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Reply #23: I have been known to take interest-free loans [View All]

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MurrayDelph Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-13-05 01:57 PM
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23. I have been known to take interest-free loans
A couple of years ago, our air conditioning/heater was found to have a carbon monoxide leak. I put the whole thing on the high-interest credit card (that I normally pay in full every month) that gives frequent-flyer miles. I then opened up a new credit card that charged a $25 transfer fee, but no interest for the first ten months. I paid it off in nine equal payments. Then I waited six months of non-use of the card, and cancelled.

A little over a year ago, our upstairs shower leaked into our
downstairs (and the insurance weaseled out of fixing it). Cost of
new shower was several thousand dollars. Again, rather than cash
in some US bonds, I put it on the frequent-flyer card, and received another offer for a teaser rate before the monthly float was over.
Again, I paid it off with a month to spare, let the card languish,
and cancelled it yesterday (just after they sent me a message saying they were increasing the maximum usury rate, should they want to).

Now, I noticed that I haven't been as flooded with card offers of late, but I have a Visa (cash back), a Mastercard (miles) and an American Express (cash back). If something comes up, I unfortunately came into a relatively large amount of money of late (death in the family), but I have no doubt that one of them would show up again if needed.
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