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| foxnstocks |
 Posted: Fri Mar 04, 2005 7:49 am Post subject: We rolled our 2nd mortgage to a low fee credit card |
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Investing Sr. Associate
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| The interest rate on our home equity loan was adjustable and has been creeping up. So, we decided to transfer the balance to a 2.9% credit card and the rate will stay at 2.9 until the balance is paid in full. Even though there's no tax-deductible interest, the balance wasn't big enough to make a difference when you account for the interest rate savings. |
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| paula0000 |
| Posted: Fri Mar 04, 2005 12:48 pm Post subject: |
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Investing Manager
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| Good for you! That's great! The only 2.9 offers I ever get are only good for 6 months or so- then they go back up. |
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| keokagal |
| Posted: Sun Mar 06, 2005 3:08 pm Post subject: |
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Investing Sr. Associate
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| I've had several of those offers. The thing that put the fear of god into me was if you default under ANY other credit card or for ANY arbitrary reason they can increase the interest rate. I read all fine print now. Hope your is a nice comfy safe deal. |
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| trixiezzz |
| Posted: Tue Mar 08, 2005 5:09 pm Post subject: |
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Investing Manager
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| Also, remember that interest on a home equity loan IS tax deductible on your federal return. That is, on the amount up to $100,000. |
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| paula0000 |
| Posted: Wed Mar 09, 2005 2:50 am Post subject: |
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Investing Manager
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| I wonder what would be the down side to putting it on a credit card. To me, it sounds great to have the lower interest rate on the low fee card. But what would be the risk involved there- or is there a risk? |
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| keokagal |
| Posted: Wed Mar 09, 2005 11:14 am Post subject: |
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Investing Sr. Associate
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| Read every bit of the fine print. The cc co's make lots of dough by hooking you into a low interest and then if you default by a day on ANY cc w ANY other company they have the perrogative to raise you to the max. Be ever so careful. |
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| eggdrunk |
| Posted: Fri Mar 11, 2005 11:00 am Post subject: |
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New Poster
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| The thing here is to keep the HELOC open eventhough you have $0 balance. That way, if you ever default on your CC, you can always transfer your CC debt back to the HELOC. |
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| foxnstocks |
| Posted: Sat Mar 12, 2005 4:31 am Post subject: |
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Investing Sr. Associate
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| This probably wouldn't be a good strategy if you had a large remaining balance on your HELOC since that interest is tax deductible. And, yes, be very careful with getting your payments there on time because 1 late payment and you could be paying 18-24%! |
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| alicia gist |
| Posted: Sun Mar 13, 2005 5:18 am Post subject: |
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Investing Sr. Associate
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| I've started paying credit cards on line. If you pay it online you know for sure the payment is not late. You may want to try this to ensure it's not late. Another thing I've learned that credit cards do is pull your credit report to look at your balances. They just increased our rate to 29.4% because they said we were close to our limit. We called three times and they lowered it to 14.9% which is still high, but much better. |
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| freeye |
| Posted: Mon May 23, 2005 11:31 am Post subject: |
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Investing Manager
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| thanks! that was helpful. |
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