i am thinking about buying a truck for $1200 on a credit card, my interest rate is 30% is that a good idea?

Question

there is a 1970 ford pickup on ebay for $1200 that i am thinking about buying on a american express card with a 30 %interest rate

Answer 1

Ummm....NO! Obviously you don't have good credit with a 30% rate. If you bought the $1200 truck the interest would be $360 a month alone. If you didn't pay it off within a year the interest would be $4320.

You'd be better off to get a small loan from a bank.

Answer 2

You must have a different kind of AE card. On mine, the entire balance is due at once. If you have one that has payments each month, it would depend on how much you're planning to pay a month. If you're only planning on paying the mimimum balance, then no, I don't think it's a good idea. But if you're planning on paying a lot more and could have it paid off in a reasonable time, then go for it.

Answer 3

30% is ridiculously high interest rate. i wouldnt do it unless i was totally desperate. if youre going to try and pay it down within a year try to get one of those cards with the intro rate of 0% for a year. or try to get a card with a lower apr. btw, if youve had a dreidt card for a year already and have made timely payments you can call your credit card company and ask them to lower your apr. theyll usually do it. thats why its good to pay your bills on time.

Answer 4

oh yeah totally. But before you do apply for a bunch of other credit cards and then max all of them out at 30% too. Then after awhile declare bankruptcy and sell all of hte stuff you bought in a firesale.

Answer 5

Only if you are going to pay it off next week.
Seriously, you have to be kidding. Or do you like being ridiculed?

Answer 6

bad idea. i t would be a much better choice to buy it in cash.

Answer 7

Is this a trick question ?

Answer 8

Did you really go to school and if you did what did you learn???

Answer 9

Absolutely not.

Answer 10

Hmmmm, NO.