the next day mailing to make sure they got the final payment in time. It did work, as it got there in time. Lots of stress, though. Didn't want the 30% interest charged on the original amount, that is for sure.
I have also used the no interest credit to buy sewing machines and cameras. In one case, I had to use the next day mailing to make sure they got the final payment in time. It did work, as it got there in time. Lots of stress, though. Didn't want the 30% interest charged on the original amount, that is for sure.
11-03-2023, 06:01 AM
#13
Super Member
Thread Starter
Join Date: Nov 2020
Location: USA
Posts: 2,149
I finally decided not to take their offer. Ten months is a long time for something to go amiss and then interest galore could happen. I'm old and may not make it one way or another and things could be problematic for my son. So onward on regular payments I make now. Just with interest! Oh well, sounded good. I will have it paid off by then anyway, which they know. funny how they offered it for ten months, isn't it? $$$
11-05-2023, 05:47 AM
#14
Super Member
Join Date: Jun 2010
Location: Vermont
Posts: 6,985
they are counting on people being bad at math. A 5% transaction fee for 6 months is like 10% annual interest. I used to get cash advances back in the day when they were 0% interest and no transaction fee. Money went right in the bank where it earned 5%. And always paid off on time. I guess I am part of the reason they stopped that!!
11-05-2023, 02:32 PM
#15
Super Member
Thread Starter
Join Date: Nov 2020
Location: USA
Posts: 2,149
well good for you ptquilts. I would like to pay as I go. Can't stand being late paying for anything. I recently read the average Social Security check was $4500.00. sure it is... ..Not to me! goodness the things I could do with $4500.00 every month. pay cash as I go for one!! dreaming on....
11-05-2023, 05:58 PM
#16
Super Member
Join Date: Apr 2018
Location: NW MN lake country
Posts: 3,389
Originally Posted by Quiltwoman44
well good for you ptquilts. I would like to pay as I go. Can't stand being late paying for anything. I recently read the average Social Security check was $4500.00. sure it is... ..Not to me! goodness the things I could do with $4500.00 every month. pay cash as I go for one!! dreaming on....
Whoever published that info was making an error on their average numbers, which makes me feel better, cuz I get a lot less than that!!! haha The correct info should be that the $4500 is the max that can be drawn. See below:
What is the maximum Social Security retirement benefit payable?
(En espaņol) The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you retire at age 62 in 2023, your maximum benefit would be $2,572. If you retire at age 70 in 2023, your maximum benefit would be $4,555.
11-05-2023, 06:32 PM
#17
Super Member
Join Date: Jul 2013
Location: Houston, TX
Posts: 9,515
Originally Posted by Peckish
Please read the fine print very carefully. I've also received these offers, but the ones I get are not "loans" per se; they are cash advances on the credit card. The interest rate is 0% for a certain period of time and as long as you pay the entire balance by that date, you don't pay any interest at all. The credit card companies make money because a lot of people find that life gets in the way - an expensive auto repair or a medical issue puts the debt payments on the back burner, they can't pay the balance due within the time frame, and the interest on the original loan amount (not the current balance) is backdated to day 1 and tacked on to whatever the remaining balance is.
