Both AMEX and Chase have a type of plan and have had offers for no fee and no interest for these plans. I have taken advantage of them for a few large purchases. In the current time of inflation, they are even more worthwhile for me. I have found no catches and I set up automatic payments for the adjusted balances - that pays all current statement charges and a portion of the plan charge. There are no interest charges for any current purchases, either.
It works really well for me because at this point, my alternative is a traditional IRA distribution with single tax rates. It’s not terrible because I am only a few years away(whatever age they settle on) from RMDs but I like having choices.
I was skeptical about all of it but the only catch I can see on the plans are needing to continue having the credit card. In my case, they are cards I would be keeping anyway.
I havent leveraged these as yet. I generally pay off my CCs in full so I can focus on point accrual. Perhaps I should look at this more closely.
With BT offers, the catch is that you usually cant add to the charges on that account because you wont be able to pay off the non-BT balance ‘first’, and thus interest starts accruing… Are these offers any different?
With BT offers, the catch is that you usually cant add to the charges on that account because you wont be able to pay off the non-BT balance ‘first’, and thus interest starts accruing… Are these offers any different?
Yes they are. You can continue to use and pay off the new balance each month without interest and the plan piece is in the adjusted balance. Pay the adjusted balance each month and no interest on anything. I have no idea what happens if you don’t pay the full new charges each month.
So new charges + plan charge = adjusted balance for no interest. From what I can tell, I also get the points/miles/etc for all of it.