Using a Wells Fargo Visa in place of an installment loan

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
2 posts
Sevenfeet
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Location: United States

Using a Wells Fargo Visa in place of an installment loan

Postby Sevenfeet » Tue Apr 02, 2013 3:47 pm

Today I got an offer in the mail from Trane (the HVAC people) to help finance the new purchase of a Trane HVAC unit. Since I actually will need a new HVAC unit sometime soon, I was curious when the offer talked about 0% for 36 months. I thought to myself, that's a nice installment deal and pretty easy for me and my credit. But then I looked at the (very) fine print and realized that like many institutions, instead of doing a normal installment loan, they have partnered with a bank to do a credit card with specific terms.

In this case, it's Wells Fargo and you'd be getting their Home Projects card, which Wells Fargo co-markets to businesses in the home improvement industry. The 0% financing for what could easily be a $5K-$7K purchase isn't bad and beats 6 month same-as-cash installment loans I usually see.

Except that the credit card's interest rate for everything else ends up being 27.99%, regardless of your credit history. Seriously? Why would I ever keep something that is clearly sub-prime territory? Do they think we cannot read?
Cards:
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)


FutureBillionaire
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Postby FutureBillionaire » Tue Apr 02, 2013 3:54 pm

They believe that we don't read. If I'm going to get a credit card, I want one with rewards on things that I will buy more than once. I'd rather just use BTs between great 0% offers.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape



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