trying to purchase a bike this week for $9000 and will pay off the credit card when my equity loan goes through.
2007-09-08 01:00:09 · 6 answers · asked by reevesmreeves 1 in Business & Finance ➔ Credit
Credit card checks do not carry the same terms as when you use your card. So if you have a card with 0% apr for a year, it is usually only for balance transfers, and sometimes purchases using the card. I have never seen those checks they send you carrying the same term, the checks typically follow your cards default apr. You would be better off financing the bike through the dealer. I have bought a few bikes and the financing they do is more like a credit card than an auto loan. If you plan on paying it off in a year, the amount of interest you pay will be minimal.
2007-09-08 01:25:56 · answer #1 · answered by Don 3 · 1⤊ 0⤋
Check with your credit card company. Sometimes they have a promo rate at 0% 6-9-12 months. Ask them to send you access checks. Of course there is a transaction fee for using one of the checks.
Why would you want to get a equity loan just to get a bike?. Equity loan rate is not low depends on your credit score and the equity you have on your house. You probably will pay for this bike forever and by the time it all set and done, your bike probably costs $15,000.
Access checks have the same promo rate as balance transfer. Make sure to call the credit card company first before using them. Access checks also have expiration date, you have to use by certain date to get the promo rate. You can also ask them to deposit money direct into your checking account with the same promo rate. BOA allows you to use the cash up to the limit.
2007-09-08 09:31:45 · answer #2 · answered by Connie 3 · 0⤊ 0⤋
Your putting your home on the line with an equity loan to buy a bike for $9000.....That is a big risk for me... I get 0% cards in the mail all the time...
2007-09-08 08:18:43 · answer #3 · answered by Gerald 6 · 1⤊ 0⤋
Many financial institutions have been "burned" by credit card access checks, and will no longer accept them. If the seller of the bike submits your c.c. check to a bank that will not accept it..............are you prepared to submit another form of payment for your purchase? QUICKLY? Since the seller will legitimately be able to say your form of payment was not honored?
If you are purchasing the bike through a reputable business, check out any "in-house" financing they offer, as it is usually very competitive compared to what is avaialble on equity loans.
2007-09-12 06:45:58 · answer #4 · answered by redheadedstepchild 4 · 0⤊ 0⤋
In my experience there are two types of Bad Credit Credit Cards. One is a secured card, and the other has a much higher rate of interest. Both can be used to rebuild your credit worthiness after getting back on your feet. Secured credit cards are great for rebuilding your credit. You send the credit card company a pre deposit amount set by the companybit of interest for you. After establishing yourself with the credit card company, they may decide to give you a unsecured credit card or increase the limit on the one you have with them without having to make another deposit. Secured credit cards are a good choice for anyone wishing to rebuild their credit history.
2007-09-08 14:09:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Putting all that extra debt onto your house is how folks end up losing their homes.
Do you really need this bike? Have you considered saving your money till you can buy it for cash or at least have a healthy downpayment?
If you put this $9K on a special 0 or low interest rate credit card offer, they can raise the rate to the default interest rate if you are late or if your credit score decreases or if your credit report shows a late payment to another creditor.
2007-09-08 11:03:58 · answer #6 · answered by bdancer222 7 · 0⤊ 0⤋