OT: zero interest cards
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OT: zero interest cards (by J [FL]) Mar 3, 2019 5:06 PM
       OT: zero interest cards (by Barbara [VA]) Mar 3, 2019 5:15 PM
       OT: zero interest cards (by J [FL]) Mar 3, 2019 5:17 PM
       OT: zero interest cards (by Busy [WI]) Mar 3, 2019 5:35 PM
       OT: zero interest cards (by J [FL]) Mar 3, 2019 5:39 PM
       OT: zero interest cards (by Deanna [TX]) Mar 3, 2019 5:46 PM
       OT: zero interest cards (by plenty [MO]) Mar 3, 2019 5:48 PM
       OT: zero interest cards (by Homer [TX]) Mar 3, 2019 5:59 PM
       OT: zero interest cards (by plenty [MO]) Mar 3, 2019 5:59 PM
       OT: zero interest cards (by Busy [WI]) Mar 3, 2019 6:15 PM
       OT: zero interest cards (by Smokowna [MD]) Mar 3, 2019 8:19 PM
       OT: zero interest cards (by Robert J [CA]) Mar 3, 2019 9:08 PM
       OT: zero interest cards (by S i d [MO]) Mar 4, 2019 6:28 AM
       OT: zero interest cards (by J [FL]) Mar 4, 2019 6:33 AM
       OT: zero interest cards (by S i d [MO]) Mar 4, 2019 7:02 AM
       OT: zero interest cards (by plenty [MO]) Mar 4, 2019 7:03 AM
       OT: zero interest cards (by J [FL]) Mar 4, 2019 7:08 AM
       OT: zero interest cards (by Alan [C]) Mar 4, 2019 7:25 AM
       OT: zero interest cards (by S i d [MO]) Mar 4, 2019 7:33 AM
       OT: zero interest cards (by plenty [MO]) Mar 4, 2019 7:56 AM
       OT: zero interest cards (by Skunk [KY]) Mar 4, 2019 7:58 AM
       OT: zero interest cards (by Busy [WI]) Mar 4, 2019 8:25 AM
       OT: zero interest cards (by Busy [WI]) Mar 4, 2019 9:05 AM
       OT: zero interest cards (by Smokowna [MD]) Mar 4, 2019 9:50 AM
       OT: zero interest cards (by J [FL]) Mar 4, 2019 9:52 AM
       OT: zero interest cards (by Barb [MO]) Mar 4, 2019 9:55 AM
       OT: zero interest cards (by J [FL]) Mar 4, 2019 10:22 AM
       OT: zero interest cards (by busy [WI]) Mar 4, 2019 10:55 AM
       OT: zero interest cards (by Deanna [TX]) Mar 4, 2019 11:08 AM
       OT: zero interest cards (by BRAD 20,000 [IN]) Mar 4, 2019 12:03 PM
       OT: zero interest cards (by J [FL]) Mar 4, 2019 12:17 PM
       OT: zero interest cards (by Busy [WI]) Mar 4, 2019 12:25 PM
       OT: zero interest cards (by John... [MI]) Mar 4, 2019 1:54 PM
       OT: zero interest cards (by John... [MI]) Mar 4, 2019 1:55 PM
       OT: zero interest cards (by plenty [MO]) Mar 4, 2019 2:06 PM
       OT: zero interest cards (by plenty [MO]) Mar 4, 2019 2:08 PM
       OT: zero interest cards (by J [FL]) Mar 4, 2019 2:57 PM
       OT: zero interest cards (by Chris [CT]) Mar 4, 2019 4:36 PM
       OT: zero interest cards (by Ned [AL]) Mar 4, 2019 5:11 PM
       OT: zero interest cards (by Cjoíh [CT]) Mar 4, 2019 5:21 PM
       OT: zero interest cards (by Smokowna [MD]) Mar 5, 2019 4:34 AM
       OT: zero interest cards (by John... [MI]) Mar 5, 2019 11:21 AM
       OT: zero interest cards (by John... [MI]) Mar 5, 2019 11:22 AM
       OT: zero interest cards (by CjoíH [CT]) Mar 6, 2019 12:56 PM
       OT: zero interest cards (by Busy [WI]) Mar 6, 2019 1:16 PM
       OT: zero interest cards (by CjoíH [CT]) Mar 6, 2019 1:22 PM
       OT: zero interest cards (by CjoíH [CT]) Mar 6, 2019 2:38 PM
       OT: zero interest cards (by CjoíH [CT]) Mar 6, 2019 3:23 PM
       OT: zero interest cards (by Smokowna [MD]) Mar 6, 2019 3:56 PM
       OT: zero interest cards (by Busy [WI]) Mar 6, 2019 5:04 PM

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OT: zero interest cards (by J [FL]) Posted on: Mar 3, 2019 5:06 PM
Message:

I know this topic has been discussed once before here.

I have a zero interest introductory credit card rate for 15 months.

Can I keep transferring the balance to new zero interest cards for several years or do the credit card companies get tired of people like me quickly. and the offers stop coming? I thought it would be a simple way to "borrow" money for awhile.

Thanks.

--72.188.xxx.xxx




OT: zero interest cards (by Barbara [VA]) Posted on: Mar 3, 2019 5:15 PM
Message:

If you read the fine print there is generally a percentage charged for balance transfer. --68.107.xxx.x




OT: zero interest cards (by J [FL]) Posted on: Mar 3, 2019 5:17 PM
Message:

Yes, I know, but it still could be worth it. --72.188.xxx.xxx




OT: zero interest cards (by Busy [WI]) Posted on: Mar 3, 2019 5:35 PM
Message:

Depending on credit score, you can get offers for a while. My credit score tanked as I racked up a good bit of debt to get the rentals, put them in use. Now, iím Slowly paying them off. Some cards will make those offers again, some just had the one initial 0%, then havenít offered low transfer rates again.

I suggest you also sign onto one of the credit monitoring sites, not sure if thatís the proper term, but , any way, a site like Credit Karma. There are other sites out there, cannot think of the names right now. On all of your cards, youíll want to watch utilization, and the other factors that affect credit. Best if you can keep utilization below 30%. I have one cards at just over 70% utilization, that one card is taking the score down. But, overall, Iím getting things paid down.

There are fees for transferring to the zero interest rates, at my current credit score, Iím seeing 3-5% upfront fee for transferring. When I started doing this, and had a perfect credit score, economy was in the tank, so I used to see 0% interest, 0% transfer fee. I used to be good at math, but havenít used those formulas for so long, I cannot figure out what the difference is between, for example : 3% fee now, zero interest for 18 months, $2k, and no fees, 12% interest, other terms the same. Embarrassing that I cannot remember that stuff, those classes were long ago, I donít have the textbooks. But, those are comparisons I really should be making. I just try to avoid the 4-5% upfront fees.

The big box home improvement stores also offer 0% on large purchases, occasionally for as long as 48 months. I buy a big gift card, usually $2000, on the 0% rate, then, as needed, use the gift card for materials.

Be sure you keep careful track of when the zero/ low interest rates expire. Most cards it can be found on the monthly statement. A couple donít have that info on the statement or the log in site. I write a list of the terms, add to it when I pick up another transfer, watch the expiration dates.

Other caveat, like any credit card use, itís so easy to spend now. Iíve usually been fairly disciplined with credit use, but, it was easy to add extras on when, well, itís for the business.í I have to check myself now and again. Oh, sure, I can do the big door replacement, when maybe I could have gotten another couple of years out of the old one. That type of thing. --70.92.xxx.xxx




OT: zero interest cards (by J [FL]) Posted on: Mar 3, 2019 5:39 PM
Message:

Thank you Busy!

I am keeping track of the expiration dates in Excel. --72.188.xxx.xxx




OT: zero interest cards (by Deanna [TX]) Posted on: Mar 3, 2019 5:46 PM
Message:

I had to buy about 1500 sf of flooring unexpectedly, right when my budget was tied up in a couple of roofs and some major plumbing and electrical I hadn't intended, so I signed up for an HD credit card. They had a special where, for that level of spend, they had 0% interest for 24 months.

So I spent it--- and promptly put the card away, and won't bring it out again until I've paid it off. I'm sure they're able to keep track of different purchases that are purchased under different terms--- regular spend, plus the 0% interest if paid in full in six months coupons I'm suddenly getting in the mail-- but I've heard enough horror stories that I'm not going to risk it. :) I already had to tell them, "Excuse me, why is this showing as zero interest for 6 months, when I qualified for the 24-month term?" And they were all, "Oh, I'm so sorry, let me fix that for you..." :)

So, I normally avoid debt, especially cc debt--- but when I use it, I try to chew through it as fast as I can, so that it's one less thing to keep track of. --96.46.xxx.xx




OT: zero interest cards (by plenty [MO]) Posted on: Mar 3, 2019 5:48 PM
Message:

I use these offers all the time. Yes you can move it from card to card, read the fine print as you can not move from Chase Master Card to Chase Visa. To avoid this i have Discover Card and American Express. And Chase and others. Just note you can not transfer from/to same parent company. I always keep a running excel sheet or handwritten paper of dates and amounts as if you miss a deadline the interest is charged all the way back to start date. Once i did a whole $30k rehab this way...it was quite a job of financial juggling but I did it. I often write these checks for large ticket improvements like roofs. Zero percent for 15 months. I add in the fee and divide by 14 months and pay that amount every month until it's paid off. Cheapest money I can borrow! --99.203.xx.xx




OT: zero interest cards (by Homer [TX]) Posted on: Mar 3, 2019 5:59 PM
Message:

Iíve been playing the 0 percent game for over 20 years now. Pay all your bills on time and they will keep coming. I get atlease a dozen offers a month. Barclays is the best right now with a 1%fee --75.141.xxx.xxx




OT: zero interest cards (by plenty [MO]) Posted on: Mar 3, 2019 5:59 PM
Message:

I too put the card away and do not use it. I tried the HomeDepot once and I paid the zero percent off but never did figure out their terms and I'm sure i was within the alotted time frame. Didnt take the time to fight it. Just got frustrated and keep going. I will never use Homedepot zero percent again. Never! --99.203.xx.xx




OT: zero interest cards (by Busy [WI]) Posted on: Mar 3, 2019 6:15 PM
Message:

Home Depot is one of my favorites. Did have once when the purchase went through as two separate items, so didnít qualify for 24 months, but I just asked at the service counter, she made a quick phone call straightened it out. Their website used to have lots of trouble, they go through Citibank in my area. Now, last two years maybe, itís been super!

I have had trouble with one store card (login site was terrible) and with a couple of banks, but, mostly very good.

Homer, itís good to hear that this has worked well for you for so long. --70.92.xxx.xxx




OT: zero interest cards (by Smokowna [MD]) Posted on: Mar 3, 2019 8:19 PM
Message:

I too have played this game for years.

I also let the balances ride.

I've done some comparison math. I had a note for 10% for five years once. It cost me an additional 10,000 grand on a 25,000 note. Didn't like it at the time. But now I look at some of my 6 and 7 percent loans that ran 15 years. The 10% was the better deal in the end.

I put one 35,000 shack on a credit card. 2.99% for the life of the loan. I kept that card for years with a balance.

I think the biggest CC purchase was a few cards together to buy a 65,000 shack. Those cards I carried for a year or so until the seasoning of the new purchase was ready. Then a 15 year mortgage was secured.

On a whole, I have come out way ahead using cards even though I've kept balances. In fact, I would go so far as to say I would not be where I am now had I not used them.

But I'm done...

I want to pay off anything left and simply use cash going forward. Credit cards got me to where I am, and I no longer need them.

I'm going to get rid of all banks little by little from here forward.

* Card companies buy each other. If one card buys another and makes you an offer to merge them both...don't. No help to you. They will allow you to transfer credit from one to the other. This too is helpful.

* Interest is not necessarily deductible if you commingle purchases.

* Credit is used until better credit is available to you. Eventually credit is altogether not needed. Enjoy the journey

--96.241.xx.xx




OT: zero interest cards (by Robert J [CA]) Posted on: Mar 3, 2019 9:08 PM
Message:

I used some zero interest cards to fiance the remodeling of some recent purchased apart properties back in 1997-1998. Soon as the promotion period was over, the cards used went from zero to 19.99%. I did some transfers and paid them off quickly.

The banks through I needed the money so they took advantage of that by making the new rate sky high. --47.156.xx.xx




OT: zero interest cards (by S i d [MO]) Posted on: Mar 4, 2019 6:28 AM
Message:

Zero interest credit cards are for folks who like to step over dollars to pick up nickles.

There is time and work involved: keep track of balances and due dates. Miss by one day, and the interest and/or fees kick in.

But this is the day and age of computers and cell phones with calendars and reminders. What could cause you to miss a due date?

Illness? Family emergency? Injury? Getting too busy?

Nah, none of that stuff ever happens.... (*grins)

Sure, it is possible to play the game and come out ahead. I know some folks who have done it. In the end, it's small beer... Pennies saved/earned on massive amounts of spending. Is it possible any overspending occurs? Certainly. Credit card users will deny it. "I only charge stuff on my card I would buy anyway." Uh-huh.

Even in a best case scenario, you're "earning/saving" a few percent/dollars. In exchange for what, exactly? Setting up multiple time bombs that could blow up in the future? Not worth it to me. Maybe for some it works and their crystal ball is clear about everything that will happen in the future. Mine is murky. *shrugs

For every transaction, there is a cost. They day you don't believe that you willfully obscure reality. The trick is learning what you're trading for 0% interest. I've given a few thoughts...there are more.

Bottom line answer: yes, you can swap out 0% cards. Now what are you giving the credit card companies in exchange? "Nothing" is not a correct answer. --173.20.xxx.xxx




OT: zero interest cards (by J [FL]) Posted on: Mar 4, 2019 6:33 AM
Message:

Sid,

I'm generally not into debt, I agree it can be a trap. But I only plan to do this for a few years and I don't buy frivolous things like expensive cars or toys. This is for some improvements to my own home and the rentals which are necessary. --72.188.xxx.xxx




OT: zero interest cards (by S i d [MO]) Posted on: Mar 4, 2019 7:02 AM
Message:

J, as long as you have correctly identified what you are trading in exchange for 0% credit cards and are satisfied with it .... to each our own. --173.20.xxx.xxx




OT: zero interest cards (by plenty [MO]) Posted on: Mar 4, 2019 7:03 AM
Message:

Sid, there are catches for borrowing money from banks too. Any way you borrow has risk and "gott ya's". If you are financially savvy they all can work. Like leverage. It's the cheapest way for me to borrow. Over the course of the zero percent vs the bank, I'm time, money and headaches ahead. Either one has risk. Just pick your risk. Follow the rules/terms and alls works out. It's like my own bank. Once you use one check offer they send more and the terms seem to get better and better, lower percent, longer terms, no applying or gathering tax papers just to be told you have no W2 income. Way cheaper to borrow this way. I also can pay the roofer today, write the check, and have 30 days to start repayment and generate the payback from the rental amount. Its brilliant in my book ... be financially savvy anytime you borrow. --99.203.xx.xx




OT: zero interest cards (by J [FL]) Posted on: Mar 4, 2019 7:08 AM
Message:

Basically I'm just trying to use these cards to float some debt temporarily so I can keep other funds liquid for emergencies, repairs etc. Does that make sense? It's cheaper and easier than getting a HELOC. --72.188.xxx.xxx




OT: zero interest cards (by Alan [C]) Posted on: Mar 4, 2019 7:25 AM
Message:

I never carry a balance...pay them off each month. I must be old school? --71.198.xxx.xxx




OT: zero interest cards (by S i d [MO]) Posted on: Mar 4, 2019 7:33 AM
Message:

Plenty, thanks for your observations.

I like to think of myself as financially savvy, and yet I still don't mess with 0% credit cards or any credit cards, for that matter. I'm not a fan of borrowing money to invest in real estate either.

Look, I get it. I've studied borrowing money in depth. I've heard all the arguments and reasons, and they haven't changed. It's not for me. I used to be more vocal about it, but most folks don't seem interested in discussing debt-free real estate investing, so I've switched to simply encouraging folks to be honest and realistic about what they are doing. 0% credit cards sounds great..."free money", right?

To borrow your term, I do not think that is a savvy way to look at the whole picture of what is going on.

Credit card companies know us better than we know ourselves. They spend hundreds of millions yearly to track and understand our spending behaviors. They know about the folks who pay no fees, no interest, and using 0% interest while racking up points and perks. They are not fools.

And yet some folks claim they have figured out how to trick these companies and are getting something for nothing... How funny is that!

If a person is wise they will figure out what they are really trading in exchange for 0% interest, perks, miles, etc. If a person has done a full, accurate, and honest analysis and still finds the trade acceptable, then that's their decision. But to claim they're getting something for nothing is incorrect.

Someone once said: "There's no such thing as free lunch." You like lunch, if I recall correctly. I figure that saying is right up your alley. (*grins) How does that concept apply to free money/perks?

I know what trades are required for "cheap" or "free" money and perks, and to me they are unacceptable. But again...to each their own. --173.20.xxx.xxx




OT: zero interest cards (by plenty [MO]) Posted on: Mar 4, 2019 7:56 AM
Message:

And Sid thanks for your view points and experience --99.203.xx.xx




OT: zero interest cards (by Skunk [KY]) Posted on: Mar 4, 2019 7:58 AM
Message:

J - yes, it makes sense. Pay off or transfer before term ends or you'll be in hell, as you already realize. Look at NerdWallet to find a card.

The issuers do not get tired of you, they want to trap you into paying interest.....you'll get more and more offers. Warning: you will not be able to transfer "internally" from one card to another, so if you have a Chase card w/ balance and you want to transfer to another Chase card with a fresh offer, not going to happen.

We did a variation; "spend $3000 in first 3 months, get $500 free" cards x4 on big expenses for a beater house. Paid them off immediately, got $2000 of flooring for about two hours of work. Worth it? It was for us.

Consider the HELOC route soon, ok? They are a brief PITA to set up, but it really does pay to buddy up with a couple local banks and get to know your banker. We go this route now when we need to borrow.

--207.250.xxx.xx




OT: zero interest cards (by Busy [WI]) Posted on: Mar 4, 2019 8:25 AM
Message:

Not using debt can have a huge opportunity cost as well. The key, as you noted J, is to use it wisely.

Lots of things can be a trap, Sid. For instance, religious organizations have been forever filled with charlatans. As landlords, we often hear from fellow landlords, when an applicant says have a blest day, that the applicant is trying to ply us with beneficial religious blessings, in exchange for overlooking their shortcomings. Lots of examples in the news where followers of those organizations are duped. Doesnít mean I am going to preach that one should avoid all religion. Just that one needs to be aware.

Nice thing with credit cards, and most financial offerings through a bank, there is a neat little box on the offer that spells out all of the terms. Yes, a couple of banks arenít so good about keeping that information in front of the borrower each month, and, there seems to be variation with the store cards, depending on which bank serves that area. If one has discipline, is organized, then one should have no issue with using credit cards to positively benefit the rental practice. No different than keeping track of rents, or expirations on the smoke detectors. If one lacks discipline and organization, then the whole of anything financial, but especially running a business like rental properties can be problematic. --70.92.xxx.xxx




OT: zero interest cards (by Busy [WI]) Posted on: Mar 4, 2019 9:05 AM
Message:

J, another thing I have done with credit cards, to make it easier to organize the payment- change the Due Date. . Most banks let you do it on the login site, a slim few required a phone call, or a chat session.

I have all of mine due before a certain date in the month, so after that date, I can do one last check, make sure everything is paid. I pay minimum payments as soon as I can, rather than waiting till the due date. Just my preference, not saying anyone else must do things that way.

Helps me feel more comfortable paying a big chunk on the cards I am quickly paying off, knowing nothing was missed.

Every method of financing has pitfalls. And choosing to avoid any financing has pitfalls. Landlord, know thyself. --70.92.xxx.xxx




OT: zero interest cards (by Smokowna [MD]) Posted on: Mar 4, 2019 9:50 AM
Message:

I love this subject. I sit for hours with my calculators.

Two examples...as close to the same dollar amount as I could get.

One loan was via credit card...balance ran for 5 years.

borrowed 25,000 paid back $34,701.09 (72% is princ)

Vs.

borrowed $37,200 will pay back $60,054.60 ( 62% is princ)

15year fixed.

(This loan has less than two years to go).

Both shacks were bought in roughly the same time.

The first shack was paid off in five years on credit card balances. The next 8 years were free and clear.

The second shack is still in debt with the 15year loan.

It would of been cheaper to put the second on credit cards too.

--96.241.xx.xx




OT: zero interest cards (by J [FL]) Posted on: Mar 4, 2019 9:52 AM
Message:

Thanks again. I realize you have to be pretty organized to do this and stay on top of things. The CC companies are betting on people getting sloppy. I don't want to do this as a way of life, just a few years until I sell another rental and then pay it off with the proceeds.

I'm going to look into whether Lowe's has one of these 0% deals too. I'm probably going to be buying some more of their off the shelf cabinets over the next few months.

--72.188.xxx.xxx




OT: zero interest cards (by Barb [MO]) Posted on: Mar 4, 2019 9:55 AM
Message:

Iíve played that game. Trying desperately not to any longer.

I use my points card like crazy, but pay it off in full each month.

Last year, while doing construction, I made sure to pay off each month, I was glad we had so many cards, though l. At one point I had maxed out 3 of them. Just until I could make a payment online, but it definitely happened.

Iím looking forward to doing more new construction next year and Iíll likely look into a new card or two at that point.

Meanwhile, Iíve not gotten any of those transfer balance checks in quite a while. Not sure what happened. --64.251.xxx.xxx




OT: zero interest cards (by J [FL]) Posted on: Mar 4, 2019 10:22 AM
Message:

I do the same thing Barb. I have a Chase Amazon card that I've paid off every month since I got it years ago. Never carried a balance. --72.188.xxx.xxx




OT: zero interest cards (by busy [WI]) Posted on: Mar 4, 2019 10:55 AM
Message:

Barb, Just guessing, but, your credit score took a dive when you maxed the cards. Once its back up (credit score.) the transfer balance checks come back. --70.92.xxx.xxx




OT: zero interest cards (by Deanna [TX]) Posted on: Mar 4, 2019 11:08 AM
Message:

Smokowna-- "One loan was via credit card...balance ran for 5 years.

borrowed 25,000 paid back $34,701.09 (72% is princ) vs. Borrowed $37,200 will pay back $60,054.60 ( 62% is princ) 15year fixed."

What were the respective interest rates? Was there a prepayment penalty for aggressively paying off the 15year fixed? --166.137.xxx.xx




OT: zero interest cards (by BRAD 20,000 [IN]) Posted on: Mar 4, 2019 12:03 PM
Message:

J,

This is a simple example of how debt is controlling you. Break free.

The zero interest offers are a carefully laid trap waiting to spring. The credit companies are smart. They KNOW and COUNT ON most people missing the deadline. Those folks are thrown into 18-28% interest, RETROACTIVE to the date of the "zero %" purchase. Read the fine print.

Savvy? No.

Games tilted in the company's favor? Yes.

BRAD

--73.102.xxx.xxx




OT: zero interest cards (by J [FL]) Posted on: Mar 4, 2019 12:17 PM
Message:

Well, I'm pretty good at keeping track of things and getting them done on time.

I checked my credit scores and they have dropped from the low 800s into the 740s because of the CC debt. --72.188.xxx.xxx




OT: zero interest cards (by Busy [WI]) Posted on: Mar 4, 2019 12:25 PM
Message:

Most cards arenít retroactive to the beginning of the debt when the zero interest expires. Store cards generally are retroactive, but donít always have high interest.

Many of the credit companies go way out of their way to make sure the card user knows the rate expires. Big, bold, red notes right up front, saying, this zero percent interest rates will expire soon, then the date of expiration, the rate the card will go to.

This seems to be a newer feature, few did this years ago, that I noticed. So, maybe some things have changed.

Using, or not using credit is simply a means to an end. Personal experiences vary, just like anything. Heck, donít a lot of us, especially us women, have family and friends that told us rentals were a suckerís bet? A bad idea? A losing proposition? Oh, and we shouldnít be in Ďthoseí areas alone ? (Saw that one on this forum recently!)

Others have an irrational fear, or a past history of inability to manage debt. I have an irrational fear of heights, yet I donít preach to others to stay off of roofs. But, if I went on the roof, chances of a terrible fall are great because I usually am near frozen in fear at any heights. Thatís how I see this perennial debate over debt. Fine/ good idea for some, very bad idea for others. Landlord, know thyself.

I waste waaaaaaaay more time dinkiní around on some forum than I spend tracking the debt. --70.92.xxx.xxx




OT: zero interest cards (by John... [MI]) Posted on: Mar 4, 2019 1:54 PM
Message:

Saying note to use them because MOST PEOPLE end up paying interest in a group like this makes no sense to me. MOST PEOPLE aren't landlords like us. MOST PEOPLE are not "financially savvy" as mentioned above. MOST PEOPLE do not invest in real estate because they are afraid it is also a "laid trap waiting to spring." MOST PEOPLE can't come up with like $400 as shown in yet another post by Brad recently. MOST PEOPLE are not like most of us here. Clearly, as real estate investors and landlords, we think differently about money. We are different than "most people."

Therefore, going "Credit Card companies are smart -- they will get you!!!" just doesn't make sense.

The reality is that credit card companies make money because the vast majority -- i.e. "MOST PEOPLE" -- will NOT pay them off in time (be it monthly for those of us just going for points -- or be it before the 0% expires for those doing more complex things long-term). THAT is how they make their money.

But there are a small percentage of people that can pull it off. That CAN "get something for nothing" with a bit of planning and thinking ahead and self control.

Which is EXACTLY the same thing that landlords tend to have.

Stop grouping the people here into the "credit card companies know you better than you know yourselves" crowd. There are a percentage of people that know what they are doing when it comes to credit cards -- and I think landlords like us are much more likely to be in that group.

Otherwise, you sound like any of the people basically going "Don't invest in real estate -- the banks know you better than you do and it's just a trap waiting to spring!" Again, we're NOT in that group.

- John...

--24.180.xxx.xxx




OT: zero interest cards (by John... [MI]) Posted on: Mar 4, 2019 1:55 PM
Message:

Typo. I meant "Saying NOT to use them..." in that very first sentence. Sorry.

--24.180.xxx.xxx




OT: zero interest cards (by plenty [MO]) Posted on: Mar 4, 2019 2:06 PM
Message:

I was writting to the Smart Savvy People. It's sure a a trap for the Other People. If you use them by the rules you can borrow money very cheaply. I have a well thought out plan and reasons to use them unlike the other people who don't plan and their past behaviors catch up to them as they forget. Mine is a business decision and a business move. These other people really don't need to borrow this way. --99.203.xx.xx




OT: zero interest cards (by plenty [MO]) Posted on: Mar 4, 2019 2:08 PM
Message:

Other people are the same as Most People. They are not LL's --99.203.xx.xx




OT: zero interest cards (by J [FL]) Posted on: Mar 4, 2019 2:57 PM
Message:

John(MI) already said it very eloquently, but clearly there many people who should never do this. Perhaps the majority of people. But then if you look at this thread there are those who've done it successfully and have no regrets. --72.188.xxx.xxx




OT: zero interest cards (by Chris [CT]) Posted on: Mar 4, 2019 4:36 PM
Message:

I love the HD 0% interest offers, I use them for windows and appliances all the time.

I like points as well, run $1m threw Chase Sapphire Reserve and fly for free! --24.45.xxx.xx




OT: zero interest cards (by Ned [AL]) Posted on: Mar 4, 2019 5:11 PM
Message:

I've used 0-3 percent offers many times for pieces of equipment. Works fine, as long as you are disciplined in your payments (I am).

That being said... I never really liked having more than one at a time of these.

Always made me nervous. --70.92.xx.xx




OT: zero interest cards (by Cjoíh [CT]) Posted on: Mar 4, 2019 5:21 PM
Message:

Busy,always liked heights,the higher the better in Scotland we got paid extra money for ďHeight MoneyĒ and less Supervision,so you werenít the only one who didnít like to climb a ladder ..........Charlie. .......and nothing to do with Shepardís Pie either!............ --32.214.xxx.xx




OT: zero interest cards (by Smokowna [MD]) Posted on: Mar 5, 2019 4:34 AM
Message:

My CC loan of five years turned out to be 9%.

The fifteen year fixed was 6%. It still has 18 payments remaining so there was no early pay off. This is a loan that will run its full coarse.

Currently my credit cards would be 12 and 13 percent. There is one which would be 20 percent. I don't believe I have one that would be 29 percent and if I did, I could only use something like that for months..not years.

Some more about loans.. Years ago we spoke about HELOCs here. I had one which after ten years expired. It needed to be refinanced or it would go into a repayment period. In my case it locked in at 5.2% and went into a ten year amortization. That is a very difficult payment.

Watch your HELOC loans as well.

Overall, Once you have a few rentals, slow down and pay the loans off. Go without banks as quick as you can. You should be able to to easily manage a few cash cows and not need to expand out too far on credit. --96.241.xx.xx




OT: zero interest cards (by John... [MI]) Posted on: Mar 5, 2019 11:21 AM
Message:

I'll also mention that I've never paid any fees or interest on credit cards in the past 10+ years -- but in the past 5 years, my wife and I have flown for free a total of 18 times now. And stayed in countless hotels for free. And we STILL have over 200,000 Southwest miles and about 500,000 worth of various hotel points available. All because of good use of credit card offers... :)

That includes free trips and hotel stays to the Bahamas (twice -- including free access to Atlantis), Aruba (twice), and then a bunch of US-based locations.

- John...

--24.180.xxx.xxx




OT: zero interest cards (by John... [MI]) Posted on: Mar 5, 2019 11:22 AM
Message:

(I take that back -- some cards do have annual fees. So I've paid like $69-$99/year on cards that include a free night stay or thousands of miles as a bonus. So, I've paid some tiny fees in exchange for some amazing bonus.) --24.180.xxx.xxx




OT: zero interest cards (by CjoíH [CT]) Posted on: Mar 6, 2019 12:56 PM
Message:

So Sid ,reading Johnís experience and my younger daughterís in the Boston suburbs you can indeed be ahead...... Charlie...............so maybe there is a free lunch after all................ --32.214.xxx.xx




OT: zero interest cards (by Busy [WI]) Posted on: Mar 6, 2019 1:16 PM
Message:

Free lunch? Charlie, you ever swing this way, Iíll make some Shepherds pie. But with beef. --70.92.xxx.xxx




OT: zero interest cards (by CjoíH [CT]) Posted on: Mar 6, 2019 1:22 PM
Message:

Coming from the wilds of Derry and only .£20.00 in your pocket,itís really very hard to buy something for all cash so whatís your reasoning ,if you really have any? Sid, directed at you................ Charlie ......... --32.214.xxx.xx




OT: zero interest cards (by CjoíH [CT]) Posted on: Mar 6, 2019 2:38 PM
Message:

Busy, Iíll get the pot on the stove.have to get used to this new stove the children bought it from Loweís ,they thought the other one wasnít working , it was only forty six years old, and much better than this one.ah well , thatís life!........... Charlie........... --32.214.xxx.xx




OT: zero interest cards (by CjoíH [CT]) Posted on: Mar 6, 2019 3:23 PM
Message:

Busy no Shepardís pie,youllj just have to put up with the chicken soup from the bones of the remains of the barbecued chicken from Sams, oh oh Sams closed a couple of months ago , what Ďll We do now.......... Charlie....................... --32.214.xxx.xx




OT: zero interest cards (by Smokowna [MD]) Posted on: Mar 6, 2019 3:56 PM
Message:

Charlie, They postponed the St Patrick's Day parade in Washington DC....too costly to get the permits.

So up the coast I'll go. I'll wave when passing New Haven!

Boston would never postpone a parade. --96.241.xx.xx




OT: zero interest cards (by Busy [WI]) Posted on: Mar 6, 2019 5:04 PM
Message:

Charlie, chicken soup from the roasted chicken at Wal-mart deli. Yum! --70.92.xxx.xxx



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