- Centurion Member
- Posts: 532
- Joined: Thu Jan 17, 2013 7:20 pm
- Location: United States
Recently my home's main HVAC system kicked the bucket and so I had to shop around different HVAC installers for the next system. But there was more than just picking out a reputable installer at a good price...the next problem was how to finance it.
I mean, how many of us keep $5000+ lying around for this sort of stuff? I could have gone for home equity line of credit but we still have that mostly maxed out from a kitchen renovation some years ago. So the options were installment loans (GE Capital) or the Wells Fargo Home Improvement card. I think this card has been mentioned around here before but it's a pretty awful card by the forum's standards. (FYI..it was a Transunion inquiry)
On the plus side, I get 12 months interest free on the loan. The problem is that is the loan isn't paid off by next June, then the interest on the entire original purchase comes forward, regardless of how much left I have to pay....$2000, $200, $5, whatever. And that interest rate is like 28%...easily the worst card in my portfolio. The card has a limit of $8500 and like a Macy's Amex card, part of it is for the HVAC vendor (or other participants of the Wells Fargo program) and only $1020 is set up as a regular credit card.
In fact, I'm not even including it in my list. I had my wife apply for it since her scores are better at this moment anyway. And it will be sock drawered immediately since this is the only reason to use this card. I mean, the only reason to get this card is to use someone else's money interest free for a year. If by this time nextyear I'm looking at an interest balloon payment, it will be far cheaper to balance transfer it to Penfed, or BofA of Fidelity...all which offer better deals than 28%.
Stay away from this card unless you know the risks. Maybe I can product change it to something else in a year, but honestly, I can't think of another Wells Fargo card I'd rather carry. I'll probably just close the account.
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)