Love to have some feedback on cc decision

[Hot dog]

I am just hoping I did a good thing. I increased my line of credit to 10,000 then wrote myself a check for 0% interest for 6 months. It will cost $75 and I will put it in Eloan. I was also wandering if anyone has 5% cash back cc. I just bought a home depot card and some stamps at the supermarket because I get 5% back there. I was hoping because I got them at the grocery store I would still get the 5% that I would not have got at the store.

[Ima saver]

Yes, I think you did a good thing. You will get back more interest than the $75 you have to pay out.

[disneysteve]

I used to do that all the time. Made hundreds of dollars. Just keep in mind that maxing out your credit line can lower your credit score for a while.

[Ima saver]

Yes, that would be the down side.

[Hot dog]

How about the cc do I still get %5 back. Grocery stores sell everything now you can get gift cards, master cards, visas to spend anywhere I was just wandering if I bought them can I get money back on all my purchases.

[kimiko]

I use Discover Card, which periodically offer 5% cash back that you can sign up, instead of the regular 1%. Although reading their fine print the other day, that percentage isn't exactly true. According to them, you get 0.26% on the first $1,500 or something like that. The 1% only kick in once you've spent $3,000 for the year.

[vishenda]

Sounds like a money maker to me. Assuming you can get 5% interest at Eloan you will make about $250 before taxes and have to pay $75 in interest. Just make sure you don't use the card while you are carrying the 0% BT offer.

A lot of the 5% cash back at grocery store credit cards have disappeared, Chase may still have one.

[ren]

Question: is the 5% cash back card the same card as you wrote yourself the check on? If so, I'd be cautious about using it until you pay back the cash advance, since some (most?) credit cards apply payments to the lowest interest balance before higher interest balances. For example...

Month 1:
$5000 0% cash advance
$200 18% purchases made in month one

You make a $200 payment to 'pay' your purchases and go into:

Month 2:
$4800 0% cash advance
$203 month one purchases plus interest

[Hot dog]

They are two separate cards. The 5% is a citibank visa. They give me 5% on groceries and gas. The other is chase. On my last bill they (citibank) said they would give me $25 per person that I referred to them for the card if they were approved and I tried and they offered the referels %2 cash back so I don't know if they offer it anymore. I would refer people if it was %5 but they could do better than 2%.

[ren]

Ah, that's a whole different matter. Pay no attention to what I said!

Citibank may no longer have your particular card available, which would be why your friends didn't get the same deal. Poking around on their website, I don't see a 5%.

I don't have a Citibank card, but re: the question about buying giftcards and stamps, it should count toward your 5%, since how the store identifies itself is how the reward is configured on most cards, AFAIK. For example, non-groceries bought at a grocery store = 5% cash back. Groceries bought at a store that doesn't call itself a supermarket (like a Walmart) = whatever non-grocery store purchases get.

[instantinfo4you]

This is a good idea as long as you do NOT use this card while in the 0% phase. Make sure that you can pay it off in full before your 0% expires. As far as the 5% back, i'm not sure. Just call the 800 number on the back of the card, and I'm sure that they would be able to explain it to you alot better than anyone here. No offense everyone, but you know that it is true.