Should i consider new credit card for 8K worth of home improvement , have a good credit history and low debt to income limit.
Thinking of leveraging credit card with 0 APR and sign up bonus for future travel (or) go the traditional route of HELOC or personal loans ?
Please share thoughts and any good recommendation for credit cards if its an option . Thanks.
-R2k3
Credit card for Home improvement
Re: Credit card for Home improvement
well, if you can pay off the credit card balances every month, and not overspend just because you have a shiny new credit card with a great sign up bonus, you can get $300 or more value from the bonuses for spending $3K+, which is the best deal in town if you can use the bonus- bonuses in the form of points for statement credits or gift cards are more flexible, but generally you can get more value if you are careful from hotel/air miles.
Sure beats taking out a loan and paying interest of course. But if you can't pay it off monthly, you also surely don't want to be paying credit card interest rates. Granted a 0% APR eliminates interest for a short period of time, but then you have to be extra careful to pay it all back by the end of that period before the high rates kick in.
So what is your cash flow versus the expenses and how disciplined are you?
I had a larger project and managed to fulfill the bonus requirements for 4 cards during the time period.
As far as "which cards", that's a whole 'nother question. I would go to the reddit churning discussion since they have a nice flow chart to help you decide, that's not a great question for bogleheads per se.
Sure beats taking out a loan and paying interest of course. But if you can't pay it off monthly, you also surely don't want to be paying credit card interest rates. Granted a 0% APR eliminates interest for a short period of time, but then you have to be extra careful to pay it all back by the end of that period before the high rates kick in.
So what is your cash flow versus the expenses and how disciplined are you?
I had a larger project and managed to fulfill the bonus requirements for 4 cards during the time period.
As far as "which cards", that's a whole 'nother question. I would go to the reddit churning discussion since they have a nice flow chart to help you decide, that's not a great question for bogleheads per se.