so i'm starting a new job and moving soon and i have been pretty broke for awhile. however, i do have good credit and, for this reason, i am thinking of getting one of those 12 month 0 interest cards so i can charge my moving expenses and pay it down when i start getting paychecks. i will def be able to afford it once i start getting paid but i dont know if the 0% cards rip you off.

so if i make some purchases and dont pay my bill, do they do some bullshit like give you a late fee instead of charging interest or are they actually on the up and up?

1/8/2007 1:53:38 AM

^ you have to make at least the minimum payment to keep the zero percent interest rate. If you don't pay at all they will hit you with fees, and more than likely they will move your interest rate to there default rate which is pretty high for most credit cards. That being said the minimum payment is usually pretty low (20 dollars or 2% of the outstanding balance which ever is the higher number).

[Edited on January 8, 2007 at 2:03 AM. Reason : .]

1/8/2007 2:02:53 AM

^
I agree, definitely read the fine print before you go after one of these things. A better idea would be to charge what you need to a current credit card of yours, then once paychecks start rolling in, TRANSFER the entire balance to a 0% until 2008 (or whatever) and pay it off that way.

Do some financial planning before you do this though. Just b/c somebody says they'll pay off their CC's doesn't mean they can or will. Figure out how much you'll owe, how much you'll have left each paycheck after expenses/bills, and then the amount per paycheck you should put aside to pay it off.

Yes, moving expenses are a bitch

1/8/2007 3:31:42 AM