Originally Posted by Dan Hitchman
You better pay it off within
the 18 month window and pay more than the monthly minimum or you're screwed. Those CC deals are hot potatoes, my friend. They can burn you.
No doubt. Agreed, zero interest only if paid in full prior to the end of the term. I always pay my cards off every month (even if it hurts), I also advocate trying to pay car loans or mortgages off early. I've heard too many stories of people in debt up to their eyeballs, living off a home equity loan because they somehow think it is free money, and then losing their house. The fact that Sony (or Amazon) offer large credits to open up a credit card shows that it is probably a money making move for them, since many people get carried away with credit or aren't fully aware of how high the interest rates are. I in no way meant to advocate consumer debt.
The only thing here is since it takes more than 1 month for the credit to show up on my statement, I don't want to pay it off earlier and then have either a useless $100 credit, or be forced to buy something else I don't need. Also there are plenty of folks who get decent bonuses after the New year who probably wouldn't mind carrying a bit of debt for a couple of months.