This may be a good deal but beware severe risk of this type of "loan"
from the credit card company.

It is best to take advantage of this situation if you can pay off the
credit card loan ASAP if the lender changes the rate terms.

Have a good look at the fine print. The credit card company can cange
your rate for any number of reasons, sometimes to absolutely usurers
levels of 20% - 24% or more (miss the due date of one payment or pay
one of your OTHER creditors late etc.) Credit card companies make most
of their profit from late payments and "penalties"

If you do go for the credit card money you can ensure that the company
gets its payment in a timely fashion using your banks online billing
system. Some online billing systems can let you "autopay." You can
also make payments on your time schedule every 2 weeks and avoid the
possibility of "late payment" due to a "change" in your due date.

But I agree with the others on the board that you would be better off
if you waited to have the money instead of taking the risk getting the
money from Chase. It is very possible that in two years the housing
market will be cooled off a bit allowing you to find a better deal. In
the mean time open a high yeilding money market account and earn the
interest yourself while saving for your home .


Neighbor Wrote:
- quote -


--
IndyPeter

Thanks for your advices.

If they change the policy (increase the rate), should I be given a
chance to accept or decline it?


I will find out fixed 0% during the whole introductory period.
Make sure to pay it before due day each month.
I plan to use its convenience check after the closing.
The reason I want to use it is because I want to some cash ready left
on my hands. So that if somthing come up like they increase rate I
could pay it off.



Rich Carreiro wrote:
- quote -

In article <1129234702.037679.212590[at]g14g2000cwa.googlegroups.com> ,
"Neighbor" <neighborhood[at]hotmail.com> wrote:

- quote -

Hello! McFly!!! Don't you see a problem here? If you are
low on cash, you are not ready to buy a house. Going into
credit card debt is only going to make you lower in cash,
and that high rate consumer debt isn't going to help you buy
a house, either. Just say no. And you are at least a year
or two away from being ready to buy, assuming you can get you
spending problem under control.

-john-

--
================================================== ====================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

"Neighbor" <neighborhood[at]hotmail.com> writes:

- quote -

It can be. But you need to consider the following:
* Aside from problems that you cause (like paying late),
is the rate absolutely guaranteed to stay at 0% for
the whole introductory period?
* Keep in mind that if you screw up at all (like even
being a day late with a payment), even once, that
0% will likely turn into 20% or higher immediately.
* The bank will know you took the advance on the card,
so that might affect their willingness to approve
your mortgage application.
* Does the credit card company have any right to
require you to pay off the loan "early"?

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

Hi, All,
I am looking to buy a home and running really low on cash.
I got a Chase Credit Card with credit line of $10,000 approved. It
claims 0% APR on all purchases and balance transfer until Jan 2007. I
guess that I have to be aware of all possible charges before using it.


The charges I can foresee by calling them is as following:


max $75 finance on balance transfer check and conveniece check


min payment per month = 2% of the balance


I plan to pay it off before Jan 2007.


Is this really a good deal that I should utilize?


Thanks,
Neighbor