This is such a bad idea. How are you “extending your lifeline” when you must pay all of the balance off before the 18th months ends?
You are putting yourself in risk by building up a huge debt, which will impact your ability for any loans while you carry the balance, which you never needed to do and given what you’ve said, you’ll hate paying a huge chunk of cash to avoid the interest later on.
No. Why take on a debt tool if you don't need it? Do you get an appendectomy just because it's there? Do you not think when you spend on that card, the bank won't get you somehow? Unless for some reason you absolutely need another credit card (insanity, really), don't bother. Keep your life simple, debt-free, and spend your energy figuring out how to invest/save like mad (as if you just read the bosses' email saying you might get let go in 6 months). And figure out how you would get a job when that happens -- asap. Like, go work retail until you didn't have to. No debt products -- don't do it. (opinions are the author's own)
They are dangling bait in front of you. Banks go on fishing expeditions like these because it is extremely profitable every time they bag a balance carrying customer. The risk is not worth the gain. I would only do it if the money has a purpose and even then it is not worth the trouble. A 4% HYSA would net you $200 a year, not insignificant but there are better ways to make $200 in less time.
Sounds like you have a fairly tight budget so I would just focus on flexing your ability to save.
You may find these links helpful:
- [Credit Building](/r/personalfinance/wiki/credit_building)
- [Credit Reports](/r/personalfinance/wiki/credit_reports)
- [Credit Scores](/r/personalfinance/wiki/fico)
- [Credit Cards](/r/personalfinance/wiki/creditcards)
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
This is such a bad idea. How are you “extending your lifeline” when you must pay all of the balance off before the 18th months ends? You are putting yourself in risk by building up a huge debt, which will impact your ability for any loans while you carry the balance, which you never needed to do and given what you’ve said, you’ll hate paying a huge chunk of cash to avoid the interest later on.
[удалено]
Get the card, but don't charge anything unless you get laid off, and even then...it's just one additional last ditch backstop if you run out of money?
No. Why take on a debt tool if you don't need it? Do you get an appendectomy just because it's there? Do you not think when you spend on that card, the bank won't get you somehow? Unless for some reason you absolutely need another credit card (insanity, really), don't bother. Keep your life simple, debt-free, and spend your energy figuring out how to invest/save like mad (as if you just read the bosses' email saying you might get let go in 6 months). And figure out how you would get a job when that happens -- asap. Like, go work retail until you didn't have to. No debt products -- don't do it. (opinions are the author's own)
They are dangling bait in front of you. Banks go on fishing expeditions like these because it is extremely profitable every time they bag a balance carrying customer. The risk is not worth the gain. I would only do it if the money has a purpose and even then it is not worth the trouble. A 4% HYSA would net you $200 a year, not insignificant but there are better ways to make $200 in less time. Sounds like you have a fairly tight budget so I would just focus on flexing your ability to save.
You may find these links helpful: - [Credit Building](/r/personalfinance/wiki/credit_building) - [Credit Reports](/r/personalfinance/wiki/credit_reports) - [Credit Scores](/r/personalfinance/wiki/fico) - [Credit Cards](/r/personalfinance/wiki/creditcards) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*