Question: be very careful. Chase is notorious for rate-jacking. I’d almost be > willing to bet you that they will find some reason to raise that 0% rate, > and it can be anything — some card issuers will jack them simply because > you do go shopping for a mortgage. I don’t know if Chase is one that does > that, but given their reputation, it seems likely.
> http://www.consumeraffairs.com/news04/2005/ca_universal_default.html
> shopping for a mortgage, getting another credit card?? they give themselves > rights to jack you for whatever, so having what you cannot pay in full on > there is very risky. The fact you pick up extra debt with the mortgage may > trigger a rate increase. I know you said you’ll do it after the mortgage, > but that doesn’t mean you’re safe…. never forget that their goal is to > jack it, they don’t make money giving 0% loans.
> > > I am looking to buy a home and running low on cash. > > > I got a Chase Credit Card with credit line of $10,000 approved. It > > > claims 0% APR on all purchases and balance transfer until Jan 2007. I > > > guess that I have to be aware of all possible charges before using it.
> > > The charges I can foresee by calling them is as following:
> > > max $75 finance on balance transfer check and conveniece check
> > > min payment per month = 2% of the balance
> > > I plan to use it after home closing so that it does affect my home loan > > > application.
> > > Is this really a good deal that I should utilize?
Answer: Watch out for these crooks. They raised my rate to 29.99% after being with them for over 3 years because they said that they saw something (had never had a late payment for over 27 years of credit history) in my credit report. Go Figure…
Obviously I am expediting payoff so that I can close the account and say goodbye. What an experience not to mention the crappy service.
In a nutshell, they are the bait and switch types and should be avoided at all costs.
My advice…
Related posts:
- Credit Card Jumping
- Credit card convenience check question
- Credit card vs loan question
- Does credit card balance affect credit ratings?
- Credit card “new balance”
- VA Loan Closing Costs – Being Charged Unauthorized Charges
- Credit card balance transfer?
- Please help – I need to get my credit card debt under control
- Help with debt and credit card consolidation
- Credit card for college student
- Need Credit Card Advice
- HELP: Buying a card with a credit card?