Question: I am looking for the name of a low interest rate credit card. And if you know what day the Wall street Journal posts credit card rates that would help too.
Answer: Why? The lowest credit card rates are way above other rates. If you use your credit card as a “loan” card, you might consider other approaches. If you own a home, take a second. 9-10% is a lot better than 15-24%, and the interest is deductible. When you buy a car, borrow the money. Although the interest isn’t tax deductible, a 10% loan is easy to find. Unless you use the money for home improvement (or I think in some cases education?) it would not be any more deductible than a personal loan. Check with your local CPA or tax attorney. Oh? I’ve checked with both [AND the bank issuing our home-equity line] and have heard of no such rules. I’ve also been advised that if I later get a mortgage on some property we’re going to buy for cash, *THAT* mortgage [it would be a first mortgage in this case] would also be deductible, even though its proceeds obviously didn’t go to purchase the mortgaged property…
Can you point us at the relevant section of the tax codes, and if so I’ll go ask my accountant to comment on the appliciability of that section…
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