Location: God's own country
Posted on: 01-04-06 14:19:47
Hiren,
I never knew this. All these , have so many fine prints and disclaimers and i never did have the patience to go through all of it.
How ever i am paying 7.5% to 8.5% on my line of credit and i would welcome all avenues to get a low interest loan.
Recently TD bank sent me a 3.9% (or so) balance transfer and i tore it up thinking that it would have some fine print.
TK
Sidenote : I only invest in the stock market and am ignorant of other finacial investments/ things
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I am a Gents and not a Ladies.
Location: God's own country
Posted on: 01-04-06 21:04:42
Hiren and LD,
this message is for your information and for others too.
I spoke with the person who took the 3.9% balance transfer and he told me that it is per YEAR. he took a $ 5000 loan and his interest for one month was $18 and so it works out to 3.9% a Year. This was got on a TD Visa Card.
Please tell me if there are any deals like this.
TK
Sidenote : On a $15K Line of credit, i pay aroind $113 per month on interest. This works out to nearly 8.75% or so. 2 years back the interest rate was 7.25% but now with 25 basis point increases it has increased to this much. If i get a loan on a low interest rate, i propose to send it to my parents for their savings in the post office. My view is that once you have a loan , you will work harder and smarter and put long hours to get extra income to pay for the loan and anyways this savings in India will be an asset for you anyway. Please share ways to things like this.
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I am a Gents and not a Ladies.
You are right about balance transfers.
Balance transfers can be as low as for 6 months.
But the catch is that we may not be able to repay the entire amount before the 6 months expire. Then we are hit with high APR.
It is just like handing over a free icecream to a kid, so long as he doesn't lick it and gives you back before it starts melting. Most likely he will lick it, and then you get paid.
Quote:
Originally posted by tamilkuravan
Recently TD bank sent me a 3.9% (or so) balance transfer and i tore it up thinking that it would have some fine print.
TK
Sidenote : I only invest in the stock market and am ignorant of other finacial investments/ things
Tk,
If you donot have time to read fine print, you should at least find out what matters e.g. the credit cards that offer low rates like TD Bank, you should first find out:
1) What is the period for low or zero interest.
2) Whta is the interest rate after this initial offer period in case you forget or cannot repay the amount fully.
2) What is the transfer fee or fees for using advance cheques offered on this a/c. Some credit card companies will charge 1-2 % of the balance transferred. Taking into a/c the transfer fees, what is your net interest rate?
3) Do they offer check cashing facilities. If yes, is there any charge for check cashing?
Location: God's own country
Posted on: 03-04-06 10:39:40
Lana,
I had been pretty lethargic for the past couple of months and hence had been paying high interest.
I shall now try to find cheap interest loans.
CD has helped me a lot to identify such areas.
Thanks to everyone incl. you and LD.
TK
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I am a Gents and not a Ladies.
Working hard and tirelessly to earn money and feeling lethargic to save it from vultures!
TK Saab you are breaking my heart.
Location: God's own country
Posted on: 03-04-06 16:07:49
You are mistaken. I work hard and tirlessly to keep my job secure. whether i work 44 hours or more , i will still get $12.5 only. I am on salary.
when i am busy on the job, i have no time to read the fine prints. hence the finacial loss.
TK
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I am a Gents and not a Ladies.
