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So Capital one just gave me bankster rates on some purchase checks which are convertible to cash. I have not haver that type of offer since before the credit/financial crisis. What is going on? Do you think this is the beginning of a new credit bubble which will be much more short lived? Should I max it out and buy metal? A one year free loan? I thought only the elite get those terms!

Free or not, investing on credit is a bad idea in my opinion. You never know what might change with your personal finances between now and payment due...

I reckon you should only ever borrow money for those essentials in life (house, new liver etc).

blackrabbit wrote:So Capital one just gave me bankster rates on some purchase checks which are convertible to cash. I have not haver that type of offer since before the credit/financial crisis. What is going on? Do you think this is the beginning of a new credit bubble which will be much more short lived? Should I max it out and buy metal? A one year free loan? I thought only the elite get those terms!

theres alot of 0% offers going around right now, im guessing its the QE kicking in. the offer your describin will charge you to use those checks. the deals you want to look for are the new cards that offer 0% on purchases then your GTG without any fee's for buying stuff. i love buying stuff with these promo's, i have 2 applications out right now

I think there is a % fee for the check. The offer should state it or call them to get more info.

Oh yea, I found out there is a 3% fee. Not so bad if I needed a loan, but I don't think I be using them.

just got my first one last week but its only $1500

I just got an offer from Discover for 0% APR on balance transfers for 18 mos.(which I wouldn't need) and 0%APR on purchases for 12 mos. if I get a card. As a bonus, they'll give me $100 cash if I make $1K in purchases within 3 mos. of having the new card, plus 1% cashback on all purchases. And the normal APR after a year is much lower than my capitalone card is now.

I just signed up for it (yes, after reading EVERY LAST DROP of fine print) and I think I'll snag a couple ounces of gold for a $50 discount each

Im glad to see interest in this subject. I have received 4 of these types of offers in the last two weeks alone, and as stated above have not had any since prior to the crisis. As far as I know all of the 0% checks convertible to cash have a percentage fee tied to them.

argent_pur wrote: I think I'll snag a couple ounces of gold for a $50 discount each

I still have a 1999 Nugget and a 1980 Krugerrand, hint hint

beauanderos wrote:

argent_pur wrote: I think I'll snag a couple ounces of gold for a $50 discount each

I still have a 1999 Nugget and a 1980 Krugerrand, hint hint

If it was 0% for a check I could write out to you, I'd be all over that!

The banksters wouldn't be doing this unless the odds are consistently in their favor. The 3% transaction fee is just the beginning. For those who aren't disciplined to save the amount needed for repayment, the 20-40% fees on the balance kick in. Buying bullion with those freebie funds is a couple steps ahead of taking the cash to a casino, but way too risky.

For those who can pull it off, however, I salute you. Still best to have only one of these floating at a time, though. Otherwise, you thrust yourself into a personal pyramid scheme. Ask Bernie Madoff how that works on a grander scale.

Investing with 0% is cheaper than margin.