The Wells Fargo Home Improvement Card

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The Wells Fargo Home Improvement Card

Postby Sevenfeet » Fri Jul 12, 2013 1:47 pm

Normally I wouldn't even think about this product but as luck (bad) would turn out, my house's main HVAC system gave out while I was on vacation a week ago. I still haven't hired a company to replace it, and since I don't have FastSRT8's money lying around, I'm looking for financing options. Most of the HVAC companies that do financing seem to come down to two camps....GE Capital installment loans, which I was familiar with from earlier contracting work I've needed done, and Wells Fargo's Home Improvement Visa card program.

The deal with the Wells Fargo card is that you get 0% interest for 12 months, or 15 months through a program from Trane if you buy one of their units. But after that the interest rate explodes to an eye-watering 28.99% and all of the interest from the original purchase shows up again. So if you spend $10,000 on an HVAC system, and pay off everything but $2000 at the end of a year, you're still going to see accumulated interest from $10 grand show up on your credit card bill. Ouch.

The alternative is that they do the same card but charge you 9.99% but you have to make equal payments on the card up to 60 months. That's better for a lot of people, but still can be ugly for tight budgets.

What I'm debating on is whether to do the 0% option and then balance transfer away in a year to a better product. I'll have to pay a fee (3% most likely) but I have a number of products in my portfolio that regularly do balance transfers (Penfed, BofA, Fidelity for example) and may have deals to use their money cheaply for awhile longer.

Does this sound like a plan? I know things can backfire, but I'm trying to do this purchase without screwing up the household budget any more than it already is.
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

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Postby MemberSince99 » Sun Jul 14, 2013 7:02 am

The thought of all of that interest potentially biting me if I don't pay it off would scare me. You might be better off with a personal line of credit or something with a fixed small interest rate for this. But only you really know your situation.

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