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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: mishedlo who wrote (198640)10/19/2002 11:18:41 PM
From: lifeisgood   of 436258
 
I would never take that offer.
I would be scared S*less of some fine print that allows them to change the offer willy nilly at some point (via a disclosure) that comes too late for me to do anything about it. At 1-2% in an interest account what will you make for this agony?

What agony? I've been doing this with around 60K for about a year and a half. As long as you mark your calendar and don't forget the month that the "introductory rate" expires, there is absolutely no downside. I suppose a certain percentage of lunkheads don't even own a calendar. If you keep the money beyond the "introductory period" (in the last offer, that is 1 full year), they get to charge you interest rates that would make your local loan shark blush.

Hey, it basically pays for a cruise once a year. And that's only for the 1.5% interest I get in a savings account. Not bad for free. My guess is that the Fed has flooded the system with so much liquidity, that the banks would just as soon lend it to me and hope I don't pay it back in time, vs. hold it themselves at virtually 0% interest.

Now, if I had a mortgage (I don't), I could take that 50K, pay off a years worth of mortgage payments, and make my normal monthly mortgage payments to a savings account. At the end of the year, I'd pay off the credit card with the money accrued in the savings account. In this case, I'm making 7% - 8% on the money (depending on your mortgage rate) for one year. That's a no-brainer. Again, free money.

best...

LIG
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