Tuesday, July 25, 2006
Balance Transfer
Just completed a balance transfer, paying off about $8500 on my Amazon credit card using a balance transfer from my HSBC credit card. The balance on the HSBC card is now $7000. My total credit card credit line is $19500. I like to keep plenty of the credit line free for emergency spending, even though from what I understand it doesn't have a long-term impact on your credit score. The new HSBC loan is at 2.99% and the old Amazon one was at 0%. I get lots of zero percent offers in the mail almost every day. I am not taking them since I learned that these do have a long term impact on your credit score. Why carry any balance? The loan helps fund my trading account. If the balance is below $25000 you can't make day trades and this money is free or very cheap. Hopefully, if and when I finally grow my trading account more I will probably pay off the credit card loan just because it is a hassle to think about and only amounts to about 2% of net worth at the moment and I like to keep life simple.
Subscribe to:
Post Comments (Atom)
1 comment:
Hi mOOm, I played your game this week. Bought ATVI, BDX, VZ, and GE for about 10K a piece. Sold out of all but GE and reaped a quick avg 7.5%. This is loony for me but I got a rush. Good luck on the tech and charting but go with your gut sometimes. ps, I left a good 3% plus on the table for VZ but what the heck. I am so very mortal....
Post a Comment