I was reading the latest issue of GOLF (May 2006). It's the ClubTest2006 issue. Anyway I saw a pretty enticing offer. It looks like there's a credit card, Upfront Rewards Visa (Universal Savings Bank), that is giving away a set of new Callaway X-18 irons ($800 Callaway Gift Card). What's the catch right? Well, it looks like you have to transfer over a $5000 credit balance and maintain $3500 in balance, with them, for 18 months. Looks like they've also offered similar offers before.
Doing the math it looks like it's NOT A DEAL! $3500 X (9.99% + 2.24%, added to prime rate - 12.23%/mo.) = $42.80/mo. in interest alone. $42.80 X 18 (months required to fulfill the agreement) = $770.49 YIKES!! Well, actually it probably is cheaper than if you buy it off the rack from a golf store, just you're not paying tax, but you can probably get around that if you negotiate/haggle with them anyhow.
2 comments:
Thanks for the info, I wondered about that too.
Sure, in the fine print it also says an early balance payoff incurs a $500/600 (not sure how they figure which one to hit you with) penalty. I'm sure there are other transction fees if you do this which will also make it a push.
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