Wamu Visa Platinum - 0% APR Until January 2010
I recently got a credit card solicitation from Washington Mutual or more “cooly” known as Wamu. Now asides from Wamu’s abysmal earnings results, I instantly thought I was a great deal due to the envelop boldly stating:
“O% FIXED APR on Purchases until January 1, 2010″
WOW! 2010! But the key word (which I missed - their intention I’m sure) was “Purchases”.
What a scam! They are blatantly trying to use fuzzy verbiage to confuse the prospect into thinking that this is a great deal. The term went on:
“when you transfer a balance now.”
So essentially Wamu is expecting you to transfer a balance and pay a rate of 8.99% while giving you 0% on additional purchases. This is very damaging to your wallet since you have essentially locked in a balance at the full rate while padding on purchases. Due to payment allocation, this transferred balance accruing high interest charges will stay until you are able to pay everything else off including the 0% purchases. So, in the end not that great of a deal.
For your sake, please please please avoid this card at all costs.
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Good Blog. I will continue reading it in the future. Nice layout too.
Aaron Wakling
[…] Wamu Visa Platinum - 0% APR Until January 2010 I recently got a credit card solicitation from Washington Mutual or more “cooly” known as Wamu. Now asides from Wamu’s abysmal earnings results, I instantly thought I was a great deal due to the envelop boldly stating: … […]
Ha. Got the same mailing this week!
Transfer a $100 and enjoy 0% on all purchases for 1 1/2 years. Duh.
Transfer a $100 and enjoy 0% on all purchases for a 1 1/2 up to your credit line. Duh.
transfer $100 and pay it off the next day(online accounts). Get hit with ten cents finance charge, and then enjoy 0% until 2010.
Your can’t blame a business for you not reading and thinking before you act. This is a great deal for those who can read and pay off a ballance transfer. I think 100 bucks is the minimum ballance transfer.
If you have a lot of debt, make this minimal upfront payment and then charge everything for the next 2 years to this card while you pay down your other cards as fast as you can.
This is a great oportunity when you really think about it.