Where Can I find a 0% For Life Credit Card?
Author: supersport
Posted: Wed Nov 02, 2005 6:07 pm
Post subject: Where Can I find a 0% For Life Credit Card?
or for that matter 1.9 or 2.9% for life would be good as well. I'm looking to pay off my mortgage ($50,000 balance). As it is I'm paying nearly $400 per month in interest. I have no other debts and a median credit score of 790.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: maddybeagle
Posted: Wed Nov 02, 2005 7:23 pm
Post subject: Where Can I find a 0% For Life Credit Card?
I would look at your existing accounts. My chase, discover, and citibank cards have had offers.
Author: hesiden
Posted: Thu Nov 03, 2005 12:34 am
Post subject: Where Can I find a 0% For Life Credit Card?
This is my eventual goal. Right now my "auto loan" is a 0% for life deal with discover.
Discover still has 0% for life deals you'll have to call and ask for it. The catch is after 6 yo 9 months you'll need to start making 2 purchases a month which will be at the regular purchase interest rate. However you can make those purchases small, like $1.00. So it isn't really 0% but it can be quite small for a while, just don't miss your monthly purchases.
AMEX has for life BT right from the application stage for the Blue, 3.99%
Chase offers BT for life deals, I have 3.99% for life offers on my existing chase accounts.
Depending upon your total home value and the state you live in it is probably "safer" to pay the 50K off on your home with a HELOC. Then use CC BT's to pay the HELOC to 0. That way if something goes wrong and one or more credit cards go to 30% you can pay them off with the HELOC. Plus you can use many of the 0% 12 month BT offer deals avalible instead of just the for life deals.
You'll want quite a bit of more than 50K in credit avalible so your utilization doesn't approach anywhere near 100%. Less than 50% would be ideal.
Also minium payments for 50K on credit cards is probably much higher a typical mortgage.
Author: fire3000
Posted: Thu Nov 03, 2005 8:28 am
Post subject: Where Can I find a 0% For Life Credit Card?
If you are paying $400 a month in interest on the mortage, than its rate must be over 8%. The interest is tax deductible while credit card interest is not (unless you receive more interest on your investments than you pay out). So if you can find a BT for life from a credit card with a fixed rate of less than 5.5% it is worth taking. Of course you must also consider the BT fees and the annual that the cards charge. Look for a fee that is capped so that it becomes negligible for a large transfer. Currently I owe $17,000 to Cap 1 at 1.9% for life, $20,000 to Amex at 4% for life, and $8,000 to Citi at 4% for life. How much they offer you will depend on your score, past history with the lender, age, and your stated (verifiable) income. My score is probly less than 700.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: JaneiR36
Posted: Thu Nov 03, 2005 8:30 am
Post subject: Where Can I find a 0% For Life Credit Card?
You can always do the 1 year promo rates and then get a new promotion when that time is over. It's a little more difficult to keep track of, but it also gets the job done.
Author: hesiden
Posted: Thu Nov 03, 2005 10:06 am
Post subject: Where Can I find a 0% For Life Credit Card?
fire3000, how did you get the for life offer from Citi? I have the Citi dividend card and all I have is the 12 month 0% intro BT offer. Maybe they don't give for life deals on the dividend card?
Posted: Wed Nov 02, 2005 6:07 pm
Post subject: Where Can I find a 0% For Life Credit Card?
or for that matter 1.9 or 2.9% for life would be good as well. I'm looking to pay off my mortgage ($50,000 balance). As it is I'm paying nearly $400 per month in interest. I have no other debts and a median credit score of 790.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: maddybeagle
Posted: Wed Nov 02, 2005 7:23 pm
Post subject: Where Can I find a 0% For Life Credit Card?
I would look at your existing accounts. My chase, discover, and citibank cards have had offers.
Author: hesiden
Posted: Thu Nov 03, 2005 12:34 am
Post subject: Where Can I find a 0% For Life Credit Card?
This is my eventual goal. Right now my "auto loan" is a 0% for life deal with discover.
Discover still has 0% for life deals you'll have to call and ask for it. The catch is after 6 yo 9 months you'll need to start making 2 purchases a month which will be at the regular purchase interest rate. However you can make those purchases small, like $1.00. So it isn't really 0% but it can be quite small for a while, just don't miss your monthly purchases.
AMEX has for life BT right from the application stage for the Blue, 3.99%
Chase offers BT for life deals, I have 3.99% for life offers on my existing chase accounts.
Depending upon your total home value and the state you live in it is probably "safer" to pay the 50K off on your home with a HELOC. Then use CC BT's to pay the HELOC to 0. That way if something goes wrong and one or more credit cards go to 30% you can pay them off with the HELOC. Plus you can use many of the 0% 12 month BT offer deals avalible instead of just the for life deals.
You'll want quite a bit of more than 50K in credit avalible so your utilization doesn't approach anywhere near 100%. Less than 50% would be ideal.
Also minium payments for 50K on credit cards is probably much higher a typical mortgage.
Author: fire3000
Posted: Thu Nov 03, 2005 8:28 am
Post subject: Where Can I find a 0% For Life Credit Card?
If you are paying $400 a month in interest on the mortage, than its rate must be over 8%. The interest is tax deductible while credit card interest is not (unless you receive more interest on your investments than you pay out). So if you can find a BT for life from a credit card with a fixed rate of less than 5.5% it is worth taking. Of course you must also consider the BT fees and the annual that the cards charge. Look for a fee that is capped so that it becomes negligible for a large transfer. Currently I owe $17,000 to Cap 1 at 1.9% for life, $20,000 to Amex at 4% for life, and $8,000 to Citi at 4% for life. How much they offer you will depend on your score, past history with the lender, age, and your stated (verifiable) income. My score is probly less than 700.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: JaneiR36
Posted: Thu Nov 03, 2005 8:30 am
Post subject: Where Can I find a 0% For Life Credit Card?
You can always do the 1 year promo rates and then get a new promotion when that time is over. It's a little more difficult to keep track of, but it also gets the job done.
Author: hesiden
Posted: Thu Nov 03, 2005 10:06 am
Post subject: Where Can I find a 0% For Life Credit Card?
fire3000, how did you get the for life offer from Citi? I have the Citi dividend card and all I have is the 12 month 0% intro BT offer. Maybe they don't give for life deals on the dividend card?
posted by CardRatings.com at 3:28 PM
0 Comments:
Post a Comment
<< Home